Cautiously Optimistic, But Still Moving Forward with Hiring Plans
The Q2 Vistage CEO Confidence Index and June WSJ/Vistage Small Business CEO Survey results are in, with cautious optimism the prevailing theme among each set of respondents. The good news is that in both surveys, despite slower than expected 1st quarter growth, CEOs remain confident about the prospects for their own companies over the next 12 months.
One of the key indicators is hiring. Among companies of $5 million to $1 billion in revenues, 57% of CEOs stated that they will add more employees over the next 12 months. While 56% of CEOs leading companies with revenues in the $1 million-$20 million range (Vistage/WSJ survey) stated that they, too, will be hiring. Based on past survey results, and the fact that CEOs in both surveys are bullish about sales and profits in their own companies, these are strong hiring numbers.
One twist here is that challenges with filling open positions are giving CEOs pause when it comes to how best to invest in talent in the future. Pamela Wasley, CEO of Cerius Executives, who is an expert on scaling businesses and finding new growth opportunities, notes that this is an important time for CEOs to consider their options when it comes to adding people. Wasley, a Vistage member since 2012, says that because adding to your full-time staff is a big and expensive decision, you need to be clear about your future needs. It’s not just about hiring the right people, but the right kinds of people. For example, if your need for a specialty is temporary, or you simply lack the bandwidth during a given period of time to meet customer demands, then adding full-time, permanent employees may not be the right answer for you. This is where CEOs can access the contingency workforce to their advantage.
For more information on the latest economic trends and insights that pertain to expanding your workforce, be sure to review the complete survey results and watch my interview with Pamela Wasley about making the best hiring choices for your growing business.
Category: Leadership Talent Management
Tags: CEO Confidence Index, Hiring, Pamela Wasley, Vistage International