While some CEOs are struggling to hire talent in certain areas like mid-level and IT positions, other CEOs are thriving by employing successful strategies to attract new talent, according to a new survey from top 15 accounting firm Marcum and Hofstra University’s Frank G. Zarb School of Business.
The Marcum-Hofstra CEO Survey is a periodic gauge of mid-market CEOs’ outlook and priorities for the next 12 months. The survey polled 254 leaders of companies with revenues ranging from $5 million to $1 billion-plus and was conducted the week of June 24.
A significant majority (70.9%) of CEOs reported being able to fill most or all open positions within their companies. However, challenges persist in specific areas, with approximately one-third struggling to fill mid-level (30.3%), functional area professionals (33.1%), and IT positions (33.5%).
So it comes as no surprise that attracting new talent is a top priority for CEOs, and many are using the following tactics to draw in talent:
- Flexible work schedules (45.3%)
- Advancement opportunities (44.9%)
- Enhanced compensation and benefits packages (40.9%)
- Remote work options (39.4%)
Retaining staff is also a key priority for CEOs who indicated in the survey that flexible work schedules (61%) and advancement opportunities (60.2%) are the most critical factors. Additionally, augmented compensation and benefits (53.5%) and remote work options (52.4%) are vital to keeping existing staff engaged and satisfied.
The Marcum-Hofstra survey also found that CEOs have a nearly equal preference for promoting from within (42.5%) versus hiring externally (41.7%).
“Given the current job market, where demand for skilled professionals is super high and talent is scarce, companies are really struggling to fill important positions,” Brian Lucas, CEO of Marcum Search, the executive recruiting and staffing affiliate of Marcum LLP, said in a statement. “Our latest survey shows that offering flexible work arrangements, defined opportunities for advancement, and creative compensation packages are key to drawing in and retaining top talent.”
Other key survey results include:
Outlook on business environment
- There has been an evident rise in CEOs’ optimism about the business environment. 44.1% of CEOs rated their outlook in the 8 to 10 range, up from 37.8% in April.
- The percentage of CEOs rating their outlook as “very positive” (a score of 10) remains almost unchanged at 13.9%.
Industry-specific optimism
- Increased optimism (rating of 8 or higher) was observed in the construction (45%), healthcare (58%), and professional services (36%) sectors, while manufacturing saw a decline (18%).
Key influences on business planning
- Economic concerns dominate business planning priorities, though their impact slightly decreased to 50.4% from 54.2%.
- The availability of talent remains a crucial issue, with 34.6% of CEOs citing it as a top-three concern.
External concerns
- Economic slowdown remains the top external concern, cited by 54.3% of CEOs, up from 45%. Political uncertainty, interest rates, labor shortages, and rising energy costs are also prominent concerns impacting business strategies.
Employee use of PTO
- A significant portion of CEOs (59.4%) observed that some employees are not utilizing their personal or vacation time.
- Reasons include the option to convert PTO into financial remuneration (29.4%), concerns over job security and advancement (27.6%), and high dedication to work (25.2%).
The survey is developed, conducted, and analyzed by Zarb School MBA students, led by Dr. Andrew Forman, associate professor of international business and marketing, and in partnership with Marcum.
“The data underscores significant hiring challenges, particularly in mid-level and IT positions, which are critical for operational efficiency and growth,” Forman said. “The emphasis on flexible work schedules and advancement opportunities highlights a shift in retention strategies essential for maintaining a competitive edge. This survey provides a clear snapshot of the economic and operational concerns that CEOs must address to navigate today’s complex market dynamics.”
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Tags: Accounting, Firm Management, Human Resources, Payroll, Staffing
