2020 has brought many challenges, but it’s also created new opportunities. For CEOs, perhaps the biggest silver lining to the current downturn is improved access to talent. In short, the labor market has unfrozen, making this the best time in years to upgrade your executive team.
Everyone who’s hired people in the last five years knows what I’m talking about. The market for talent was overheated, making it more difficult than ever to hire and retain great people.
Now, the tables have turned. Since early March, I’ve seen clients hire great people who would not have considered a change at the start of the year. Candidate pools have suddenly become much stronger.
Why is this the case? More candidates are open to change for a variety of reasons. Some are concerned about the health of their current employers. Others are unhappy they've been forced to take a pay cut. Still others are re-examining their careers and have decided it’s time for something new.
Look at your own executive team. Is this the group you need to lead your company through the coming years? You should be happy with 90% of your executives. If you’re not, there will never be a better time than now to fix it.