Three Out of Four Executives Actively Plan a Career Move in Next Six Months Despite the Poor Job Market
According to a global survey of executives sponsored by eFinancialCareers, 76 percent plan to actively seek a new job in the next six months, even though the chances of actually finding one during that time represent a major challenge in this tight job market.
The survey, conducted by BlueSteps, the career management service of the Association of Executive Search Consultants (AESC), also found that 57 percent believe it would take more than six months to find a new job and that 17.5 percent think it will take more than a year.
The survey received responses from nearly 500 executives around the world, including 53 percent from the U.S.
Most have negative view of job market
Only 26 percent said they have a positive impression of the executive job market, which is a 10 percent decline from January 2012 and a 38 percent drop compared to 2011.
Additionally, only 35 percent have a positive impression of the general business climate at mid-year, down 1 percent from January and a 41 percent decline from 2011.
On a regional level, senior executives in Canada held the most positive outlook regarding the executive job market at mid-year, with 44 percent of Canadian executives reporting a positive attitude, an 18 percent higher positive outlook than the global average. Executives in India held the second spot for positive outlook regarding the executive job market with 42 percent, followed by China, with 39 percent.
Top career-related concerns
The top career-related concerns included finding a new executive opportunity (45%), economic instability (18%) and fear of career stagnation (10%). Senior executives reported top business-related concerns which included maintaining revenue/profits (27%), the poor overall economic climate (25%) and one out of five senior executives surveyed (20%) specifically mentioned the turbulence in the Eurozone as a top business-related concern.
When asked what elements might hinder them from making a career move in the next six months, half of the executives chose the poor state of the economy or declines in executive compensation offered as the two primary elements that would cause them to remain in their current positions rather than seek a new opportunity.
Enticements to move
When asked what would most entice them to make a career move during the next six months, most executives (68%) chose increased responsibility as the key reason they would move to a new position, almost 10 percent more than those executives (58%) who chose increased compensation as a primary motivator for a career move. Seventy-six percent of senior executives reported that they feel they must change employers in order to advance their careers.