Relocating families was the biggest concern among executives while considering the decision, followed by adjusting to cultural differences
Sales and marketing executives reported the least likelihood of making a job move right now
<Nearly 49% of senior executives are actively searching for a job, according to BlueSteps Executive Mobility Report 2013 </</p>
About 76 per cent of executives globally are likely to consider a new job opportunity immediately, while about 48.9 per cent are actively looking for a new job, according to a global survey by BlueSteps. More than 2/3 of the executives surveyed said they were willing to relocate either within the country or outside for better job opportunities.
BlueSteps.com, an online career management service for global senior executives, released its Global Executive Mobility Report for 2013 this week. It is an exclusive service of the Association of Executive Search Consultants (AESC), the worldwide professional association for the retained executive search industry. The study surveyed 900 executives in the Americas, APAC and EMEA regions, with maximum competition from US and Europe. Only 2.5 per cent of the respondents are from India.
The top two reasons for executives looking for a new job are: “Poor company values or culture” (72.5 per cent) and “dissatisfaction with senior management” (65.8 per cent). Interestingly, while nearly half the respondents felt that an executive should spend at least two years in an organisation to avoid compromising the value of their resume, a majority (81.5 per cent) of executives state that two to three organisations is the maximum number an executive can have worked for in a 10-year period in order to remain credible.
While looking for a career opportunity, executives value “increased responsibilities and/or more senior role” (68.6 per cent). Entrepreneurial role came a close second (48.9 per cent), while “increased compensation and benefits” (42.4 per cent) was the third.
Peter Felix, President of the Association of Executive Search Consultants and BlueSteps.com, commented, “Rapid changes in technology and big data is impacting every sector. The Baby Boom Generation will be exiting executive positions over the coming years, opening up more opportunities for Generation X and Millennials. While transitioning from one sector to another will remain challenging overall, shifting demographics and the focus on digital transformation will open up new opportunities for executives to make more moves across industries.”
Nearly ¼ of the senior management has been there at the organisation for less than five years. However, 43.2 per cent of global executives report that they have less opportunities for senior-level positions than they had five years ago. “Older executives are not leaving as fast, so there are fewer roles,” was a refrain.
A majority of executives (67 per cent) said there is more competition for senior-level jobs compared to five years ago, while 52 per cent state that they have to compete with younger executives. Interestingly, 39.1 per cent of executives report that they are competing against out-of-work executives.
While some executives blamed age discrimination, others talked about competition from emerging economies like India and China. “I am a later career executive, very experienced. I believe age discrimination is very widespread in the U.S. today”; “There is more emphasis on those with the perfect match to the job requirements - it’s no longer the best athlete who wins”; “More competition is coming—and at lower salaries—from large emerging economies including China and India” were some of the other responses.
About 43.7 per cent of global executives (Director-level and above) expect to be at their current organisation from two to five years, followed closely by 39.9 per cent of executives who expect to stay with their current organisation for at least six years or longer. Only 16.3 per cent of executives expect to be at their current organisation for less than two years. The largest percentage (38.3 per cent) of executives surveyed has already been at their current organisation from between two and five years.
More than half the executives surveyed expect to have worked for four to seven organisations at the executive level by the end of their careers.
Nearly 62 per cent of executives reported a willingness to relocate within their current country of employment, and an additional 26.8 per cent would consider relocation within their current country of employment. A greater number of executives worldwide (63.9 per cent) are willing to relocate internationally fora new opportunity, with an additional 23 per cent reporting that they would consider an international move.
Relocating families was the biggest concern among executives while considering the decision, followed by developing a new support network/social circle in a new location and adjusting to cultural differences.
Executives working in EMEA are the most willing to relocate internationally (82.8 per cent willing) versus only 51.8 per cent of executives in the Americas.
62 per cent of executives expect to remain in their current industry for at least four years or more. However, 38 per cent of executives do expect to transition industries within the next three years.
Executives working in the technology sector report the greatest likelihood of making a job change in the report, with 55.1 per cent of tech executives reporting that it is very likely they would consider a new opportunity immediately, followed by financial services (50 per cent).
Sales and marketing executives reported the least likelihood of making a job move right now, with 43.8 per cent reporting they would consider making a move.