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EU Pay Transparency Directive Explained | Salary Transparency Hub

Luciana Casado — Wed, 27 May 2026 13:27:13 +0000

EU Pay Transparency Directive Explained | Salary Transparency Hub

Luciana Casado Wed, 05/27/2026 - 14:27

The EU Pay Transparency Directive is about to totally change recruitment. Download our eBook to stay ahead!

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Spotlight on Retail: How to Attract the Senior Leaders Shaping the Future

Luciana Casado — Mon, 11 May 2026 13:10:56 +0000

Spotlight on Retail: How to Attract the Senior Leaders Shaping the Future Luciana Casado

Retail is transforming at a pace we’ve never seen before. Customer expectations are shifting, digital innovation is accelerating, and ethical and sustainable practices are no longer optional; they’re demanded. In this environment, the ability to attract visionary leaders who can navigate complexity and drive growth is critical.

Our Talent Trends 2025: Executive & Senior Leadership Edition, based on insights from over 50,000 professionals worldwide, reveals what motivates today’s retail executives; and what organisations must do to secure and retain them.

Executive Satisfaction: Stability with a Side of Restlessness

Most retail leaders feel secure in their roles, but satisfaction tells a different story. While 65% say they’re satisfied, nearly one in four admit they’re dissatisfied. Compensation isn’t the main issue – 69% are happy with their pay – but purpose and alignment are becoming decisive factors.

What this means for employers: Don’t assume stability equals loyalty. Even satisfied executives are questioning their long-term fit. Regularly engage senior leaders in conversations about purpose, impact, and cultural alignment. If you’re not addressing these, someone else will.

Mobility & Motivation: The Appetite for Change

Here’s the reality: more than 80% of retail executives are open to new opportunities, and 42% are actively looking. Nearly two-thirds don’t expect to stay beyond three years. Why? It’s not just about money.

Misaligned culture, lack of trust in leadership decisions, and limited international exposure rank alongside salary concerns.

Advice for employers:

Audit your culture. Does it reflect the values you promote externally?
Be transparent about leadership decisions—executives want clarity and trust.
Offer global mobility or cross-border projects to keep ambitious leaders engaged.

Retention today is about authenticity and opportunity, not just paychecks.

Flexibility: A Non-Negotiable

Hybrid work dominates retail leadership: 75% work in a hybrid model, with most spending one to two days at home. Yet half report increased office time over the past year, driven by policy changes and career development needs.

What this means for you

Flexibility isn’t just a perk; it’s a core retention strategy. Set clear, consistent policies because ambiguity breeds frustration and accelerates attrition. Aim for balance: autonomy matters, but so does connection. Make in-person interactions meaningful and purposeful, not performative

Work-life balance tops the list, followed by job satisfaction and compensation. Mental health and well-being are no longer “nice-to-haves”, they’re strategic imperatives.

Embed well-being into leadership culture. Executive burnout is real, and ignoring it risks losing your top talent. Create spaces for dialogue, offer mental health resources, and make balance part of your EVP.

The Bottom Line

Today’s retail leaders are redefining success. They want purpose, alignment, and authenticity as much as progression and pay. In a sector driven by constant change, culture and values now carry as much weight as compensation. The organisations that listen, adapt, and invest in human-centred leadership will attract the visionaries shaping the next era of retail.

For more insights, and to access our full Talent Trends report and online interactive tool, click here: https://lnkd.in/diUrzRuv

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The Hotel Executive Facing the Regenerative Challenge: Leading Beyond the Hotel

Luciana Casado — Mon, 11 May 2026 12:59:36 +0000

The Hotel Executive Facing the Regenerative Challenge: Leading Beyond the Hotel Luciana Casado

In the hospitality industry, we often talk about innovation, efficiency and guest experience. But today, the most relevant conversation is not taking place in hotel corridors or investment forums; it is happening at the intersection of place, community and purpose. And here, one idea is gaining momentum: regenerative hospitality will not be a trend; it will be the new standard of leadership.

Recent industry reports agree that sustainability, as we once understood it, is no longer sufficient. The regenerative model – one that seeks to create a net positive impact on destinations – is emerging as the natural evolution of the hotel industry. An approach that moves beyond the logic of ‘doing less harm’ to embrace the logic of ‘creating more value’: restoring ecosystems, strengthening communities and revitalising local economies.

Yet this transformation does not depend on certifications or sustainability departments. It depends on a figure that, paradoxically, is rarely central to the debate: the hotel executive.

For years, hotel leadership has been assessed through clear metrics: RevPAR, GOPPAR and ADR. Today, while these remain essential, they no longer tell the full story. The evolving expectations of the industry and of the contemporary traveller require executives to adopt an expanded role: stewards of place, responsible not only for what happens inside the hotel, but for how that hotel influences the environment that hosts it.

International examples make this clear. Projects such as Six Senses Southern Dunes in AMAALA, designed to regenerate desert ecosystems and become the first LEED Platinum resort in the desert, are the result of bold and strategic leadership decisions.

In Raja Ampat, Misool Eco Resort succeeded in creating a 300,000‑acre marine reserve thanks to leadership that understood conservation not as a cost, but as an investment in the future.

And in the Himalayas, the Sherpa Hospitality Group demonstrates that a hotel can become a driver of cultural pride and local prosperity when leadership genuinely commits to the community.

These cases show that a regenerative hotel does not emerge because the market demands it; it emerges because of leadership vision.

Competencies that define a regenerative leader

We are not talking simply about an efficient manager, but about a leader with a combination of competencies that the industry is increasingly recognising as essential:

Systems thinking, to understand the hotel as part of a broader ecosystem.
Environmental and social literacy, crucial in a context where impact matters as much as financial performance.
Collaborative capability, because regeneration requires partnerships with public authorities, NGOs and communities.
Inspirational leadership, able to mobilise teams that seek purpose as well as employment.
Purpose‑driven innovation, from food traceability to circular F&B models.

It is no coincidence that many studies highlighted by EHL describe this new era as one of human‑centric leadership, where empathy, transparency and long‑term vision are as strategic as financial management.

Large operators are already recognising that impact is a strategic asset.
A regenerative hotel attracts committed talent, builds loyalty among guests seeking purpose, reduces regulatory risk and strengthens long‑term resilience.

But the greatest benefit is intangible: it positions the executive as a reference point, as a leader capable of transforming not just an asset, but a destination.

At the backbone of this model lies a simple conviction: tourism cannot thrive if the destination does not thrive.

Regenerative leadership is, at its core, a new moral contract between the hotel and its environment. It means giving back more than is taken. Protecting rather than consuming. Collaborating rather than competing. Inspiring rather than imposing.

And if projects such as Misool, Six Senses Ibiza or Dunas de Formentera teach us anything, it is that when a hotel chooses to regenerate, the territory responds.

Regenerative hospitality is neither a luxury nor a passing trend. It is an invitation.

A call for hotel executives to lead in a more conscious, braver and more human way.

