In business, the C-suite – a group of high-level executives having the word ‘chief’ in their position – collectively sets the company’s strategy. This is true for medium and large businesses all around the world, including Panama City, the Central American economic powerhouse. However, due to the fast pace of modern business, CEOs, CFOs, CISOs, and CMOs rarely stay in their positions for more than a few years. If this happens to a Panamanian corporation, that company must begin the process of executive recruitment in Panama City.
The Chief Marketing Officer (CMO) is arguably the most transitory of all CEOs. According to an April 2022 research, the average tenure of a CMO was 40 months, or slightly over three years, until they retired, were poached by another company, or were dismissed. Other executive positions fared little better, which is why both firms and individuals should maintain their own legal representation in Panama.
This means that the major and active enterprises who have their headquarters in Panama City must be prepared for this possibility. However, hiring senior leadership is not the same as replacing a computer programmer or a copywriter; for example, organisations cannot simply post a job opportunity for a new Chief Information Security Officer (CISO). A excellent executive recruitment service in Panama City will be familiar with the tiny and often close-knit network of executives, solicitors and other business leaders who frequent the same cocktail parties and awards galas.
Executive recruiting in Panama City: The many types of executives available
Capable executive recruiters in Panama City have four types of executives on their radar in the musical chairs that constitute the current C-suite:
- A respectable executive who is currently employed and has no plans to leave.
- An executive in the C-suite who is bored and seeking for a new job.
- An executive who left one company for another and now wishes to return
- A former executive who departed or was driven out of a C-suite position.
The first three look to be more desired options than the fourth (albeit a type 1 executive would be a difficult nut to crack). However, because today’s business atmosphere is heavily skewed in favour of applicants, even type 4s are attractive and receive calls from executive recruiters in Panama City – if they have a valid reason for leaving the C-suite prematurely.
The best executive search firms in Panama City can find one, two, or even all four types of executives on the market, allowing your organisation to analyse the benefits and cons of each to identify the best person to assume a C-level portfolio.
It’s just a matter of time before the CFO, CISO, CMO, COO, or even CEO of any company has their eye on the door, therefore executives at all levels must brush up on their abilities and leadership styles to suit the ever-changing needs of modern business.
Executive recruiting in Panama City: The top five modern talents executives require to succeed
- The ability to use technology
- A data-driven strategy
- Emotional intelligence is a skill.
- Adaptability and adaptability
- A flexible mindset
SEE ALSO: How to Get the Most Out of a Panama Headhunter.
Executive search in Panama City: Qualities of a modern executive
1. Knowledge of technology
If the CEO does not completely comprehend a new technology that has transformed the way the organisation functions, the CIO/CTO/CISO is not doing their job. It is crucial to understand how to pick and deploy the proper technology, but as important is the CEO’s ability to truly know the solution so that they can establish a long-term business strategy using this resource.
2. A data-driven decision-making approach
Big data has been the buzz of the town for some years, particularly in the computer industry. The collection of billions of data points can be used to create user profiles and forecast future spending by current and new clients, as well as to discover pain spots and inefficiencies in business processes and to streamline and automate portions of the organisation. Chief executives who do not adequately utilise data in this manner should not be surprised if their company lags behind the competition.
3. Social and emotional intelligence
C-suite executives must instill trust in their workers rather than fear. All executives must improve their emotional intelligence. It is the capacity to recognise and control one’s own emotions as well as those of others. Emotional intelligence enables bosses to publicly express gratitude to their employees, inspiring them to act in the best interests of the firm without being micromanaged.
4. Adaptability and flexibility
Everyone was put under lockdown due to the Covid-19 pandemic. It was a question of life and death: go online or lose money. Adaptability and flexibility became critical for corporate viability. When the majority of the world was put under lockdown, businesses were compelled to go online or risk losing revenue. Companies with executives ready to deviate from routine and devise a Plan B fared better in the pandemic than those with more rigid executive leadership.
5. A flexible mindset
For the better part of two decades, so-called ‘agile methodology’ has been in use among computer organisations. Empowering employees and self-organizing teams to make decisions and act fast without a formal line of command is part of the agile attitude. Another key component is deploying the correct tools, which enable people to quickly organise, plan, and execute in order to stay up with new technologies, barriers, and the market.
Biz Latin Hub can assist you with executive search in Panama City.
With offices in Bogota and Cartagena, as well as over a dozen other key cities in the area, Biz Latin Hub provides integrated market entry and back-office services throughout Latin America and the Caribbean. We also have reliable partners in a variety of other markets.
Because of our unequalled reach, we are uniquely positioned to help multi-jurisdiction market entry and cross-border operations.
In addition to executive recruitment in Panama City, we offer hiring and PEO accounting and taxation, business creation, bank account opening, and corporate legal services.
Please contact us immediately to learn more about how we can help you find top executive talent or do business in Latin America and the Caribbean.
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