Despite the challenges that Covid-19 created, many organisations, including our clients in the cyber, SaaS and fintech sectors, had to rapidly scale up their digitisation to satisfy the demand for their products and services. During this period, Innovex Global has been quickly and efficiently placing C-suite talent into these businesses, enabling them to scale for the mid to longer term.
As human resource professionals continue into the ‘big reset’ and start their planning for the financial year of the new normal, there is a great opportunity to reimagine the recruitment planning process, priorities and budgets. So here are some top tips, gained from our experience, to help you to drive business growth and create value for all stakeholders.
Company Wide Goals
It is now, more than ever, so important to delve deep into the organisational goals, whether that be a start-up, scale-up or a more mature business. These goals then need to be factored in to help build strength and resilience in the company as it continues its journey.
Also, strategic planning frameworks, such as the SWOT, will need to be updated, based on the shift in behaviours thanks to the pandemic. This will help highlight the different people needed in your teams, and varied skill sets required, for the mid to longer term. These requirements, of course, are different through each business stage from start-up, to scale-up, through to maturity, with different team players needed to drive the growth.
High Growth Sectors – Expected Remuneration Moves in Parallel
Covid-19 has helped push demand and developments across technology sectors such as cyber, SaaS and fintech by ten years. Even prior to the pandemic there was a considerable call for expertise in these sectors; now expected remunerations have rallied even further. Whilst conducting our benchmarking of packages across industries like cybersecurity, we found that companies were sometimes 10 years behind in their remuneration offering. In order to retain and attract the correct talent, we feel it is very important to benchmark every one to two years because market trends move so quickly, from a salary, bonus and equity perspective.
Market Led Approach to Retention and Acquisition
A key strength in any organisation is its people, so a market-led approach is vital to retain talent, expertise, and knowledge in the organisation; this involves getting proactive detailed market intelligence.
To do this, start by considering where you want your organisation to be in the mid to longer term, e.g. top ten in the cyber globally or growth in a particular region. Then, taking a top-down approach, look at C-suite remuneration, including salary, bonus, equity pay, percentage, tie in and profit and loss (P &L) responsibility.
If there is a gap, you need to match up your current employee remuneration; it also highlights what you need to be offering new C-suite members to help attract them to your boardroom table. It is much more efficient to get this intelligence prior to engagement, as senior management or a remuneration committee can approve it before any talent search is carried out. For more junior employees, this intelligence is easier to find, but for higher-level C-suite, it will require a much more in-depth and time-consuming search.
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