The future of the sector will not belong to the hotel that grows the most, but to the one that contributes the most. And the executive who understands this will not only manage better; they will leave a legacy. A legacy not measured in square metres or KPIs, but in the positive impact left on a place and its people.

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Current State of Executive Search Processes in the Industrial Sector

Luciana Casado — Tue, 05 May 2026 12:30:50 +0000

Current State of Executive Search Processes in the Industrial Sector Luciana Casado

The industrial business environment continues to show strong interest in hiring new senior executives, following the positive trend of recent years.

Companies are making efforts to offer attractive compensation packages to candidates, particularly through variable pay that significantly improves on the packages of shortlisted finalists. Nevertheless, when it comes to fixed salaries, companies are finding it difficult to offer substantial increases to candidates.

If we analyse the executive search processes we have carried out in recent months, we see that commercial roles have gained prominence compared to operations and finance positions.

Companies in the automotive sector continue to face a high level of uncertainty. Those with ongoing projects are maintaining a good pace, while those with limited current order books are struggling more, as few new projects are being generated.

The energy sector is also undergoing changes. Businesses operating in renewable energy are experiencing a flatter phase of activity. By contrast, significant investments are expected in electricity transmission and distribution.

Leadership cycles in industrial companies are becoming shorter due to restructurings, shareholder pressure and the need for immediate results. This is driving demand for executive search processes, although not all candidates are attracted to these mandates.

The market is seeing an increase in interim projects to lead transformations, plant integrations or industrial restructurings. This model
Senior-level candidates expect salary transparency and variable compensation plans linked to clearly defined objectives (ESG, digitalisation, growth).

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The New Architecture of Leadership: Why Interim Executives Are Redefining Board Strategy?

Luciana Casado — Mon, 27 Apr 2026 07:57:50 +0000

The New Architecture of Leadership: Why Interim Executives Are Redefining Board Strategy? Luciana Casado

In today's environment of structural uncertainty and disrupted leadership continuity, boards are increasingly challenged to secure the right leadership during pivotal moments. Traditional executive models, based on stability and predictable succession, are no longer sufficient as organizations face growing complexity and a shortage of senior talent.

Executive Interim Management has therefore evolved from a temporary solution into a core governance lever. Even in cautious market conditions, organizations rely on interim leaders to provide stability, authority and swift decision-making. These executives bring not only deep experience but also neutrality, speed and clarity, qualities difficult to replicate within permanent leadership structures.
This shift reflects a broader realization: companies are not simply filling temporary gaps. They are seeking leaders equipped for complexity, leaders who can restore clarity, continuity and credibility precisely when an organization’s trajectory is at risk.

Boards today face simultaneous strategic pressures. How does Executive Interim Management fit into this new reality?

Boards are operating in an environment where unpredictability is systemic. Strategy cycles are shorter, business models come under increasing scrutiny and leadership continuity itself has become a point of vulnerability. Executive Interim Management provides an essential safeguard: immediate access to seasoned executive leadership capable of stabilizing operations, restoring clarity and ensuring alignment with board expectations.

Even in cautious periods, organizations consistently turn to interim executives to protect strategic direction and operational performance. This reliance is not incidental. It reflects the fact that leadership gaps are no longer operational disruptions, they are governance risks. Interim executives allow boards to neutralize that risk instantly.

You often talk about interim executives as embodying “leadership without legacy.” What does this mean at board level?

Boards rely on objectivity, clarity and the ability to surface truth without distortion. Interim executives bring exactly that because they arrive without historical attachment, internal commitments or political constraints. They do not inherit the emotional residue or institutional narratives that often influence permanent leaders.

“Leadership without legacy” means leadership free from the inertia of the past. Boards value interim executives precisely because they offer unfiltered insight, an honest, unembellished reading of the organization that is often difficult for internal leaders to provide. That neutral perspective is crucial in moments of transition or strategic reassessment.

Some argue that interim leaders, because they are temporary, lack influence. Yet boards trust them with high-stakes mandates. Why?

Influence today is no longer built through tenure but through credibility. Boards increasingly recognise that the ability to act swiftly, intelligently and decisively outweighs time spent inside the organization. Interim executives do not need months to establish authority; their legitimacy comes from judgment, clarity and their capacity to deliver measurable progress from day one.

Boards trust interim leaders because they carry no personal agenda. They can make decisions without fear of political cost, and their focus is entirely on the mandate. In many cases, this makes them more aligned with board expectations than permanent leaders who must balance internal alliances with strategic priorities.

Where does Executive Interim Management create the most strategic value for boards?

Executive Interim Management creates value at the precise moments when leadership fragility becomes a governance threat. A sudden CEO departure, a destabilized executive team, an underperforming transformation, a crisis requiring immediate clarity, these are the moments in which boards cannot afford indecision or delay.

Traditional recruitment cycles cannot match the urgency of such situations. Interim executives ensure that authority, direction and governance remain intact. They stabilize teams, re-establish discipline and keep the organization moving forward. For boards, this capacity to protect momentum in high-risk conditions is invaluable.

You often mention “leadership velocity.” Why is speed now considered a governance priority?

Boards are increasingly aware that the greatest risk is not making the wrong decision, it is making the right decision too late. The competitive environment moves faster than most leadership structures were designed to. Interim executives offer velocity not as impulsiveness, but as clarity in motion.

They are unburdened by internal politics or legacy relationships. Their responsibility is to act, to diagnose, decide and execute. Boards value this because it closes the dangerous gap between problem recognition and decisive intervention. In governance terms, speed is not a luxury; it is a strategic requirement.

How are boards integrating Executive Interim Management into long-term leadership architecture?

Boards are increasingly treating leadership as a dynamic system rather than a static structure. Complexity fluctuates. Transformation intensity fluctuates. Organizational exposure fluctuates. Leadership capacity must fluctuate with it.

Executive Interim Management is now integrated into succession planning, crisis management frameworks, CEO transition strategies and transformation oversight. Boards no longer see interim leadership as an exception, but as a structural component of strategic resilience, a lever that enhances flexibility and reduces governance risk.

What does Executive Interim Management reveal about the future of leadership?

It reveals that leadership effectiveness will be defined by adaptability, neutrality and precision rather than tenure. Boards will prioritize leaders who can enter rapidly, understand deeply and act decisively. Interim executives embody this evolution. They demonstrate that leadership free of legacy often aligns most closely with what the organization truly needs, especially during periods of disruption or reinvention.

Their work shows that leadership is becoming less about presence and more about impact. Less about history and more about clarity. Less about continuity and more about situational excellence.

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Barcelona’s Life Sciences Boom: Opportunities and Challenges Ahead

Luciana Casado — Thu, 02 Apr 2026 15:06:37 +0000

Barcelona’s Life Sciences Boom: Opportunities and Challenges Ahead Luciana Casado

In recent years, Barcelona has experienced strong momentum in the life sciences sector. Growing international investment, coupled with the arrival of new research and industrial projects, is reshaping the local ecosystem and reinforcing the city’s position as one of Europe’s leading hubs in this field.

