HEADHUNTING FOR THE IDEAL CEO FOR CHINA'S CONSUMER, RETAIL AND LUXURY SECTOR
A thorough awareness of the market and the requirements of a company in this sector in China is necessary for the complex process of headhunting for the latter. Strong leadership is more crucial than ever as the sector expands, and many businesses are turning to expert headhunting agencies to assist them in finding the ideal CEO.
With expected retail sales of $5.1 trillion in 2020, China will likely remain the largest retail market in the world. The need for executive expertise is increasing as the sector develops further. Due to this tendency, businesses in China's consumer, retail, and luxury industries must find the right leadership to successfully navigate through difficult times and compete in the country's highly competitive market.
Working with a seasoned headhunting firm has its benefits, one of which is their access to a broad network of potential candidates. Several headhunting companies have access to large worldwide talent pools as well as huge databases of executives with industry experience. This enables managers to find potential employees who may not be actively seeking a new position but who nonetheless might be a good fit for the business.
Headhunting firms are in charge of not only locating possible candidates but also screening them to make sure they are a suitable fit for the business. This involves conducting interviews, looking over references and resumes, and running background checks. You can be sure a headhunting firm is seeking the finest applicant for the job by collaborating with them.
According to recent data, China's demand for senior talent in the consumer, retail, and luxury industries is growing. Despite the COVID-19 pandemic's negative economic effects, the demand for CEOs in China's consumer and retail industry surged by 5% in 2020, according to a report by Korn Ferry. This reflects the value businesses in this industry place on selecting the best leadership to guide them through trying times.
The growing emphasis on e-commerce is another trend that is fueling the demand for executive talent in China's consumer, retail, and luxury industries. Companies in this industry need leaders who have experience and skill in digital transformation given the advent of online shopping and mobile payments. By 2023, e-commerce is anticipated to represent 52% of China's retail revenues, according to a McKinsey report. Companies in the sector will therefore require CEOs who can spearhead digital innovation and successfully combine online and physical channels.