NEW
YORK, July 23, 2024 /PRNewswire/ -- CEOs
are reporting difficulty hiring in specific areas like mid-level
and information technology positions, according to the latest CEO
survey from Marcum LLP and Hofstra
University's Frank G. Zarb School of Business. The survey
serves as an essential barometer for gauging the current business
environment and anticipating the strategic focuses of
companies.
Retaining employees is the top priority,
with flexible work schedules and advancement opportunities being
critical.
Hiring and Retention Trends:
- Employee Hiring: 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 information technology
positions (33.5%).
- Recruitment Inducements: CEOs are employing various
strategies to attract new talent, including flexible work schedules
(45.3%), advancement opportunities (44.9%), enhanced compensation
and benefits packages (40.9%), and remote work options
(39.4%).
- Retention Strategies: Retaining employees remains a
top priority, with flexible work schedules (61.0%) and advancement
opportunities (60.2%) being 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.
- Internal vs. External Hiring: 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," said Brian Lucas, CEO of Marcum Search, the executive recruiting and
staffing affiliate of Marcum LLP. "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. Our network gives us the leg up in
identifying these key employees, which is exactly what sets
Marcum Search apart in helping
businesses get the expertise they need to grow and hit their
goals."
Survey Highlights
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 8-10
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 45.0%. 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," shared Dr. Forman. "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."
About the Survey
The Marcum-Hofstra CEO Survey is a periodic gauge of mid-market
CEOs' outlook and priorities for the next 12 months. The survey
polled the leaders of companies with revenues ranging from
$5 million to $1 billion-plus and was conducted the week of
June 24, 2023. Two hundred fifty-four
mid-market CEOs participated.
"The latest CEO Survey underscores the evolving challenges and
strategic adaptations businesses must undertake to navigate the
current economic landscape," said Janet
Lenaghan, dean of the Frank G. Zarb School of Business at
Hofstra University. "Our collaboration
with Marcum allows us to glean crucial insights directly from
industry leaders, which informs our curriculum and ensures that our
students are well-equipped to meet the demands of today's dynamic
business environment. The emphasis on flexible work schedules,
advancement opportunities, and enhanced compensation speaks to the
shifting priorities within the corporate world, and it's imperative
that we prepare our students to lead with innovation and
resilience."
About the Frank G. Zarb School of Business at Hofstra University
Hofstra University's Frank G. Zarb
School of Business prepares students to become tomorrow's global
leaders. Located just 25 miles from New
York City, Zarb students have access to internships and
networking opportunities across every industry. The Zarb School
combines entrepreneurial, hands-on learning and research with
real-world experience and mentorship in state-of-the-art
facilities, including a Behavioral Research Business Lab, Center
for Entrepreneurship, and academic trading room. Our undergraduate
and graduate programs in accounting, management and
entrepreneurship, marketing and international business, finance,
and business analytics are ranked and recognized by US News
& World Report, Princeton Review, Poets
& Quants and Fortune Magazine.
Visit hofstra.edu/zarb for more information.
About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm
dedicated to helping entrepreneurial, middle-market companies and
high net worth individuals achieve their goals. Marcum's
industry-focused practices offer deep insight and specialized
services to privately held and publicly registered companies, and
nonprofit and social sector organizations. The Firm also provides a
full complement of technology, wealth management, and executive
search and staffing services. Headquartered in New York City, Marcum has offices in major
business markets across the U.S. and select international
locations. #AskMarcum.
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