Need to Recruit New Senior Executives from Outside

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<p><strong>Radnor, Pa. &mdash; June 20</strong><br />Most U.S. companies will be looking outside their organizations for their next generation of leaders, according to a recent survey by Salveson Stetson Group, a full-service executive search firm.<br /><br />More than 60 percent of companies surveyed project that fewer than half of their succession needs can be filled by their current internal talent.<br /><br />&quot;These results confirm the tightness of the labor market at the professional and executive levels,&quot; said John Salveson, Salveson Stetson Group co-founder and principal. &quot;As the majority of baby boomers begin to seriously consider retirement, corporate America will be scrambling to replace their knowledge.&quot;<br /><br />Companies should prepare to conduct an external search for talent &mdash; even if the need is years away &mdash; by taking these steps:</p><ul><li><strong>Assess your internal &quot;bench strength.&quot; </strong>Senior-level leaders should pay close attention to their talent bench, said John Touey, Salveson Stetson Group principal. &quot;Engage in activities that not only promote the development of current employees but also build their networks outside the organization.&quot;</li><li><strong>Identify potential &quot;talent gaps.&quot; </strong>Organizations need to become more proactive in understanding the quality of external talent. &quot;A rigorous evaluation of current talent will discover where gaps lie between availability and need,&quot; Salveson said. &quot;After they are identified, be aggressive in finding and courting the superstars within your industry and/or functional areas to fill any &#39;talent gaps.&#39;&quot;</li><li><strong>Anticipate changes in customers. </strong>&quot;While assessing future leadership, companies should also be thinking about how their customers will change over the next several years and installing diverse leadership into a diverse marketplace to ensure you are seeking out talent that can successfully manage future challenges,&quot; Touey said.</li><li><strong>Build relationships over the longer term. </strong>Track potential candidates to replace current executives over the longer term before you actually need to hire successors.&nbsp; &quot;Charting this over the longer term will give companies better access to external talent and decrease the risk associated with bringing in senior executives from the outside,&quot; Salveson said. &quot;Who would be a better chief financial officer for your organization &mdash; someone whose progress you have been following for two years, or someone you interviewed for just two hours?&quot;</li></ul>

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