February 3, 2023

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General Evolution

Executive recruitment in Panama City?

In business, what’s known as the C-suite – high-level executives with the word ‘chief’ in their title – collectively set the company’s strategy. This is true for medium and large companies the world over, including the Central American business hub of Panama City. But the fast pace of modern business means that CEOs, CFOs, CISOs and CMOs never really hold onto those positions for more than a few years. If and when this happens to a company in Panama, that firm must begin the process of executive recruitment in Panama City.

Arguably the most transient of all executives is the Chief Marketing Officer (CMO). The average tenure in a CMO was 40 months, or just over three years, before they retired, poached by another company or fired, a study from April 2022 revealed. Other executive positions fared little better, which is why it’s important that both companies and individuals retain their own legal representation in Panama.

For the large and dynamic companies that find themselves headquartered in Panama City, this means that the companies need to be prepared for this eventuality. But finding senior leadership isn’t like replacing a computer programmer or a copywriter – companies can’t simply post a job opening for a new Chief Information Security Officer (CISO) for example. Employing a service for executive recruitment in Panama City is essential – the good ones will be familiar with the small and often tight-knit community of executives, attorneys and other business leaders who attend the same cocktail parties and awards galas.

Executive recruitment in Panama City: Types of execs on the market

In the musical chairs that define the modern C-suite, capable executive recruiters in Panama City have four kinds of executives on their radar:

  1. A reputable executive who holds a position and has given no thought to leaving
  2. An executive who holds a C-suite role, but is antsy and is looking elsewhere
  3. An executive who left one firm for another, regrets doing so, and wants to move again
  4. A former executive who left or was pushed out and is between C-suite jobs

The first three appear to be more desirable choices (though a type 1 executive would be a tough nut to crack) than the fourth. But today’s business climate is very much tilted in favor of candidates, so when it comes to executive recruitment in Panama City, even type 4s are desirable and get calls from executive recruiters in Panama City – if they have a valid excuse as to why they left the C-suite prematurely. 

The best executive recruitment agencies in Panama City are the ones who can find, one, two, or even all four types of executives on the market, so your company can weight  the pros and cons of each in order to get the best person to assume a C-level portfolio.

In any company – in Panama or anywhere else – it’s only a matter of time before the CFO, CISO, CMO, COO or even CEO has the eye on the door, so executives of all levels need to brush up on their skills and leadership styles in order to meet the ever-evolving needs of modern business.

A quote from Biz Latin Hub on an article about executive recruitment in Panama City
You might want to take body language into account when thinking about executive recruitment in Panama City

Executive recruitment in Panama City: Top 5 modern skills execs need to succeed

  • Technological literacy
  • A data-driven approach 
  • Emotional intelligence
  • Flexibility and adaptability 
  • An agile mindset 

SEE ALSO: How to get the most from a Headhunter in Panama?

Executive recruitment in Panama City: Desirable traits in a modern exec

1. Technological literacy

If the chief executive doesn’t fully understand a new technology put in place that has changed the way the business operates, then the CIO/CTO/CISO isn’t doing their job. Knowing how to select and deploy the right technology is critical, but equally important is the CEO’s ability to really comprehend the solution so they can develop a long-term business strategy by leveraging this resource.

2. Data-driven approach to decision-making

For a good few years, big data has been the talk of the town, especially in the tech world. The collection of billions of data points can be used to build user personas and predict future spending by current and potential clients, be used to identify pain-points and inefficiencies in business process, and also to streamline and automate aspects of the company. Chief executives who are not fully leveraging data in this way should be surprised if their company falls behind the competition.

3. Emotional intelligence

C-suite executives must build trust, not fear, in their teams. Emotional intelligence is a skill that all executives must work on. It is the ability to identify and manage one’s own emotions, as well as the emotions of others. Emotional intelligence empowers executives to show gratitude to their employees and to do so publicly, so they are inspired to act in the company’s best interests without being micromanaged. 

4. Flexibility and adaptability 

The Covid-19 pandemic threw everyone into lockdown. It was a matter of life or death: move online or lose your revenue. The ability to adapt and be flexible became a matter of business survival. When most of the world was put on lockdown, companies were forced to move online or lose their revenue. Companies with executives who were willing to break with procedure and come up with a Plan B came out of the pandemic on better footing than more rigid executive leadership. 

5. An agile mindset

So-called ‘agile methodology’ has been in place among tech companies for the better part of 20 years. Part of the agile mindset involves empowering employees and self-organizing teams to make decisions and act quickly without a strict chain of command. Another critical part is deploying the right tools that allow people to organize, plan, and execute quickly to keep pace with new innovations, obstacles and the market.

Graph by Biz Latin Hub on the Distribution of the emplooyed population in Panama for an article on executive recruitment in Panama City
The executive recruitment in Panama City can be affected by the total employed population

Biz Latin Hub can help you with executive recruitment in Panama City

At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in Bogota and Cartagena, as well as over a dozen other major cities in the region. We also have trusted partners in many other markets.

Our unrivalled reach means we are ideally placed to support multi-jurisdiction market entries and cross border operations.

As well as knowledge about executive recruitment in Panama City, our portfolio of services includes hiring & PEO accounting & taxation, company formation, bank account opening, and corporate legal services.

Contact us today to find out more about how we can assist you finding top executive talent or otherwise do business in Latin America and the Caribbean.

If this article about executive recruitment in Panama City was of interest to you, check out the rest of our coverage of the region. Or read about our team and expert authors.

A BLH infogrpahic showing key services offered by the company for an artilce on executive recruitment in Panama City
Key Services offered by Biz Latin Hub