2021 promises to be a hot market for executives
Have you ever stood in line for something that was in short supply and wondered if it would still be available when you got to the head of the line? Concert tickets? Sporting events? Author’s autographs? A free meal?
What about a new job?
Effectively, if you wait to enter the executive job market or do so without the proper guidance, you will be at the back of the line and others will take that ideal job ahead of you.
So let’s consider if now is the right time for you to finally take the plunge, shake off those workplace frustrations, claim the role you’ve always wanted, enjoy the increased compensation, and finally “arrive” professionally.
Reviewing the financial and economic press, several trends are quite clear:
The US and European economies are expected to substantially increase their rates of growth in 2021.
The rate of increase predicted varies by source, but Morgan Stanley, for example, is now predicting a V-shaped recovery, driven first by developing markets and then by the US and Europe. Consumers and private sector investment are the probable engines of growth per this source.
On Europe, The Conference Board (of economists) has this to say:
“Vaccine deployment in the UK as of December 8 and in the rest of Europe starting in January strengthens the base case scenario, where expected growth for 2021 is 5 percent for the UK and 4.7 percent for the Euro Area. Yet, downside risks remain due to uncertainty around the vaccination programs. Nonetheless, CEOs in Europe report increases in capital investment plans and sales expectations…”
The Federal Reserve, European Central Bank and similar bodies in other regions are likely to maintain their accomodative posture in 2021.
This ensures an adequate supply of money and low interest rates in the short term to bolster the economic recovery. IHS Markit, an economic advisory firm, for example says this:
“The Fed’s new approach reinforces that its 2% inflation objective is an average, not a ceiling. The European Central Bank (ECB) will likely follow the Fed’s lead on FAIT when it concludes its strategy review in mid-2021. Policy rates in the United States, eurozone, United Kingdom, and Japan will remain near zero well beyond 2021. In emerging markets, where inflation is a more immediate concern, monetary easing is ending but policy rate increases will be rare in 2021.”
Additional economic stimulus is likely to support economic growth in most major markets.
For example, Goldman Sachs’ latest report regarding President Biden’s $1.9 billion stimulus plan and the US economy predicts in part:
“…economists led by Jan Hatzius projected the economy would grow 6.6% in 2021, faster than the 6.4% previously estimated. The economists said they expect the nation’s unemployment rate — which is at 6.7% — to fall to 4.5% by the end of the year, down from the prior estimate of 4.8%.”
This economic spurt will drive executive job growth.
On Partners, an executive search firm, predicts these will be the fastest growing executive job titles in 2021:
- CEO
- Executive Advisor
- Chief Public Health Officer
- Chief Financial Officer
- CPO-Chief People Officer
- Chief Experience Officer
- VP of Sales Productivity
- VP of Supply Chain/Procurement/Manufacturing
- Chief Information Officer
As far as industries are concerned, Forbes suggests these will be the fastest growing industries in 2021 for all job openings:
- Leisure and hospitality (+26%)
- Transportation and utilities (+22%)
- Wholesale and retail (+20%)
This contrasts with where our executive clients landed in 2020 (see the Client Landings 2020 by Industry graphic).
As far as financial compensation is concerned, government statistics may not be your best guide because they are notoriously general. For example, the US Bureau of Labor provides this overview of executive compensation for all sectors (in the US) in 2019 (see Top Executives graphic).
Clearly, we at the Barrett Group serve a better-compensated crowd of clients because our compensation data look more like this in 2020 (see Most Recent Salary Range graphic).
In summary then, when so many prestigious bodies highlight economic growth and executive opportunity, do you really want to still be hanging around like a wall flower, unwilling to join the party, or will you trust yourself, bolster your economic future, and seek the expert advice that has helped thousands of executives earn more and enjoy better quality of life over the past 30 years? 2021 promises to be a hot market for executives.
When you are ready to get serious, contact the Barrett Group.
Now is the time.
Peter Irish
CEO
The Barrett Group
