In 2023, the narrative shifted from predictable growth to a tumultuous rollercoaster of fits and starts, defying the clean and linear trajectory of previous years. While leadership hiring continues to track public market performance, continued challenges facing Venture Capital appeared to hold back search volume when compared to the S&P’s strong performance.
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Source: Executive Compensation & Hiring Benchmarks 2023, Thrivetrm.com
Hiring – deal count is down and C-Suite hiring was nearly 50% of total.
As search volume fell from its peak, the focus turned to C-level hires. Nearly 50% of all newly placed executives are now C-level executives, compared to just 36% at the height of the market.
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Source: Executive Compensation & Hiring Benchmarks 2023, Thrivetrm.com
After PE corrected comp following the height of the executive search market, there’s been an steady march back toward those heights. The broader market, meanwhile is holding fairly flat over the same time period.
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Source: Executive Compensation & Hiring Benchmarks 2023, Thrivetrm.com
We have received a good number of “2023 in Review” summaries from the various PE clients with whom we work, so we thought we would take a slightly different approach and talk about the year to come.
Short Answer – we are really excited!
Longer Answer
- We have a solid foundation that provides trust and confidence for our clients with 86% repeat business and an industry leading average close time of 78 days.
- With the economy improving - rates trending down, many newly raised funds and significant dry powder - we expect deal flow will increase significantly and look forward to working together again.
- I have also taken over interim leadership for our Caldwell Analytics business line that, when used, has yielded a "zero redo” rate by coupling scientific behavioral analysis to our competency-based interviews. The increased use of team analytics and onboarding for newly placed executives has also contributed to our success.
- Key themes in C-Suite/Board recruiting
- Domain experience was present in 100% of our position profiles and placement candidates.
- Geography played a key role as placed candidates were “in the location” 50% of the time, relocated (where required) 14% of the time, and was not required the other 34% of the time.
- Board placements were all independent and filled a void in the company or on the board that was critical to success. These were very specific “asks” that either centered on commercial industry relationships (80%) or filled a strategic operational need in the domain (20%).
- We are pleased to also offer a new product Line-of-Sight to help companies monetize more quickly and efficiently by continually focusing on strategic execution. Please schedule some time to discuss this offering and read about it in a newly released book available on Amazon.
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On a personal note, I've had the opportunity and privilege of sharpening my photography skills. I've put together this gallery of my favorites from 2023. Click on my image on the right to access the gallery.
I look forward to connecting with you in the months ahead.
All the best for a wonderful 2024!
Dave Winston
Managing Partner
+1 817 903 8771
