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Despite job cuts, CEOs demand more pay
By siliconindia
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Tuesday, 29 July 2008, 16:49 IST
New Delhi: A growing number of the best-paid and most sought-after executives are revealing a dark, opportunistic and irresponsible side, accepting plum offers in the CEO, CXO series and then failing to show up at work on the joining date because they have used the first offer to negotiate a better deal, either with their present employer or in another company, according to the top global executive search firms.
Estimate states that India's top seven executive search firms handle 705 senior search mandates annually, of which 60 percent or 423 are for CXOs. Out of these, 10 percent to 20 percent or 85 walk away from the commitment at the very last minute, reported Times of India.
Top-deck job-hopping is fine, but not at the cost of their integrity. "In one case, first-class travel for the new CEO was organized across Europe and the U.S., internal company announcements were sent out to prepare the team for his arrival, a welcome party and briefing sessions scheduled. The candidate did not show up on the day that he was supposed to join and even refused to answer our calls," says a search consultant.
"Financial damage is just one dimension. The company's board starts to challenge the chairman and the hiring team about the value proposition of getting external talent. It is a terrible loss of face for all concerned," says Sanjiv Sachar, partner, Egon Zehnder International. According to Sachar, the confidentiality of the search process and the huge demand for leaders is making candidates reckless about spoiling their relationships within the industry.
He said, "While such candidates are blacklisted for life within the search firms, the fact that there is no sharing of information about such individuals within the industry allows these defaulters an easy getaway."