Jan 27, 2007

More jobs than CEOs

According to Hannah Clark in Forbes.com

A recent survey by the Association of Executive Search Consultants revealed that 66% of recruitment experts predict a surge in demand for executive talent. Banking and financial services are expected to experience the strongest demand, followed by information technology, health care and the pharma industry, writes the author.

Several trends are driving the boom, explain recruitment professionals. In North America and Europe the first C-level baby boomers are reaching retirement age and proving tough to replace. In the U.S. this trend is exacerbated by the strong economy, which is fostering expansion in all sectors and draining the leadership talent pool, notes the author. In the fast-growing economies of India and China, rising entrepreneurial activity and privatizations should create a host of new executive positions, she adds. Unfortunately, there aren’t enough experienced managers to fill these posts, warn experts. Training fresh C-level talent will take a whole generation, they add. In the meantime, the war for CEO talent looks set to intensify, concludes the author

Looks like another trend of CEO pay increases will be on the rise, specially as Indian firms get more and more globalised and compete with US and European MNCs on their own terms.

How are you charting your career to be a CEO? Remember now it is not only the CFO who is ahead in running to be the CEO, Marketing, Sales, Technology and even HR functional heads have a great chance to be CEOs. However they will need to get out of their functional silos and get a more strategic perspective.

If you are a CEO how are you building succession for yourself?