As we approach the end of 2024, it’s clear that we are facing challenging times across industries. Whether you’re an executive looking for new employment or a professional pursuing board roles, the volatility in the market is something you must acknowledge and prepare for. Here’s a comprehensive review of what I’m seeing in both the executive job market and the board director search landscape as we lead into 2025.
Executive Market: A Reality Check
The current economic conditions are forcing companies into liquidation and restructuring, leading to unprecedented levels of senior executives being out of work. Many executives, who wouldn’t usually be on the market, are now facing long job searches—often lasting 6 to 9 months or longer. Even well-prepared professionals are struggling, with corporate downsizing and cost of living pressures impacting many households.
Key Takeaways for Executives:
- Be prepared to compromise. Accepting a contract or interim role may not be ideal, but it keeps you afloat and maintains your professional momentum.
- Don’t reject “bird in the hand” offers. A less-than-perfect role might be better than holding out for an uncertain opportunity.
- Tap into the gig economy. Platforms like Upwork, Freelancer, and Fiverr are booming, with some professionals earning six-figure incomes. This segment of the market is growing and presents opportunities to remain productive.
- Stay connected to your network. Many roles are found through the unadvertised job market. Leveraging your connections will be crucial during this time.
Board Director Market: A Different Story
The board market remains active despite economic challenges. Organisations continue to need board members, and unpaid roles in the not-for-profit sector are particularly available. However, attracting the right talent remains a challenge, as many professionals are recalibrating their commitments to focus on paid opportunities.
Key Takeaways for the Board Market:
- Think strategically about your board appointments. Offer a compelling package, even for unpaid roles, including professional development opportunities and clear value propositions.
- Commit to long-term contracts. Avoid appointing directors for only 12 months. Instead, aim for two- to three-year terms to foster stability and engagement.
- End-of-year surge in board opportunities. Unlike the executive job market, the board search market typically sees activity through to the end of the year, including over the Christmas period. This is a good time to review your board portfolio and consider new roles for 2025.
Final Thoughts: What Lies Ahead
This is a critical time for anyone seeking new employment or board opportunities. My strong advice for executives: If you’re employed, hold onto your role and excel at it. For those currently on the job market, get your skates on now. Be proactive, apply widely, and remain open to contract roles or gigs to stay engaged.
With global uncertainties on the horizon—such as elections in the US—there may be further economic disruptions ahead. In the Australian context, it’s essential to keep your financial house in order, avoid overextending yourself, and prepare for what could be challenging months ahead.
The landscape is shifting fast. Staying flexible, networking strategically, and reading the market signals will be key to success in the coming months.
Conclusion
While the executive job market is facing significant headwinds, the board director market offers some resilience and opportunities. Planning ahead and staying connected to your network will be essential as we navigate this volatile period. Take action now to secure your position for 2025—whether that’s through interim roles, contract work, or new board appointments.
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