A Rapidly Expanding Ecosystem

One of the most emblematic initiatives is AstraZeneca’s Estel Hub, a €1.3 billion investment opened in 2023, spanning nine floors and over 30,000 m². The centre already employs around 1,600 professionals from various countries and supports hundreds of R&D initiatives and clinical studies. The company’s goal is ambitious, contributing to the launch of 20 new medicines by 2030 through a combination of biomedical research, digital health, genomics and artificial intelligence.

Sanofi is also making a strategic move with the creation of an AI focused centre of excellence in the 22@ district. Expected to surpass 300 highly qualified new roles by the end of 2025, the centre will cover areas such as data science, biostatistics, AI engineering and clinical data analytics, with a strong focus on real world evidence and accelerating decision making across the pharmaceutical value chain.

Beyond multinational players, Catalonia is home to more than 1,400 life sciences companies spanning biotech, medtech, pharma and digital health as well as numerous research institutions. The sector generates tens of thousands of jobs, represents a significant share of the regional economy and positions Barcelona among Europe’s most active regions for clinical studies and advanced therapies. Venture capital activity is also growing, driven by increased interest from international investors and specialised funds.

This evolution is fuelling a new phase for talent. Demand for data scientists, AI experts, biostatisticians and biomedical researchers is rising, while universities and research centres continue to expand the pool of qualified professionals.

Challenges to Address

Rapid growth brings new complexities. Competition for highly specialised profiles is intensifying, and the increase in costs from office space to salaries may put pressure on smaller companies and startups. At the same time, the multiplication of new hubs does not automatically translate into greater collaboration. Without a shared strategy, the ecosystem risks fragmentation.

There is also a broader societal question. How can this momentum translate into positive impact for the healthcare system and citizens?

Looking Ahead

Despite the challenges, Barcelona holds enormous potential to become a global benchmark in life sciences. Achieving this will require continued investment in talent, stronger collaboration among stakeholders and a balanced approach between ambition and long term sustainability.

The life sciences transformation is already underway. The challenge now is to convert this momentum into lasting value for companies and for society.

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Embracing Salary Transparency: A New Era for Leadership and Equality in Europe

Luciana Casado — Tue, 14 Jan 2025 11:50:31 +0000

Embracing Salary Transparency: A New Era for Leadership and Equality in Europe Luciana Casado

With the introduction of the EU Pay Transparency Directive, the European Union is pushing forward a landmark initiative to close the gender pay gap. This directive mandates companies across EU member states to embrace salary transparency, ensuring that employees have access to essential pay-related information.

For senior leaders and executives, this presents both a responsibility and an opportunity to build trust, promote fairness, and take the lead in creating a more equitable workplace.

1. New Requirements for Transparency and Accountability

From July 2026, businesses across the EU will be required to publish detailed reports outlining salary discrepancies between men and women. Organisations with over 250 employees must submit annual salary pay gap reports to the relevant national authorities, while smaller organisations will be reporting every three years.

To address pay inequities head-on, the directive also reduced the disparity threshold to 5%, significantly stricter than the previous 25% allowance.

This shift means that companies, and particularly their senior leaders, will need to actively monitor, report, and address pay gaps within their teams. It compels companies to be clear about their pay structures and decision-making criteria, setting a high bar for transparency across the board.

Raphael Asseo states:

Salary transparency, especially within organisations, can be a powerful tool for promoting fairness and closing gaps, particularly in addressing gender pay gaps. Internally, it fosters trust and fairness by aligning compensation with roles and responsibilities, while reducing discrepancies that generate frustration among employees. However, external transparency must be approached cautiously, as overly rigid structures can limit cross-sector mobility and risk labeling talent.

True equity goes beyond just pay—it involves addressing the structural hierarchies within companies. Some organisations adopt rotation roles, where employees take on managerial responsibilities temporarily. This approach values contributions across all levels equally, introducing a dynamic way of assessing value and emphasising teamwork over rigid hierarchies.

We also need to acknowledge that companies with flatter hierarchies—say, four layers or fewer—tend to see smaller gaps between salaries, as everyone is more hands-on. Every piece of a company counts and aligning pay schemes more closely to contributions rather than titles can bridge the gap further.

Salary transparency can certainly build trust, but it should always be paired with efforts to foster inclusive structures that reduce unnecessary pay disparities and create a balanced, equitable environment for all.

Raphael Asseo
Senior partner at Page Executive in Switzerland
Global Head of Finance Pratice

This is not the first time that salary transparency has been subject of ruling in Europe. Raphael Asseo, Senior Partner at Page Executive in Switzerland, refers that

A notable example of addressing pay inequality in Switzerland was the initiative 1:12 – Pour des salaires équitables, which proposed that the highest salary in a company could not exceed twelve times the lowest salary. Although the initiative was rejected by referendum in 2013, it sparked significant debate about the growing disparities between the highest earners and the rest of the workforce. It highlighted the importance of considering systemic measures to align pay scales more equitably.

Whilst that proposal may have been unsuccessful, there can be no doubt that the new legislation around salary transparency is creating significant change.

Lorena Gutierrez reflects on the broader implications of transparency:

What does it mean to become an open book, salary-wise? Does it foster healthy competition and fair retribution, or does it introduce new challenges? In some ecosystems, we need to balance transparency with flexibility to reward exceptional talent without rigid constraints. For example, in France, the government suggests limiting CEO salaries to a certain multiple of the lowest salary, but the reality within companies often involves complex hierarchies with many levels that defy one-size-fits-all rules.

Lorena Gutierrez
Partner at Page Executive France
Global Head of the Human Resources Practice

2. Increased Empowerment for Employees

The changes will undoubtedly have a positive impact on employees. Under the new law, employees gain the right to view average pay levels by gender and job category and understand the criteria for salary progression and career advancement. By ensuring that these criteria are objective and free of bias, the directive can help level the playing field.

This also changes how companies approach recruitment. Employers can no longer ask candidates about previous salaries, helping to prevent past pay inequities from affecting future offers. Furthermore, companies must include salary ranges or minimum pay information in job listings or during initial interviews. This move can strengthen trust, enhancing talent’s confidence in the company’s commitment to fairness.

Our recent Talent Trends 2024 report underscores this: 64% of job seekers consider salary among the top three pieces of information in job descriptions, with 26% ranking it as their highest priority.

Lorena Gutierrez underscores the importance of understanding the nuances behind pay disparities:

It is not only a matter of gender equity, but a broader reflection concerning professions, career paths, the weight of education, industries, and culture. For instance, finance traditionally commands higher salaries than HR, reflecting a CEO’s perception of the strategic value of each position. Transparency will have a strong cultural impact, especially in countries like France, where people are often shy about discussing figures.

And shares a real-world example of how pay equity is often overlooked, even at the executive level:

During a recruitment process, a female HR Director candidate stated, 'I want to be paid as much as the other members of the Executive Committee.' She was the only candidate to state this expectation in the whole interviews process. It was a smart move, as HR is often perceived as less strategic compared to, for example, finance or operations. Of course, it can also be analyzed through a gender approach.

