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Breaking Barriers: Consumer Sectors Leap in Gender Diversity in Q3 2023
Globally, the gender diversity of senior hires continues to increaseExplore the evolving gender landscape in the consumer sector with our Q3 2023 report, highlighting key shifts in subsectors like Lending, Payment, and Retail Banking. Our analysis, powered by TALNTs data, reveals a significant year-on-year increase in gender diversity among senior hires, particularly in Payment and Retail Banking, contrasting with a decline in Lending. This comprehensive report offers insights into these divergent trends and their implications for leadership roles across the consumer industry Gender diversity in senior hires increased by three percentage points year-on-year – and by 12 appointments  image.png 158.19 KB In Q2 of this year we noted that the proportion of senior female hires in Consumer had increased by 2.5% year-on-year, but that happened while overall hiring had declined. This is a common pattern: that as overall demand for senior talent declines, the proportion of female hires increases.  In Q3, meanwhile, the number of senior female hires increased by 12 according to the data available to TALNT, which was also a three percentage point increase at the same time. This, on the surface, is quite impressive, although there are some potential issues when we dig into the details that we will address shortly.     image.png 205.79 KB Looking at the trends quarter by quarter through 2023, we that the trend of increasing gender representation within senior appointments has increased steadily throughout the year.  image.png 135.51 KB The charts above show the gender hiring gap over time. While the Q3 2023 chart shows a lot o variability, we can also see that the gap between female and male senior hires becomes close to disappearing at four points throughout the quarter, compared with twice in Q3 of 2022.  image.png 94.72 KB The above gender hiring gap charts show that the gap between male and female hires was at its widest in Q1, before beginning to narrow significantly in Q2 and Q3.   Looking at the year to date, the gap peaks in March before tracking quite closely on a monthly basis for most of Q2 and Q3.  image.png 63.14 KB image.png 163.38 KB Speaking regionally, we can see that the greatest regional variability has been in the Americas.  image.png 146.9 KB Which subsectors performed best in terms of gender diversity in Q3 2023? image.png 139.98 KB Looking at the numbers and percentages, we can see that, although the proportion of female hires in Lending declined sharply y-o-y, the proportions in Payment and Retail Banking increased significantly. Of course this is most significant in Retail Banking because the numbers there are so dominant that any increase in the proportion in that subsector has a significant overall impact of improving the gender balance across the entire sector.   Looking at this same data on a quarterly basis: image.png 140.3 KB   We see a lot more variation in the trends. Again though, it’s the consistency in the improvement in gender balance in Retail Banking that has the most significant impact overall – again down to sheer force of numbers. This does make sense because Retail Banking is after all retail, and retail jobs tend to have much higher female participation that most other sectors of the economy globally, meaning that in this subsector there is more female talent to draw upon for developing leaders.  Which positions saw the best gender diversity in Q3 2023? image.png 76.81 KB Looking at the top senior positions for Q3 2023 tells us a sobering story. Take out the high proportion of female Board hires and female participation in the top 10 collapses. Put another way, female appointments in strategic executive roles are non-existent in 4 of the top 10, and very low even in CEO, COO, and Chairman roles. This shows that the majority of the increase in female senior hires y-o-y has been on the non-executive Board and that in fact female participation in senior strategic executive roles higher in Q3 last year.  This suggests at best that the impressive headline percentages are misleading, and at worst that the industry is – whether deliberately or not – engaging in a form of “gender washing” which implies as a consequence that senior leaders aren’t really taking gender diversity as seriously as they might.  image.png 91.34 KB Looking at the same data on a quarterly basis show again that the industry has struggled all year to appoint women into senior executive positions of consequence. This suggests that any progress made could easily be lost in future quarters, as the foundations for female participation at the senior level are in reality weaker than they first appear. 
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. image.png 126.84 KB 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.   image.png 90.42 KB 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.  image.png 53.16 KB Breaking this down by region:  image.png 59.28 KB We can see that demand in the Americas has seen the biggest y-oy increase, followed by APAC, while EMEA has seen a decline.   image.png 60.45 KB 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? image.png 172.93 KB 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.  image.png 93.3 KB   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.    image.png 51.56 KB 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%). image.png 54.13 KB 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.  image.png 101.05 KB 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.   image.png 81.95 KB 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.  image.png 85.29 KB 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.  image.png 81.36 KB Non-exec board appointments dominate the top 10 positions year-on-year, with no significant movement on strategic hires  image.png 68.42 KB 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.   image.png 90.7 KB 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.  image.png 79.71 KB 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: image.png 97.68 KB 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.  image.png 63.36 KB 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: image.png 74.38 KB 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.  
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Top Industry Movers

27 November 2023 - 3 December 2023
Software
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Wealth & Asset Mgmt
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Consumer
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Insurance
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FinTech
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Energy & Natural Resources
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