Contact: Clara Hurd Nydam
Madison, WI – November 30, 2005 – With recruiters predicting double-digit job growth at the executive level for the start of 2006, a recent survey conducted by ExecuNet, the executive job search and recruiting network, finds a growing number of corporate leaders are unhappy with their current position and preparing to leave.
According to the survey of 147 employed executives, 67% are not satisfied with their current job – up from 55% in July 2005 – and of those who are not satisfied, 78% plan to change companies in the next six months.
The top five reasons why employed executives are unhappy with their current jobs include:
Poor corporate culture;
Limited opportunity for advancement;
Lack of challenge or personal growth;
Boss is not a good match.
“Many companies have neglected retention for too long, says Clara Hurd Nydam, President of Career Momentum Inc., an ExecuNet networking facilitator. “Now that competition for talent is heating up, many are looking for solutions, sometimes too late.
When the costs of recruiting, hiring, and training a new executive are considered it is no surprise that the most successful companies never lose sight of the importance of rewarding their top talent with more than just compensation. Ms. Nydam says that this may explain increased interest in executive coaching and leadership development. “Companies that win the battle for talent at all levels will address corporate culture and wellness issues.”
Among the executives surveyed, the average amount of time spent in their current job is 6.0 years and their mean compensation totals $171,900.
A separate ExecuNet survey of 148 recruiters may help to explain why executives are gaining enough confidence in the employment market to look for new opportunities. According to this survey, the executive search industry is expecting a 15% increase in the number of assignments received from corporate clients during the next six months – up from 12.5% one month ago.
ExecuNet partners with Career Momentum Inc., a Career Partners International firm, to host monthly ExecuNet networking meetings for executives in transition. Career Partners International firms provide organizational change management and career development services worldwide. For more information on Career Momentum, Career Partners International, and Execunet, visit www.CareerMomentum.com.