3. Implications for Leadership: Transforming Organisational Culture

For senior leaders, implementing these changes requires more than just meeting regulatory standards; it requires a cultural shift within organisations toward ethical and transparent business practices. Leaders now have an opportunity to reevaluate pay structures, foster open dialogue, and implement modern tools to track and report pay differences accurately.

According to Page Executive’s Talent Trends 2024: Leadership Edition, 29% of surveyed leaders already consider closing the gender pay gap a top five priority within their diversity, equity, and inclusion (DEI) efforts. Moreover, 32% of leaders expressed dissatisfaction with their own salary levels, and an overwhelming 77% rated competitive compensation as one of their top five work-related priorities.

These figures indicate that salary transparency is a growing concern at all organisational levels, and the directive presents a timely opportunity for leaders to address these issues head-on.

Simonetta Saprio gives us some insights about the sector’s reality when it comes to pay equity and transparency:

In Healthcare and Life Sciences, salary equity has become a central focus within broader diversity and inclusion strategies, addressing gaps often seen in specialised roles and research fields. Organisations are increasingly conducting pay audits and leveraging data analytics to ensure fairness, especially given the high demand for unique skills in areas like genomics and bioinformatics. Regulatory pressures around pay transparency are also pushing firms to take active steps to correct disparities across gender, race, and tenure. Additionally, the growing prevalence of remote work in these sectors introduces challenges in adjusting for geographic differences in living costs, while ensuring equitable pay and career progression for all employees. These shifts reflect a strong industry-wide commitment to attracting and retaining diverse talent through fair and transparent compensation practices.

Simonetta Saprio
Senior Partner at Page Executive Italy
Global Head of Healthcare & Life Sciences practice

4. The Business Case for Transparency and Equity

Beyond fulfilling legal requirements, transparency and equity bring substantial benefits to an organisation. Businesses that take proactive steps toward transparency can strengthen their reputation, improve talent retention, and position themselves as attractive employers.

What’s more, the directive allows companies to balance equitable pay with merit-based rewards, ensuring that performance remains a key differentiator.

In today’s competitive job market, companies that fail to align with these expectations risk falling behind. Beyond compliance, transparent practices can boost employer branding, enhance internal trust, and attract talent who prioritise fairness and equality.

Lorena Gutierrez emphasises the need for reflection:

For some organisations, this directive will require a moment to rethink their brand, purpose, and HR strategy. It’s not just about compliance; it’s about embedding equity into the company’s DNA. It’s essential to give meaning and be conscious of the impact before “simply” displaying the figures. Career management and progression should be at the heart of this shift—recognising potential and fairly rewarding contributions, regardless of age or tenure, while maintaining a healthy competition; it’s about embedding fairness and transparency into every level of decision-making to build trust and loyalty across the workforce.

5. Preparing for the Future: A Proactive Approach

Preparing for the EU Pay Transparency Directive will require proactive planning, particularly for companies that have yet to implement transparent pay practices.

Surprisingly, a study Page Executive recently conducted in France found that half of all companies surveyed were either unaware of the directive or had limited knowledge of its implications, and over 30% do not currently communicate their pay policies openly.

For executives, the road to compliance starts with evaluating current pay practices, identifying gaps, and implementing transparent systems. Although specific sanctions are still being defined, it’s wise for leaders to act now rather than wait. Transparency is increasingly valued by employees, and early action demonstrates a commitment to fairness, strengthening both team cohesion and the company’s brand.

Seizing the Opportunity for Transformation

The EU Pay Transparency Directive is a transformative opportunity for businesses to create more equitable workplaces. For executives, compliance is just the beginning. By championing transparency and fair pay, leaders can foster a culture of integrity and trust that resonates with today’s workforce.

In a competitive landscape where employee engagement and loyalty are increasingly linked to ethical practices, leaders who embrace this directive’s principles can build organisations that attract and retain the best talent. It is not only a call to action but a path toward a fairer future in which transparency and equity are integral to every workplace.

Page Executive can help you tailor your strategy and compensation practices to ensure transparency and adaptability while staying aligned with your core values. Get in touch with us today!

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A Guide to Salaries and Skills 2023 in Portugal

Daniel Whitehead — Mon, 24 Apr 2023 09:14:13 +0000

A Guide to Salaries and Skills 2023 in Portugal Daniel Whitehead

The objective of this study is to reﬂect the current salary situation for the main positions that make up companies’ steering committees in Portugal, taking into consideration the turnover of the company as well as the sector and its trends. The figures come from the selection processes that we have managed to date, and the numerous candidates we have evaluated.

In an increasingly competitive, uncertain, globalised and highly digitised professional environment, talent becomes a differentiating factor. Today, companies are facing the challenge of defining and implementing policies focused on identifying, attracting, retaining, and developing talent. In addition, it is essential to maximise the performance of all generations of professionals who are working together, yet whose expectations may differ.

An organisation whose purpose is based on putting its people at the center of its strategy, culture and values will be viewed as an attractive employer within the labor market. Companies that succeed in attracting the best talent over the long term will undoubtedly reach a better position with respect to their competitors. The monetary remuneration – fixed and variable – together with the other benefits and emotional salary are still the key factors to building a high-performing and motivated team. That said, knowing where each organisation stands and how it compares, in general, to the market and its competitors, becomes essential to ensuring a strong business result in the short, medium, and long term.

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¿Qué motiva a un perfil directivo para cambiarse de compañía?

Daniel Whitehead — Tue, 07 Feb 2023 09:21:56 +0000

¿Qué motiva a un perfil directivo para cambiarse de compañía? Daniel Whitehead

Actualmente resulta muy complicado para las empresas poder captar y retener el talento, dada la gran rotación laboral que existe. Este problema aumenta si nos fijamos en los cargos directivos, en los que es muy complicado, no solo retener, sino atraer personal cualificado. En este sentido, uno de los principales motivos para permanecer en su organización, o, por el contrario, plantearse un cambio profesional, está vinculado a cómo los directivos/as encajan dentro de la cultura y los valores de la compañía.

Esta es una de las principales conclusiones del estudio “C-Suite Insights 2022: La motivación al cambio” realizado por Page Executive. En el estudio, hemos entrevistado a diferentes CEO para conocer cuáles son las motivaciones que les impulsan a la permanencia o cambio en las empresas en las que se encuentran. La mayoría de los/as encuestados/as tienen la sensación de que para poder crecer profesionalmente tienen que buscar una nueva compañía, ya que en la que se encuentran, no ven posible lograrlo.

Desde el punto de vista de la retribución, obtener un mejor paquete salarial, solamente sería un factor determinante para el 38% de los/as encuestados/as. En concreto, solo el 18% de los/as directores/as generales considera que el factor retributivo es relevante para ellos/as a la hora de plantearse un cambio de trabajo.

