Mar 21 2010
Senior Executives Dissatisfied Following Recession
BlueSteps Survey finds 70% of Senior Executives Reporting Staff Cuts and 41% Indicating Job Dissatisfaction
A recent BlueSteps Executive Satisfaction survey shows the majority of senior executive respondents (55%) having experienced reduced revenue and a moderate cut in staff as 90% of companies were affected by the recession. An additional 20% reported dramatic cuts in staffing levels within their company. The changes experienced by many companies during the recession have understandably affected employee job satisfaction, with 41% of respondents dissatisfied in their current position, and 18% reporting that this dissatisfaction stems from the way their company handled the layoffs that resulted from the recession.
While many executives were concerned about job retention during the recession and were less likely to consider a career move, a tipping point has now been reached as the economy improves. 70% of survey respondents reported that they are now actively looking for new career opportunities, demonstrating a renewed interest in career progression and an increase in the opportunities available within the executive job market. This confidence was also reflected in the Association of Executive Search Consultants’ (AESC) 2010 Executive Outlook Report, where 91% of executive search consultants held a neutral to positive outlook for the executive search business in 2010.
Della Giles, Director of BlueSteps commented “Whilst we all understand the dramatic effects of the financial crisis on the senior executive job market, it is particularly shocking to see how executive job satisfaction has been shaken over the past 18 months. Whilst many were doing everything possible to keep their jobs during this difficult period, as the job market improves and new career opportunities emerge, we will certainly see an increase in executive mobility as these leaders move into more desirable positions”. She continued “BlueSteps offers a wide variety of career management advice and job market reports, as well as career-long exposure to over 6,000 AESC member search professionals, so we look forward to assisting those of our members that are looking to make a career transition”.
The survey also asked respondents to rank the elements of a role that provide the most satisfaction (they were asked to select their top 3). A challenging role (78%) and adequate compensation (70%) were their top criteria, followed by the opportunity for career progression (45%). A good work life balance continues to be important to senior executives, with 37% rating this as an essential aspect. Interestingly, despite the scale of the recession and the effect this had had on executive satisfaction, only 15% of respondents rated job security as a crucial element of their job satisfaction.
This BlueSteps ‘Quick Query’ was completed between 25 January and 22 February 2010. The survey received 196 responses, 54% from the Americas, 31% from Europe and Africa, and 15% from Asia Pacific and the Middle East.
About BlueSteps.com BlueSteps.com is an online global database of senior executives. As an exclusive service of the Association of Executive Search Consultants (AESC), BlueSteps enables executives to be accessible to over 6,000 AESC member retained executive search professionals who use the database as a resource in their candidate and source identification process. BlueSteps members stay informed of executive job market trends and news via the BlueSteps Career Channel, and use a variety of tools and resources to facilitate the successful management of their executive career path. For more information, please visit www.BlueSteps.com.
About The Association of Executive Search Consultants The Association of Executive Search Consultants (AESC) is the worldwide professional association for the retained executive search industry. The AESC promotes the highest professional standards in retained executive search consulting, broadens public understanding of the executive search process, and serves as an advocate for the interests of its member firms. For more information, or to download the AESC Code of Ethics and Professional Practice Guidelines, please visit www.aesc.org. The AESC also offers https://www.bluesteps.com/blog/Executive-Search-and-Career-Management-Homepage.aspx/www.executivesearchconnect.com, a free service for the HR community offering industry information and tools to assist with senior executive recruiting, including access to the AESC membership directory.
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This article was written by Christian Pielow from the Association of Executive Search Consultants (AESC).
BlueSteps is the exclusive service of the AESC that puts senior executives on the radar screen of over 6,000 executive search professionals in over 70 countries. Be visible, and be considered for up to 50,000 opportunities handled by AESC search firms every year. Find out more at www.BlueSteps.com.