| As the rules of doing business within a fiercely | | | | much greater openness amongst companies to |
| competitive industrial and manufacturing | | | | look for talent outside the country even from |
| environment continue to evolve, so too do the | | | | highly developed markets, something that was |
| requirements for world-class management | | | | earlier considered too expensive a proposition. |
| leadership within these markets. In fact, the | | | | A demographic shift alone - the acceleration of |
| demands of corporate leadership have never | | | | retirements among Baby Boomers - has |
| been higher in the industrial and manufacturing | | | | intensified the executive search process for |
| markets. | | | | industrial and manufacturing leaders. Even though |
| Companies, in general, are constantly looking to | | | | there might be softness in the market just in |
| upgrade their management leadership bench | | | | terms of the economy, industrial and |
| strength. Companies in the manufacturing sectors | | | | manufacturing companies are having to replace a |
| are no different. They are keen to attract | | | | lot of top line executives because they're losing |
| executives with solid, blue chip experience and | | | | baby boomers to retirement. |
| strong academic qualifications. In the developing | | | | The loss of so many experienced executives |
| markets such as China and Vietnam, this has led | | | | around the world to retirement will force industrial |
| to an acute shortage of quality talent at the | | | | and manufacturing companies to make ongoing |
| middle and senior-management level. Retention of | | | | investments in their workforces. Companies will |
| these qualified professionals has become a major | | | | need to replace key performers and feed a |
| issue for many organizations. | | | | pipeline of succession candidates regardless of |
| Recruiting in these regions has become challenging, | | | | how the economy is impacting profits. Industrial |
| because of the relatively small pool of qualified | | | | and manufacturing companies have to be ahead |
| candidates, who will each have several offers. | | | | of the curve when it comes to recruiting, |
| Currently the market in Asia is very much | | | | developing and retaining top executives to make |
| candidate driven. As the war for talent heats up, | | | | that happen. |
| the availability of senior talent with the required | | | | The bar has indeed been raised on senior |
| industry specific experience has become less and | | | | management. The new leadership challenge is to |
| less. This has resulted in many companies looking | | | | cope with an increasingly faster and 'flat' world, to |
| at people from outside the industry who have | | | | benefit from ever faster changes by having the |
| proven themselves as good leaders with a track | | | | courage to exploit new opportunities by leading |
| record of success behind them. There is also a | | | | change instead of following. |