La conciliación de la vida laboral con la personal se ha vuelto un requisito indispensable en estos últimos tiempos, y para los perfiles directivos también. Para un 46%, este es un factor clave a la hora de valorar la permanencia o el cambio en su compañía. Además, ligado con este requisito, se une el cambio de residencia, en el que un 67% de las personas que han realizado la encuesta, solamente lo realizaría si el nuevo puesto fuera en el extranjero. Los datos que hemos extraído en el estudio demuestran una tendencia clara al cambio, pero son muchos los directivos/as que prefieren permanecer en sus puestos de trabajo si participan en proyectos importantes y lideran grandes equipos.

Asimismo, el estudio refleja el cambio de paradigma que se está viviendo en el mercado laboral español. Ahora, los cargos directivos tienen otros requisitos y otras inquietudes de las que tenían anteriormente, exigen estar alineados/as con los valores y la estrategia de la empresa, así como disponer de un buen ambiente laboral. En definitiva, valoran más su situación personal que la laboral y esto ha hecho que también evolucione la forma de retener o captar talento, algo que puede llevar al éxito de la compañía si se logra implementar.

Si quieres conocer el resto de las conclusiones y saber cómo han cambiado las preocupaciones y exigencias de los altos cargos, revisa el estudio completo aquí.

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A Guide to Salaries and Skills 2023 in Türkiye

Daniel Whitehead — Mon, 28 Mar 2022 14:06:29 +0000

A Guide to Salaries and Skills 2023 in Türkiye Daniel Whitehead

The objective of this study is to reﬂect the current salary situation for the main positions that make up companies’ steering committees in Türkiye, taking into consideration the turnover of the company as well as the sector and its trends. The figures come from the selection processes that we have managed to date, and the numerous candidates we have evaluated.

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Executive Search Trends in Spain: Salary Moderation and New Methods for Attracting Talent

Anonymous — Thu, 20 May 2021 14:08:01 +0000

Executive Search Trends in Spain: Salary Moderation and New Methods for Attracting Talent Anonymous (not verified)

The COVID-19 health crisis brought profound change to the heart of organisations and the Spanish labour market in 2020. These changes have undoubtedly impacted companies at all levels, including their steering committees. Over the next few months, employment prospects for these key positions will be highly influenced by the current social and economic context.

These were our findings in the Page Executive 2021 Remuneration Study which reveals that, although directors’ fixed salaries are expected to remain stable throughout the year, dramatic reductions to their variable salaries are on the way. These reductions could reach as high as 60% as a result of the huge drop in profits felt by many organisations.

Talent shortage: an opportunity for growth

This abnormal situation has helped some sectors make the change they’ve long been pushing for. Take a look at retail. The sector is undergoing a digital transformation, and adapting to this new era has enabled it to minimise the impact of the pandemic. When it comes to salaries, managers’ remunerations have exceeded the average over the past decade thanks to a talent shortage. This trend is set to continue – particularly for positions like e-commerce and digital directors.

Another area that has seen favourable growth is IT & digital. Companies in this sector have reinforced their technological tools in response to the growing need to digitise business models and guarantee productivity. Likewise, we are seeing an increase in tech start-ups where positions like CTO play a fundamental role. In light of this growing demand, digital and technological profiles have seen a rise in salaries.

Constantly evolving sectors

Social conditions have completely transformed consumer habits, resulting in the total consolidation of online channels. This trend has pushed the FMCG sector to hire digital profiles and strengthen their e-commerce strategies, significantly altering their organisational structures.

Another sector that is the scene of significant change is healthcare, which has adopted a key role in responding to the global health crisis along with receiving extensive recognition. To confront today’s complexity, companies in this sector have searched for executives who are capable of navigating VUCA environments and taking on leadership roles.

Meanwhile the media & entertainment sector has made a significant step toward digitisation in order to adapt to the health crisis. While the pandemic’s impact has been negative overall, some segments such as leisure and home entertainment have seen significant growth. When it comes to wages, managers have not seen changes in their fixed remuneration, even though variable wages have decreased.

Variable remuneration in decline across sectors

The banking and insurance sectors are two of the main drivers of the economy that are currently diversifying into non-traditional activities and businesses. As a result, they are focusing on attracting diverse profiles that are less aligned with the usual products and services. Although generally, we expect a drop in variable compensation, positions related to innovation, digital transformation, and cybersecurity will continue to see a rise in salaries and new hires.

The diversity of the industrial sector has made it more difficult than ever to gain a homogeneous view of its current state of affairs. While many companies have been impacted by the pandemic, some businesses and providers that have been deemed ‘essential’ have experienced an uptake in operations. In this context, manager salaries have remained favourable and remunerations of new hires continue to be based on the candidate’s merit as well as the role itself. Nevertheless, variable pay in 2021 has been impacted in most cases, while fixed salaries are not expected to change.

One of the sectors where we can see greater stability is tax & legal. Activity here has been constant as most business decisions require legal and fiscal insight. In regards to wage policy, despite some firms freezing salaries, others have increased remuneration to compensate professionals for better performance and profitability as well as formulas linked to emotional salary.

New methods for attracting executive talent

In today’s highly digitised and complex environment, talent is a defining factor for success. Given the need to moderate salaries, what options do organisations have for attracting and retaining executive profiles? On a pay level, there are options such as severance packages or signing bonuses aimed at reducing a manager’s reluctance to make a change in times of particular uncertainty. In addition, we can see an increase in bonuses in the long term, which seek to strengthen a director’s commitment and reward their loyalty to a project, as well as pay accelerators like stock options or phantom shares.

On the other hand, we’re seeing how emotional salaries are becoming more prominent within organisations to attract management. In this way, the pandemic has opened the door to new working models and benefits linked to flexibility and a better work-life balance. When taken as a whole, these elements can substantially increase the attractiveness of a company. Alongside other factors aligned with corporate culture – such as diversity, inclusion or CSR – these elements contribute to the increase or, in some cases, a decrease of the total pay package.

Finally, we have seen a positive trend in recent months: an increase in women in management bodies. Although this does not directly impact their pay, it does indirectly lead to improvements in pay packages.

Miguel Portillo
Senior Partner
Spain

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What does a European CFO need to know in the New Normal?

Anonymous — Tue, 29 Sep 2020 08:27:06 +0000

What does a European CFO need to know in the New Normal? Anonymous (not verified)

There was life before COVID-19 and there is life after. What’s certain, is that today’s business leaders need to be more versatile, empathic and insightful than before. In many ways, our Page Executive Eight Executive Trendscarry more weight and relevance right now.

Patterns and projections have intensified and today, there are more questions than answers in many boardrooms. A company’s capacity to survive and thrive depends on smart leadership. As shock and awe give way to acceptance and determination to move forward, the role of the CFO is more crucial and challenging than ever.

Executive Trends
in Finance

Download the Full Report

FASTEN YOUR SEATBELTS, FINANCE DIRECTORS

The role of the CFO has been evolving for several years – from cash flow and balance to a hands-on role in business strategy. and revenue and resource management.

