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When business slows and markets get tough, firms want a leader with a first-class track record in operational efficiency, cost control, downsizing and generally taking hard decisions, says Chris Long, a partner with Heidrick and Struggles.
‘It is not the time for visionaries or creative leaders to shine. Organisations put a stronger emphasis on shorter-term horizons,’ Mr Long says. ‘They want someone who can run a tight ship and still look for new growth – even if the latter might be wishful thinking.’
They also want sector-specific experience. ‘Top-quality leadership is remarkably transferable but when it comes to the final selection clients tend to go for the more conservative option with an eye, no doubt, on shareholders’ reaction.’
Of course, the men and women selected now to steer a steady course probably won’t be the people organisations want in charge when business confidence returns, Mr Long says.
As yet, he hasn’t seen much sign of a serious downturn. Having been in the business for more than ten years, he remembers the uncertainty of 2001 and this is nothing like as severe as that was, he insists. Business isn’t as strong as this time last year but that is largely to do with problems within discrete sectors, notably financial services and the private equity market. ‘There’s lots of doom and gloom but it’s not hit us yet. Most of our business is holding up – it’s quite firm.’
This is a good sign because any downturn usually hits the recruitment early on. And while headhunting doesn’t experience the same peaks and troughs as the general recruitment market, it is still sensitive to change and a good barometer of business conditions.
But dig a little deeper and Mr Long admits that the life of a headhunter is getting harder. ‘Searches are taking longer as business confidence drops and candidates choose to sit tight,’ he says. Furthermore organisations are working doubly hard to hang on to their talent. ‘We’re seeing a lot more counter-offers from firms anxious not to lose a great person, than in buoyant market conditions.’
Ultimately, Mr Long believes that should the country fall into recession, it can only sharpen recruiters’ focus and performance. ‘It will demand that we build closer relationships with clients and candidates so that we really understand them and their motivations.’
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