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A Covid-19 Market Update for C-Suite

Posted on July 2020

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Selby Jennings' Managing Director, APAC Mr Andrew McNeilis has recently interviewed with FutureCIO. In this interview, McNeilis has shared our latest Global Research Report result and provided insights to the C-suite professionals regarding the current market amidst COVID-19.

Not Surprising: High Levels of Compensation for C-Suite

According to Selby Jennings Global Job Confidence Index Report, 60.4% foresaw a worse economic outlook for the next 12 months. However, 60.8% of the respondents are not worried about their jobs. Andrew McNeilis found these results not surprising. "Regardless of the market, those people who can add value and generate success in business-critical roles can still command impressive packages – especially at the mid-to-senior level that we focus on."

The business-critical roles have a high business impact and are hard to replace. That is to say, these are hard-to-fill, high salary and senior management roles. The C-suite is business-critical, they are deemed the most important and influential group of individuals within a company. Reaching this high echelon typically requires a plethora of experience and finely-honed leadership skills. 

To understand how to be business-critical in the new virtual workplace, download our report.

Positive: Upward Demand for C-suite Professionals

"The next year is going to be a roller coaster ride – growth in China, transformation due to digital and fintech disruptors and transformation, crisis due to supply chain impact of COVID. Therefore, many firms will need to buy in such talent, and those talented people already capable will no doubt get approaches," said McNeilis. No doubt, volatility brings opportunities. “Today’s C-suite will need to demonstrate tons of resilience, agility and smart decision making," highlighted by McNeilis. While there are many opportunities out there. It is important for C-suite to be able to identify these opportunities and move the business forward.

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In-Demand Skills for C-Suite

"Crisis response, turnaround, growth, transformation and disruption are of particular interest to hiring companies," McNeilis continues. "Emotional intelligence will be in high demand. It is worth highlighting that leadership needs and thrives on control. Many external factors are happening that C-suite cannot control - so their agility and ability to play with the cards they are dealt will be of paramount importance - do not underestimate the importance of CEOs who understand sales, cost control and who have emotional intelligence. In short, they will be in high demand as competencies and skills.” 

C-suite: Be the Change

"You are a lot more employable when employed than unemployed," McNeilis advises. "If it gets tough in your world, slug it out, and do not quit. The people who rise to the top in the next 18 months are those who step back and ask the simple question - How can we turn this to our advantage? - and then EXECUTE."

Crisis and change are nothing new to Banking, Financial Services and Insurance (BFSI). From the Global Finance Crisis (GFC), regulatory changes, technology disruption, on and on. COVID-19 is nothing new but another “out of our control” event.

“Adapt and change – to survive and thrive have been the watchwords of financial services for over 140 years. Will they be the same? Of course not. Will the new look be worse? Not necessarily. Will we learn from this? Probably not? Is humankind capable of recovering and advancing – you bet!,” concluded McNeilis.

To read the original full article, please visit FutureCIO.

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