HR Directors Consensus 2024

HR Directors Consensus 2024: The shape of the HR Director role

A report brought to you by Principal Connections' HR Executive Search Practice

 

At Principal Connections, we partner with many of Ireland’s most senior HR Directors seeking to appoint the best leadership talent at home and from abroad. In addition, we also regularly advise such HR Executives when striving to achieve their own individual career goals.

In our view, the HR Director has had a lot to contend with in recent years. Most notably, talent acquisition and management, managing diversity, supporting evolving working arrangements, embracing AI innovations and new legislation, all in the face of an ongoing parade of crises, from the COVID pandemic to social upheaval.

Building on the foundations of earlier studies conducted by Principal Connections, we decided to undertake a research programme in April 2024, to explore the current disposition of the HR Director functional role in Ireland. The objective was to develop and provide a comprehensive understanding of what the role of the HR Director now means through capturing the views of those who understand it best.

Our research explored a diverse range of topics including CEO expectations, functional challenges, succession, core competencies, HR sentiment and more. We also endeavoured to focus on remuneration including fixed pay, benefits and bonus entitlements together with notice periods on resignation.

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For help with your next Executive Search

With offices in Dublin, London, Cork and Gaway, Principal Connections is one of the top executive search firms serving Ireland and the United Kingdom. Clients include large multinational corporations, small-to-medium enterprises, start-up and family-owned businesses, not-for-profit, semi-state and public-sector bodies. Principal Connections is also part of Agilium Worldwide LLC (est. 1984), ranked one of the top executive search firms globally with 55 offices across 30 countries.

For help with your next executive appointment or to discuss your executive talent needs, contact us on +353 (0)1 703 88 88 or  info@principalconnections.ie; alternatively, you can also register your vacancy by clicking on the following Link

Why use an Executive Search Firm?

Pat O'Donnell, Managing Partner at Principal Connections explains the benefits of using an executive search firm.

According to numerous well documented studies, between 50 - 70% of executives fail inside their first 18 months in post. Hence why in times of change, a key executive-level hire can mean the difference between success and catastrophe. Last time, your company may have kept this important executive recruitment in-house, leveraged its own network, relied on an online advertisement or hired a contingency recruitment agency. But, mistakes were made and you now know that a poor appointment to a crucial position can have detrimental consequences that can take much time and expense to recover from.

This is where a retained executive search firm may come in. So what is an exec search firm? By definition, an executive search firm is a professional services company (informally called an executive headhunter) that specialises in identifying, evaluating and appointing executive-level management (and often other management, specialist, board and interim executives) for client companies across industries. Retained executive recruiting firms operate on an exclusive, client-centered basis and work only on a limited number of engagements at one time often with deep expertise in a client's industry. Partnering with an executive search firm is not just a one-time transaction - it’s a long-term relationship whereby the exec search firm is retained in an advisory capacity and is engaged in all aspects of the talent acquisition and executive recruitment process, from defining the parameters of the search through to candidate onboarding and integration. 

There are times when the advantages of a retained executive search outweigh all other options; here are the foremost reasons why a company retains an exec search firm in our experience.

Why use an Executive Search Firm?

1. It is critical to hire not just a qualified candidate, but a high performance candidate

Only a retained executive recruiting firm will pinpoint and persuade executives who are not actively looking, i.e. not ‘on the market’, delivering only candidates with the right mix of experience, skills and knowledge, along with the requisite cultural fit. Some retained exec search firms have a global network of contacts across various industries, meaning that the pool of talent they have access to is far larger, more exclusive and higher quality.

2. You are seeking a candidate with a rare mix of skills

Very few people are likely to be qualified for this position; the needle in a haystack metaphor comes to mind. Retained executive search agencies directly approach potential senior candidates who are currently employed and successful at target companies. 

3. When discretion is key

An executive recruitment decision is a sensitive thing on many levels. It is prudent to keep this information from the client’s competition, while being careful not to alienate customers and shareholders. Furthermore, the executive to be replaced should not become prematurely concerned. This confidentiality is appreciated by candidates and clients alike.

4. You are searching for an executive position that has just been created

When an exec search falls outside your area of expertise, it is important to plug the knowledge gap with a leader rich in domain know-how. An executive search agency will invest significant time and effort to get to know your organisation, its culture, the responsibilities and requirements of the position, all before initiating the search. They work with you on the needed skill set and advise on the right candidate profile to ensure the long term success of the new hire.

5. You are looking to broaden the senior leadership team’s diversity

Not all backgrounds are well-represented at senior executive levels. An executive search agency can help level the playing field by conducting proprietary research to ensure equal opportunity. The available pool of candidates seeking a given position is often rather homogeneous; an executive search consultant will work hard to broaden that pool by identifying, approaching and persuading candidates who are normally gainfully employed, but fit the required skills and bring the desired diversity to your leadership team.

6. You do not have the time or resources to take on an executive search yourself

If you already have too much to do and too little time, taking on an executive search can quickly become its own full-time job. A retained search firm engages in the entire due diligence process. Beyond the identification and presentation of candidates, a retained firm takes great care in assessing suitable candidates, often utilising the most sophisticated tools and methodologies. They support the integration and on-boarding of the candidate, and work to ensure the long-term success of the hire. 

7. You want to give your company a strategic advantage through better hires

Executive Search Consultants are in the business of delivering top performers i.e elite candidates. Hence they measure their success on the longevity of a placed executive’s role, and the impact of their contribution to the organisation as a whole. Executive Headhunters are therefore best positioned to help you trade up to a top performer who drives results.

