Successful growth strategies require thoughtful planning. That’s why the last half of the year — particularly September through November — are especially important months for companies to assess their upcoming annual budgets, set goals, and build their team.
Executive Director of Business Development at ForceBrands’ Impactful Search, Rhonda Taylor, discusses end-of-year hiring trends, how purpose-driven leadership has evolved, and how companies can leverage ForceBrands’ talent market data to level up their growth strategies.
What current trends are you seeing that will define how we hire and plan our growth strategies in 2024?
The businesses that we support have become more financially savvy, as they’re closely monitoring their expenses, their revenues, and their margins to make more informed decisions. Cash flow is a top priority for high growth brands. Managing that cash flow is really about balancing investments in growth, innovation, customer acquisition, with operational cost and debt obligations. Buyers are seeking more established proven and mature businesses, which is resulting in brands being purchased at later stages of growth. And this has, in turn, generated sustainable profitability which is crucial in the competitive market, as it demonstrates a brand’s viability, scalability, value proposition, and market fit.
In order to achieve that state of sustainability, brands are optimizing their production distribution, inventory processes, while also prioritizing operations, manufacturing, and supply chain.
We’re also seeing a larger investment in data strategy and management of data to really create informed decisions, actionable data strategies, and really using the data to identify opportunities and measuring their impact.
‘Purpose-driven’ has been a very buzzy term as of late. How has the conversation around purpose-driven leadership evolved in the last year?
The dialogue on purpose-driven leadership now demands a certain level of authenticity from both leaders and organizations. It’s more important than ever to have a clear purpose and to be driven by that purpose. It’s crucial for consumer brands regardless of their size. This is because both customers and employees are placing a greater value on philanthropic initiatives.
We’re seeing that brands and leaders that are purpose-driven, not only build brand loyalty but also attract more customers and employees to create a stronger employer brand.
How should leaders leverage ForceBrands’ talent market data to inform their growth strategies?
As employers look to hire in 2024, the key takeaway from ForceBrands’ Comp and Confidence Report is that compensation is still king. Our data found that 80 percent of employees received raises within the last year, yet only 40 percent are satisfied with their pay increase. Those who are not receiving a fair increase are more likely to leave.
We found that employees are also prioritizing long-term benefits and that they feel more aligned with employers with missions that match their own values.
Interested in learning more about ForceBrands’ report on compensation and job market confidence trends? Download the report here.
Interested in learning more about how ForceBrands’ Impactful Search can help support your 2024 growth strategy? Reach out to Rhonda Taylor via email here.
ForceBrands offers end-to-end hiring solutions for all stages of growth. Whether you’re just starting to hire or are looking for the next step in your career, we’re here to help you be a positive Force that makes an impact.