This commentary appeared in the print edition of the Jan. 6, 2020, Journal of Commerce Annual Review and Outlook.
From our perspective, executive search in 2019 within the maritime industry was healthy, most notably at US port authorities. By comparison, hiring within the private sector (marine terminals, shipping lines, and equipment providers) declined slightly, but the searches we conducted were predominantly executive-level and highly specialized.
Forward-thinking organizations recognize the need to develop future leaders, and strong succession planning was evidenced by the fact that many of the searches we were tasked with were the result of vacancies created by internal promotions.
In 2020 we are likely to see opportunities for key executives at some top US ports due to retirements and other factors. Leadership will be faced with the complex task of determining whether it’s in the best interest of the organization to hire from within or to conduct an external search.
The escalating trend toward improving efficiencies at marine terminals is driving an increased need for technical personnel, i.e., engineering and IT. Ocean carriers are particularly interested in enhancing their export trade expertise. Equipment providers require maintenance proficiency and strong relationships with terminals, labor, ports, truckers, and other critical partners. Firms across the board recognize they must offer highly competitive salaries and attractive perks to entice the best candidates to fill critical positions.
It’s a candidate-driven market, with US unemployment at a 50-year low. Candidates can afford to be selective and often come to the table entertaining multiple offers. Employers must do their research and be prepared to move expeditiously in hiring. Many factors, including corporate nuances, labor issues, and demands on leadership, can impact the speed at which an organization may be prepared to hire. Those organizations which are proactive about improving the hiring process and enhancing the candidate experience will inevitably reap the benefits of a quality hire and gain a competitive advantage.