COVID-19 has accelerated this transformation: Finance drives business, and companies’ knee-jerk reaction to the pandemic was to expect less revenue. Nobody could have predicted what just happened, especially in Europe where companies have enjoyed a few golden years since the end of the last economic crisis. This good run afforded CFOs the luxury of living in the moment while looking forward with optimism. Now, it has become essential to closely examine revenues over the past months and years and manage the cost base with an eagle eye.

EXPERTISE, ANALYSIS AND INTUITION

For European companies that trade regionally and globally, cost-base management has become a bit like a game of Tetris. CFOs must now navigate and negotiate European and national COVID-19 salary subsidy programmes, as governments endeavor to minimize the impact on companies and their economies.

Pre-COVID, the finance director developed a range of short-, mid-, and long-term scenarios. Now, he or she must also provide a best and worst-case scenario, and appropriate optimization and mitigation strategies. This requires expertise, analysis and a dash of intuition to provide the board with solid business development advice across a range of different – and ever-changing – markets.

THRIVING IN THE NEW ERA

The key to success for CFOs is to master proactive communication that goes beyond analytical and statistical evidence. In the next normal, financial directors will need to drive productivity and deliver scenarios and strategies to all departments through a range of channels. With many sales teams working from home, CFOs must develop smarter, more flexible strategies to help sell products.

European finance directors will need to reach out to business partners in each country to gain cultural insights into employee and stakeholder needs. And above all, they need work hard and stay positive to instill a sense of security among board members, employees and clients… without making too many promises. In this situation of heightened alert, there is a silver lining. The Latin word “Crisis” means “Light through adversity” and even amid this unpredictable situation, the CFO has an opportunity to shine.

If you are interested in reading about more Finance trends, click on the banner above to read insights from our finance practice partners from around the world where they share their observations about the trends in finance this year and what you should keep in mind for the future.

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The Private Banker - A traditional profile in a modernizing industry

Anonymous — Tue, 29 Oct 2019 10:34:43 +0000

The Private Banker - A traditional profile in a modernizing industry Anonymous (not verified)

Although the figure of the private banker in Spain has evolved gradually, private banking remains a fairly traditional, classic and conservative environment. It is a sector that has not grown exponentially in recent years with the entry of potential new customers.

For this reason, attracting bankers from the competition has become a key commercial strategy. The portfolio of customers that loyally follow the person in whose trust they have placed their capital is a safe value to produce the sustained growth of financial institutions.

The market is changing

The past year has seen many professionals move from one entity to another due to a lack of large capital inflows. There has also been intense work on the part of all executives in terms of digitisation and modernisation, although the success or otherwise of these areas hinges on market evolution, trade wars, tariffs, Brexit... a series of uncertainties that are undoubtedly impacting the sector.

The fact that the insurance sector has gradually moved into wealth management on a more professional footing is also worth noting. This and other reasons mean that for some years now the private banking business has no longer been the exclusive remit of big national and international banks but has featured other players trying to find a gap in the market.

The sector is traditional

Yet despite all this and the effort to modernise and digitise, the private banking sector and the profile of the private banker in particular is still bathed in tradition and private bankers continue to live in a fairly classic environment. It should also be emphasised that this profile is highly determined by customer type, i.e., the type of banker profile depends on the assets of his or her clients.

In this regard, in terms of high net-worth management, the profile of the senior banker with considerable expertise and a relatively traditional image continues to hold sway.

Private banking profiles are changing

With regards the backstory of this type of profile, in technical terms we are talking about professionals with a high level of education, postgraduate qualifications or a history in financial and advisory products. This type of professional work also requires other skills, above all having a customer- and outcome-focus, listening skills, communication skills and proactivity, since bankers must to be able to generate their own customer portfolio.

In terms of how the profile will evolve in the next few years, although not set to change radically it will have to adapt to a much more 360-degree position, i.e., profiles capable of moving the business forward but also giving more advice from a technical approach. We are also heading towards increasingly specialised work based on customer type.

It is inevitable that, in this economic context, subject to the vicissitudes of innovation, technology and political and social circumstances, the profile of the private banker must adapt to change - resilience is still essential for survival.

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Let me know what your observations have been.

Jaime Cristobalena

Partner
T: +34 91 131 76 38
E: Jaimecristobalena@pageexecutive.com

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The Future of Banking: What do Employees Want?

Anonymous — Wed, 22 May 2019 12:21:27 +0000

The Future of Banking: What do Employees Want? Anonymous (not verified)

In March 2019, Page Executive organized a 2nd debate in Warsaw for Banking Shared Service Center Heads and HR leaders to discuss topics regarding this dynamically growing industry. The event was led by Mariusz Grendowicz, one of the most prominent bankers in Poland and hosted by Iwona Dudzińska, Citi Managing Director, at their premises. Agnieszka Kulikowska, Partner in Page Executive, facilitated the discussion.

Shared Services Sector

The Shared Services Centre (SSC) sector in Poland has been growing at around 20% year-on-year since the turn of the century. SSCs currently employ around 300,000 people in over 1,000 corporations across every industry from pharmaceuticals to financial services.

Many of these companies are brands with long histories and proud traditions, led by people who have equally extensive portfolios and CVs. This highlights the pull of the sector for international banking giants such as Citi, BNP Paribas, Credit Suisse or Standard Chartered who see real value in the Polish offer.

What then is this pull factor for corporations? The majority of employees in the sector are below 30 meaning they have years of career growth ahead of them. As Rowena Everson, CEO Standard Chartered GBS Poland explains, her company has done a lot of research on what motivates their current employees to shed light on how they can continue to attract the best available talent.

What do Employees Really Want?

The study arrived at some surprising answers – depending on your starting opinion. Values such as freedom, training opportunities and flexibility scored higher than more traditional factors such as promotions or wealth accumulation. This represents a change regarding potential employee’s decisions about where they would work and what they like doing at work – and how businesses can better attract and retain them for the long haul. "It is the challenge of incorporating this into your management structure which will define your success," Everson concludes.

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Agnieszka Kulikowska
Page Executive Partner
T: +48 22 319 3017
E: AgnieszkaKulikowska@pageexecutive.com

Agnieszka currently leads the Financial Services, Shared Services and Human Resources practices in Poland. She has successfully conducted over 110 executive search assignments on Regional (CEE, EMEA), local Board and Director levels among a total of over 260 recruitment projects since joining PageGroup in 2007.

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What are Private Banking Salaries like in Spain?

Anonymous — Mon, 20 May 2019 15:49:12 +0000

What are Private Banking Salaries like in Spain? Anonymous (not verified)

According to a salary study carried out by PageGroup, annual salaries in the private banking and big capital sector vary between €60,000 and €250,000 depending on the role. The report aims to provide a clear and honest picture of wealth manager and private banker salaries in the banking sector: high-demand professions in 2019.

According to Jaime Cristobalena, Page Executive Partner:
"This study is extremely useful both for professionals, who can analyse their market position, and for organisations, who can be guided when making decisions on how to attract and retain talent."

