Will Brexit alter executive and senior level hiring decisions?

Will Brexit alter executive and senior level hiring decisions?

It’s no change for 66% of companies, according to survey findings

Whether you voted for Bremain or Brexit, the repercussions of Britain’s decision to leave the EU will be profound. It’s clear that business confidence has been shaken to the core. However with the corporation tax rate for large businesses being cut and other incentives being announced, it isn’t all doom and gloom at CxO and senior leadership level for UK corporates.

Undoubtedly the most high-profile executive level job change in the past few weeks is that of the Prime Minister. The speed at which the baton was passed from David Cameron to Theresa May was both unexpected and reassuring for those looking to settle the political uncertainty. The change clearly demonstrates the UK Government’s understanding of the need for a steady hand at the helm through the current and potentially long-term period of economic upheaval. Without doubt, the same principles apply whether it is at the helm of government or big business.

Survey results reflects need for stability

Preliminary survey findings

  • 66% – No change in our executive/senior level hiring plans  
  • 23% – Now, more than ever, executive/senior level hiring of the best talent is an imperative for our company  
  • 7% – Contingency planning is taking place that will potentially change executive/senior level hiring plans
  • 4% – All executive/senior level hiring is on hold

This is reflected in the recent Invenias survey of in-house executive search teams following the EU referendum. We surveyed some of the UK’s best known companies immediately after the result was announced and David Cameron had resigned. Despite – or perhaps as a result of – the political mayhem at that time, 66% of respondents said their plans for executive/senior level hiring were unchanged. The relative stability implies that hiring decisions at this level must continue in order to steady the economic ship.

And what of the 23% of respondents who said that now, more than ever, executive/senior level hiring of the best talent is an imperative for their company? These organisations can perhaps see opportunities in the Brexit decision. With existing relationships in Europe needing to be revisited, top level legal and negotiating expertise will be an advantage. A need to forge new partnerships outside the EU will require high level global sales and marketing expertise. Digital leaders at CIO and senior IT level will be needed to help carve a path to the new digital economy.

Know your talent pool

So now, more than ever, a company’s in-house search database is a strategic enabler. In addition, with an urgent need to ensure stability and high-level commitment to make Brexit a success, now more than ever, being able to tap into the very latest data on this talent pool is business critical.

At Invenias, we’re fully aware of the importance of executive search teams having access to actionable, data-driven findings about this talent. Is that CIO currently active or passive in the job market? Is this general counsel currently updating her CV? What specific specialism does this executive have that might help us take a new route in Europe? It’s the type of insight our cloud-based platform provides through powerful and easy-to-use executive search software delivered within Outlook. And whilst it’s far too early for Corporate GB to really know what’s going to happen post Brexit, what we do know is that there’s huge value in making the right strategic hiring decisions quickly and painlessly at a time of upheaval. Just ask our new Prime Minister.

Note: The survey findings are preliminary results based on early responses. The full survey results will be published once all the responses have been received and analysed. For a full copy of the Report ‘2016 Global Talent Trends’ please email insight@invenias.com, or please visit www.invenias.com

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