In 2023, the protests at the start of the year and the economic recession hit a hiring market that was still feeling the lingering effects of the COVID-19 pandemic. This forced many companies to postpone their C-level hires. Others even opted to hire lower-level executives for those positions. “This year, the landscape is more stable for C-level hiring, even though the situation remains complex,” notes Giselle Rodríguez, Senior Talent Connect at LHH Peru.
This renewed appetite for hiring stems, above all, from companies’ decision to relaunch various investment projects this year. “They are resuming expansion projects and initiatives for digital and cultural transformation. This drives the need to hire leaders to manage the change,” explains Sandra Cubas, Regional Managing Partner at Cornerstone. The current wave of M&A, meanwhile, is driving the hiring of executives with expertise in integration, who are tasked with creating synergies between new teams and businesses.
So far in 2024, the sectors most interested in hiring C-level executives are mining, infrastructure, construction, manufacturing, and agriculture. In most cases, these are increasingly cross-sectoral hires (see chart). “[Previously] the trend was to hire candidates within the same sector. However, due to the talent shortage, companies are becoming more open to hiring from related sectors or positions and are placing greater emphasis on leadership competencies, which are common at that management level,” says Mheyli Lope, Assistant Manager of Recruitment and Selection at ManpowerGroup Peru.
