Unlocking Consumer Sector Dynamics: Navigating Q3 2023s Executive Landscape
Senior hiring remains weak but has begun to increase globally y-o-y Embark on a journey through the ever-evolving consumer sector with our insightful report, unveiling the strategic executive movements of Q3 2023. Leveraging TALNTs powerful AI-driven platform, we delve into the key trends and hidden opportunities in senior hiring, providing a unique window into the industrys leadership transformations. Our data-driven insights, sourced from a diverse range of over 150,000 global sources, offer an unparalleled perspective on the consumer sectors talent mobility, equipping you with the knowledge to stay ahead in this dynamic landscape
Senior level hiring increases by around 8% in Q3 2023 compared with the same period last year – also up 52% on Q2 this year
After a second quarter this year that saw senior hiring down by almost 20% year-on-year, Q3 has seen hiring increase slightly, by 8%. This is due largely to increases in senior appointments in the Retail Banking and Lending subsectors, though the rest of the sector seems to still be struggling.
Anecdotally, the industry experts within Sheffield Haworth are saying that many firms are still deferring many of their senior hiring decisions until they see signs of interest rates lowering and the threat of global recession declining.
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Looking at the global senior level hiring data in aggregate, hiring in Q3 of this year seems more buoyant than the same period last year.
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Comparing Q3 numbers this year with Q2 and Q1, we see Q2 demand for senior appointments represented a sharp decline on demand in Q1. The chart below shows that trend throughout the year, where we can see that demand has declined and then recovered throughout the year. Now that the official economic story in North America is about a so-called “soft landing”, with inflation coming under control without a recession, we might expect to see an increase in senior hiring in Q4 y-o-y.
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Breaking this down by region:
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We can see that demand in the Americas has seen the biggest y-oy increase, followed by APAC, while EMEA has seen a decline.
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We can see from the charts above that senior hiring fell in the Americas and EMEA in Q2, while it stayed fairly consistent in APAC, with Q3 seeing significant increases in all regions.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Retail Banking remains the consistent standout – though the numbers have increased significantly on the same period last year. By contrast we can see that demand in Lending increased markedly y-o-y to become the subsector with the second highest demand.
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Indeed, looking back at Q2 and Q1 2023, see that Retail Banking drove the majority of demand throughout the year, being even more dominant in Q1. While the numbers for Lending have been consistently second highest throughout the year, it didn’t really break out from the rest of the pack until Q3.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends a little more clearly. From these, we see the significant increases in demand in Retail Banking (+58.8%) and Lending (+152%), contrasting with sharp y-o-y decreases in Payments (-53.8%) and Digital Banking (-80%).
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Comparing the quarters shows us again just how dominant Retail Banking is within this sector, although demand for senior talent in other sectors was more balanced in Q1. It will be interesting to see how these trends develop in Q4.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Retail Banking even more dominant. The pie chart for Q3 2023 also shows the extent to which Payments and Digital Banking have been squeezed by the dominance of the other subsectors.
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Comparing proportional demand for senior talent between the three quarters of 2023, these percentages are closer, though Q3 does show the least diversity of demand of any quarter this year.
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Breaking down the senior hires regionally, we see that this sector is less dominated by the Americas than many others. The charts above suggest that that diversity has remained year-on-year, despite the increased concentration of demand within Retail Banking and Lending.
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Non-exec board appointments dominate the top 10 positions year-on-year, with no significant movement on strategic hires
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has declined – with the exception of Board appointments. Strategic executive hires are down overall, reinforcing the narrative that many companies are holding off making strategic hires until the economic situation changes.
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Certainly when viewed from a regional basis, we see how demand for the key strategic hires is down in the Americas year-on-year, with the exception of Board appointments.
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On a quarterly basis, we can see that demand for these senior roles was at its highest in Q1, suggesting that for much of the year companies have remained cautious about making senior appointments.
Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see that the companies have changed significantly y-o-y – only Hampshire Trust Bank remained in the top 10 of those who appeared in the top 10 in Q3 last year.
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The big story here is the marked lack diversity of subsector in either quarter. This is in line with the previous data we’ve discussed in this report which has already indicated that most senior appointments are concentrated within Retail Banking and Lending.
Making the same comparison on a quarterly basis:
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We can see that there was greater diversity of subsectors in the top 10 in Q1 and Q2 this year. We appear to be seeing an industry that remains cautious overall, with growth in talent demand limited and concentrated in just two subsectors for the moment.