CEOs Face Challenges in Hiring for Midlevel and IT Positions, Survey Finds

CEOs Face Challenges in Hiring Midlevel and IT Positions, Survey Finds

CEOs across various industries are facing challenges when it comes to hiring for midlevel positions and in the field of information technology, according to the latest CEO survey from Marcum LLP and Hofstra University’s Frank G. Zarb School of Business.

The survey, which polled 254 mid-market CEOs, revealed that while 70% of CEOs reported being able to fill most open positions within their firms, one-third of them still struggled to fill mid-level, IT, and professional services positions.

To attract new talent, CEOs are implementing strategies such as offering flexible work schedules, enhanced compensation and benefits packages, and remote work options. In terms of retaining talent, flexible work schedules, advancement opportunities, augmented compensation and benefits, and remote work options were identified as key factors.

Interestingly, the survey also found that CEOs are split on their preference for internal versus external hiring, with 42.5% preferring to hire from within and nearly 42% preferring external hires.

The survey, conducted by Zarb School MBA students and led by Andrew Forman, highlighted the significant hiring challenges in mid-level and IT positions, which are crucial for operational efficiency and growth. Forman emphasized the importance of flexible work schedules and advancement opportunities in retention strategies.

Despite economic concerns such as economic slowdowns, political uncertainty, interest rates, labor shortages, and rising energy prices, CEO optimism about the current business environment is on the rise. Industries such as construction, healthcare, and professional services expressed optimism, while manufacturing saw a decline.

Additionally, the survey revealed that 59% of employees are not using their personal or vacation time, citing reasons such as the ability to convert PTO into financial remuneration, concerns over job security and advancement, and a high dedication to work.

Overall, the survey provides valuable insights into the hiring and retention challenges faced by CEOs in today’s competitive market, as well as their strategies for addressing these issues.