PageGroup collected data in Spain for the study, analysing over 500 professionals working in private banking areas, business units and departments. The report considers all the factors that can have a direct effect on gross annual salary, such as: the type and size of the organisation for which employees are working, how long they have been at the company, their hierarchical level and the size of their client portfolio. Jaime Cristobalena explains: "We extracted the data for each role analysed from the following sources: selection processes and searches undertaken, candidate assessments and ad hoc salary studies. By obtaining first-hand information, we can offer businesses and professionals a true reflection of the current situation and their salaries."

And what are the salary conclusions?

The most competitive salaries in the private banking sector are mainly found in top management and in Madrid and Barcelona. For clients with wealth of between €350,000 and €500,000, at the top we have Managing Directors with an annual salary of between €160,000 and €250,000; in second place come Executive Directors, with an annual salary bracket of between €100,000 and €160,000. Next, we have Directors with a salary of between €80,000 and €130,000, and finally, Private Bankers with wages of between €60,000 and €120,000.

At local and medium-sized international banks and wealth management firms that look after clients with over €500,000, salaries are rather higher. Managing Director salaries are over €180,000 a year, Executive Directors receive between €130,000 and €180,000, Directors are paid €100,000 to €160,000 and Private Banker salaries are between €80,000 and €120,000.

Finally, there is a clear salary boost for those working with high-net-worth individuals: clients with over 5 million euros. In this segment, Managing Director salaries are above €240,000, Executive Directors are paid between €160,000 and €240,000, Directors receive between €120,000 and €180,000 and, finally, Private Banker salaries are between €100,000 and €140,000. Indeed, these amounts do not take variable remuneration or annual bonuses for performance into account.

The transformation of the Spanish financial sector in recent years has resulted in those working in this segment becoming more highly qualified which, in turn, means they receive higher wages. These high salaries undoubtedly require plenty of preparedness, ability and commitment to the company. It is important to seek the support of specialist HR Consultants with extensive private banking knowledge: the search for and selection of private bankers and wealth managers at different hierarchical levels is extremely complex and remuneration and salaries play an important role in attracting talent and selecting the best professionals. Would you like more information about the private banking wage report?

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Jaime Cristobalena
Page Executive Partner
T: +34 91 131 76 38
E: jaimecristobalena@pageexecutive.com

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The Future of Banking: Opportunities for Talent

Anonymous — Wed, 24 Apr 2019 09:37:55 +0000

The Future of Banking: Opportunities for Talent Anonymous (not verified)

In March 2019, Page Executive organized a 2^nd debate in Warsaw for Banking Shared Service Center Heads and HR leaders to discuss topics regarding this dynamically growing industry. The event was led by Mariusz Grendowicz, one of the most prominent bankers in Poland and hosted by Iwona Dudzińska, Citi Managing Director, at their premises. Agnieszka Kulikowska, Partner in Page Executive, facilitated the discussion.

Attracting Talent

One of the main topics for discussion was the unique opportunity for talent. Over the past years, the global financial services centers sector has been growing at a rapid rate. Today, it has grown to a size where it employs similar numbers to the traditional banks and financial institutions and the jobs continue to develop in complexity and sophistication. One of the main focuses of the sector today is related to the attraction of top talent.

Opportunities for Talent

The conclusion of the discussion was that there are three main talent profiles that the financial services center sector is looking for:

Seeking synergies with the traditional banking sector, which will shortly be facing outplacement activities of many of its employees due to the consolidation of the sector.
University graduates - one of the focuses of this sector will be how to move the focus of this talent from Fintech toward financial services.
A more diverse talent pool of foreigners and minority groups through a diversity and inclusion agenda.

To be able to attract these profiles towards the sector, employer branding becomes very important. The financial services centers sector needs to move forward from the perception of its humble beginnings to what the sector that has become today, a powerhouse of opportunities to grow business and careers.

---

Agnieszka Kulikowska
Page Executive Partner
T: +48 22 319 3017
E: AgnieszkaKulikowska@pageexecutive.com

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Business Talks Edition III: big challenges, big companies

Anonymous — Tue, 19 Feb 2019 16:01:16 +0000

Business Talks Edition III: big challenges, big companies Anonymous (not verified)

In a constantly developing world, knowledge is vital to successfully evolve, so Business Talks Edition III - the annual meeting of managers and executives where the latest trends and all the challenges of the labour market are discussed - has been a journey along the path of major brands to get to where they are today. The event was attended by executives from such important companies as Ikea, ING, Cabify, Instituto de Empresa and, in addition, thanks to Miguel Portillo (Executive Director of Page Executive), we enjoyed an inspiring talk by Amay Valdemore, one of Spain's top sportswomen.

Jaime Asnai, Managing Director of PageGroup España, was responsible for welcoming everyone to the event, and stressed that the PageGroup team were proud to hold a new edition of Business Talks in Madrid. This is a meeting that has already become a benchmark, and a place to share the latest trends surrounding companies and their transformation with experts. We're living in a time when society is changing at a dizzying pace and because of this, companies must adapt to change as quickly as possible, and even predict it.

Improving people's daily lives inside and outside the company is the objective of Enrique Puig, HR Director of IKEA. For Ikea, people are central to everything and both the company's internal strategy and the products they design for their customers are planned to benefit the majority. Considering this principal, he highlighted the importance of looking for positive values in employees and maximising them. He stressed that everyone has talent; hence the importance of knowing how to detect and develop it by measuring this capacity so it can contribute something to the company, rather than focussing on what it can't contribute.

Sport, and individual and team values were the focus of the presentation by Amaya Valdemoro, the best Spanish basketball player in history. Through her talk, led by Miguel Portillo, she wanted to emphasise the importance of individual and team values to achieve goals, which is something that can be linked to the work an employee performs on a day-to-day basis.

Amany explained how sport has been key in overcoming adversities and how it has provided her with the tools necessary to reinvent herself and move forward, valuing and learning more about defeat than victory.

The transformation of the business model was one of the major themes of this Business Talks Edition III. Successfully transforming a traditional model into a digital and innovative one is not a simple task. This was explained by César González Bueno, CEO of ING in Spain and Portugal, who spoke about the importance of always focussing on the customer. In addition, he stressed that organisations shouldn't lose that perspective when it comes to innovating and evolving their structure. He explained that ING's transformation to a digital model has been key to its success.

The future of mobility, a current hot topic, was addressed by Mariano Silveyra, Cabify Europe President, who explained to the audience the imperative need to improve mobility in cities. This responds to a need to improve environmental quality together with a transformation of a society that is increasingly less likely to own a car. Therefore, in cities that continue to grow, it is essential to rethink how we want them to be in the future.

Companies and hybrid space models were the focus of the talk by Salvador Aragón, professor of Information Systems and Technology at the Instituto de Empresa. During his talk, Aragón reflected on the DNA of companies and the spaces that they're composed of. Thus, he stressed that companies are work spaces where we somatise the behaviour and nature of the company and that, although the world is becoming more and more digital, there is going to come a time when people need technology-free spaces. For Salvador, the world isn't digital. The future is hybrid since trends are cyclical and therefore technology will coexist alongside a traditional consumption model.

