Unless you are working in a sector obviously impacted by the General Data Protection Regulations (GDPR), you can be forgiven for not knowing of its impending arrival, and the consequences it could have on your career – and pay prospects. GatedTalent has undertaken in-depth research into what the introduction of this new legislation could mean for the global executive search industry and the talented executives, professionals and leaders that it works with. And the results are in. Our investigation, which involved surveying over 350 leading search firms in Europe, North America, Latin America, APAC and MENA, reveals that not only is there an overwhelming lack of awareness about how GDPR will impact professionals, but that executives could also stand to miss out on crucial career moves and the typical associated salary uplifts if they fail to respond to the changes the legislation brings with it.
Disappearing off search firms radar
GDPR which has been generated by the Europe Union, and comes into force in May 2018, is designed to provide European citizens with a much greater degree of control over information about them that organisations collect and store. And this includes the all-important executive search firms that senior professionals rely on to highlight career opportunities. With our research revealing that senior executives typically hear from a search firm at least once a year, and 32% expecting this to happen three to five times, the message is consequently clear. Executives who fail to facilitate their data being stored by search firms stand to simply fall off the radar of these recruiters post May 2018. And the doors to roles will consequently start to swing shut because search firms won’t be able to sustain the level of engagement with talent needed to highlight new opportunities. As Dr Bernd Prasuhn of search firm Ward Howell starkly puts it ”If executives want to make it to C-suite level then they have to be on the radar of executive firms, otherwise it just won’t happen”.
Despite the confusion, uncertainty, and lack of awareness surrounding GDPR, senior executives that take appropriate steps now have the opportunity to forge even closer relationships with a select few search firms which can only be good thing for the development of their careers. And the good news is that many search firms are taking active steps to implement data management systems – such as GatedTalent – which are simple and iterative to use to ensure they have access to the right talent in a post GDPR world.