One year later, Business Talks Edition III wanted to investigate and examine the success stories, evolution and adaption of the companies in order to remain benchmarks in their sector. These are just some of our conclusions on the changes we are experiencing. But, how will the market evolve in the coming years? How will businesses have to adapt to meet users' consumption needs? We'll see in Edition IV.

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Difficulties of hiring C-suite for Asian and European globals

Anonymous — Mon, 18 Sep 2017 10:15:07 +0000

Difficulties of hiring C-suite for Asian and European globals Anonymous (not verified)

The march of Asian businesses moving into new and profitable global markets will not stop at any point in the near future. Rapidly scaling up from being the emerging market of the past decades, Asia is now the powerhouse of the global economy. In the 2017 Fortune Global 500 list, 197 are Asian – making it the continent with the highest concentration of companies, beating North America (145) and Europe (143), for the first time.

The USA continues to be the largest individual country on the list with 132 firms, however China is not far behind with 109, and Japan is third, with 51. In total, the 500 companies generate $27.7 trillion in revenues, $1.5 trillion in profits and employ 67 million people. The top 5 account for 350 of the total companies on the list – and $20.7 trillion of the total revenue (74%), highlighting the concentration of top grossing companies in the US and China.

The global battle for talent

The Fortune list highlights the step-changes that are happening in the global economy – regions previously undervalued in terms of revenue generation and profitability are now rising to the top. It also highlights a business specific problem – that of talent and how to attract it, retain it, and then set it loose on growing companies.

It used to be that the best in global talent would end up in a US or European company – due to their relative size and worldwide reach, they were the most obvious places for driven, highly skilled and ambitious C-suiters. Now the picture is much more opaque. As Franck Johnson, Director at Page Executive Asia, explains, “In general Asian companies are investing heavily in building strong internal teams, looking globally for talent, utilising candidate referrals, building up strong ERP – in short, they are aligning themselves more with universal trends.

“This presents challenges for all sides of the recruitment dice – hiring into Europe for Asian companies and vice versa, alongside competition for hiring visionary HR and talent teams in-house. It comes down to culture in many cases, insofar as understanding the culture of Asia and Asian companies compared to European ones, and being sensitive to that,” Johnson concludes.

From being the emerging market, where companies needed to import best practice, they are now in many cases the market leaders.
Ben Wainwright, Associate Director at Page Executive Asia

This idea of cultural sensitivity feeds into hiring practices, in that boards should understand their own culture – in terms of business and locality – to ensure a good fit for any new C-level. In this respect, we can boil it down to a few specifics, such as the use of language in management discussions – especially if they involve cross continental teams.

Using non-hierarchal decision making processes also helps to cross the culture divide, as does the introduction of more flexibility in the workplace in terms of hours. This, alongside locating the C-suite in multiple locations, removes the idea of a centralised HQ, and promotes true cross border working.

Leadership with local sensitivity

As Ben Wainwright, Associate Director at Page Executive Asia, explains, “The whole landscape has changed in Asia over the past five to 10 years – previously we would have seen American, European and British as the predominant hiring companies, now it is mainland Chinese (in Hong Kong specifically) companies such as investment banks, insurance houses, online retailers and so on.

“It comes down to a question of fit – in terms of language, with Mandarin a prerequisite now, and also culture, as companies want their leadership to deeply understand the country they are trading in. From being the emerging market, where companies needed to import best practice, they are now in many cases the market leaders, exporting back their best practice. This has been further developed by the return to native countries of people who have been educated in the West, bringing back knowledge and unleashing it on the Asian economy.”

Local business, local leadership

Key ideas that flows through this reorganisation of the recruitment market in Asia and Europe are that of localisation – and learning from the mistakes of the past. Previously it would have been normal to install C-level hires that understand the company, and its home country. Now that is seen as short sighted, and lacking sensitivity to local markets – which may well prove to be bigger revenue and profit generators for the parent company.

Another key factor in these hiring decisions is trust, insomuch as it is always a concern when hiring essential staff – especially those who will work at distance from the company’s base. This factor makes this central theme of cultural fit even more vital – the idea that better communication does give better results, and this comes from deep understanding of the locality and its people, and their norms.

Differentiating cultures

Steve Parkes, Director at Page Executive explains that, “nuance is vital. It helps C-suite understand and differentiate between cultures. For example, many European companies would have had an ‘inverse’ split in their C-level in Asia compared to US ones – 70% European/30% local – in the search for language skills looking back to Europe – ignoring the local market. We don’t see Asian companies making the same mistake in Europe.

“What we do see though, is a dearth of talent that has the requisite language skills, meaning the associated costs of hiring rise –placing even more pressure on making the right hire to avoid costly mistakes,” Parkes concludes.

Looking to hire your next C-suite in Europe? Or Asia? Contact a Page Executive consultant today and start your next people journey.

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Continental Europe

EU Pay Transparency Directive Explained | Salary Transparency Hub

Spotlight on Retail: How to Attract the Senior Leaders Shaping the Future

Mobility & Motivation: The Appetite for Change

What this means for you

The Bottom Line

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The Hotel Executive Facing the Regenerative Challenge: Leading Beyond the Hotel

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Current State of Executive Search Processes in the Industrial Sector

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The New Architecture of Leadership: Why Interim Executives Are Redefining Board Strategy?

Boards today face simultaneous strategic pressures. How does Executive Interim Management fit into this new reality?

You often talk about interim executives as embodying “leadership without legacy.” What does this mean at board level?

Some argue that interim leaders, because they are temporary, lack influence. Yet boards trust them with high-stakes mandates. Why?

Where does Executive Interim Management create the most strategic value for boards?

You often mention “leadership velocity.” Why is speed now considered a governance priority?

How are boards integrating Executive Interim Management into long-term leadership architecture?

What does Executive Interim Management reveal about the future of leadership?

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Barcelona’s Life Sciences Boom: Opportunities and Challenges Ahead

A Rapidly Expanding Ecosystem

Challenges to Address

Looking Ahead

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Embracing Salary Transparency: A New Era for Leadership and Equality in Europe

1. New Requirements for Transparency and Accountability

2. Increased Empowerment for Employees

3. Implications for Leadership: Transforming Organisational Culture

4. The Business Case for Transparency and Equity

5. Preparing for the Future: A Proactive Approach

Seizing the Opportunity for Transformation

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A Guide to Salaries and Skills 2023 in Portugal

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¿Qué motiva a un perfil directivo para cambiarse de compañía?

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A Guide to Salaries and Skills 2023 in Türkiye

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Executive Search Trends in Spain: Salary Moderation and New Methods for Attracting Talent

Talent shortage: an opportunity for growth

Constantly evolving sectors

Variable remuneration in decline across sectors

New methods for attracting executive talent

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What does a European CFO need to know in the New Normal?

Executive Trendsin Finance

FASTEN YOUR SEATBELTS, FINANCE DIRECTORS

EXPERTISE, ANALYSIS AND INTUITION

THRIVING IN THE NEW ERA

Executive Trends
in Finance