8. Avoid damaging relationships with partner companies or competitors

Hiring through an executive search firm is a good way to avoid damaging relationships with businesses that you often work with e.g. suppliers, partners etc., or causing tension with a competitor. Recruiting from the same pool of executive talent becomes far less complex when working through a discreet, impartial third party.

9. Succession planning to future-proof your leadership team

Being prepared for every eventuality is crucial for business stability. Unexpected resignations can cause unwanted disruption and hinder strategic delivery. Hiring an executive search firm to come in and assess your workforce is a reliable way to get a fuller picture of the in-house executive talent you already have or have coming through, and also lets you know which options are available to you externally.

For help with your next Executive Search

With offices in Dublin, London, Cork and Gaway, Principal Connections is one of the top executive search firms serving Ireland and the United Kingdom. Clients include large multinational corporations, small-to-medium enterprises, start-up and family-owned businesses, not-for-profit, semi-state and public-sector bodies. Principal Connections is also part of Agilium Worldwide LLC (est. 1984), ranked one of the top executive search firms globally with 55 offices across 30 countries.

For help with your next executive appointment or to discuss your executive talent needs, contact me on +353 (0)1 703 88 94 or  pat@principalconnections.ie; alternatively, you can also register your vacancy by clicking on the following Link

Principal Connections Undergoes MBO

PRINCIPAL CONNECTIONS UNDERGOES MANAGEMENT BUY-OUT

Dublin, Ireland, 11th April 2024 - Principal Connections – executive search is pleased to announce that Pat O'Donnell, Director and Managing Partner, has successfully completed a Management Buy-out obtaining full ownership of the firm by acquiring the shareholding interests previously held by Director and Chairperson Hilarie Geary and Shareholder Gary Byrne.

ABOUT PRINCIPAL CONNECTIONS

With offices in Dublin, London, Cork and Galway, Principal Connections is one of the top executive recruitment firms in Ireland and in recent years has also established a strong UK client base. Clients include large multinational corporations, small-to-medium enterprises, start-up and family-owned businesses, not-for-profit, semi-state and public-sector bodies. Principal Connections is also part of Agilium Worldwide LLC (est. 1984), ranked one of the world’s top global executive search groups with 55 offices across 30 countries.

THE PARTIES

Managing Partner, Pat O’Donnell said:

“I would like to sincerely thank Hilarie Geary and Gary Byrne for their significant contributions over the years and wish them well for the future. Together we have assembled an exceptional team of executive search professionals who do ‘executive search’ better than anyone else in the market. Looking ahead, it is now very much business as usual. We will continue to serve and deliver for our clients while also innovating new offerings to achieve further growth.”

Outgoing Director and Chairperson, Hilarie Geary said:

“After three decades of working alongside the incredible team here, I’m filled with mixed emotions as I depart. It’s been an extraordinary journey, and I’m immensely proud of what we’ve achieved together. I extend my deepest gratitude to each and every member of the firm for their unwavering commitment and dedication over the years. While it’s bittersweet to say goodbye, I have full confidence in the outstanding capabilities of Pat and the team and sincerely believe that they will continue to nurture the company’s success. To Pat and all the team, I express my heartfelt thanks for your support and collaboration. As I embark on a new chapter, I carry with me cherished memories and profound appreciation for the privilege of being part of this great firm.”

CFO Consensus 2023

CFO Consensus (Ireland) 2023: The shape of the CFO role

Principal Connections’ is a market leader in the recruitment of the most senior CFO's and Finance Directors across Ireland and the United Kingdom.

In our view, the responsibilities of the CFO have become broader and more diverse than ever with the increased adoption of digital technologies, disruptions caused by the COVID-19 pandemic, and a wave of geopolitical and economic uncertainties.

A Report by Executive Search Firm Principal Connections

Principal Connections - executive search conducted a research programme between 24th July and 11th of August 2023, to investigate the current disposition of the CFO functional role in Ireland. Our objective was to facilitate a comprehensive understanding of what the role of the CFO now means, through capturing the views of those who understand it best. The following is a snapshot of some of the insights....

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If you would like to receive a complimentary copy of our CFO Consensus 2023, please click on Download Your Copy above.

Financial Officers Experts

Principal Connections’ Financial Officers Practice is a market leader in recruiting for Finance C-suite appointments across Ireland and the United Kingdom. We identify, assess and recruit Chief Financial Officers, Finance Directors, Heads of Finance and Financial Contollers among other finance roles with the right professional experience, competencies, education and cultural DNA to lead in today’s unprecedented business environment.

Diversity, Equity & Inclusion Consensus (DE&I) 2023

Diversity, Equity & Inclusion Consensus (DE&I) 2023: How far have organisations across Ireland come

As Executive Headhunters, Principal Connections partners with many of the most noteworthy organisations across Ireland and the United Kingdom seeking to appoint diverse executive, CEO and board leadership talent.

In our view, DE&I is integral to the success of businesses today. It is well-established that organisations with diverse workforces are more likely to financially outperform their peers and excel in areas ranging from employee retention to innovation. Moreover, leveraging different perspectives contributes to a more complete understanding of opportunities and issues, fostering better decision-making and competitive advantages.

All this being said, what is far less apparent in today’s business environment is how organisational diversity programmes have evolved, and furthermore, what work remains to be done.

A Report by Principal Connections

Principal Connections decided to undertake a research programme in May and June of 2023, to explore just how far along their DE&I journey organisations across Ireland have come. While it is evident from the findings of the report that good progress has been made, it is clear that there remains a long way to go. We hope that this research piece will help organisations to diagnose and benchmark the maturity level of their DE&I programmes, and to identify their strengths and areas for enhancement.

Some of the views from the 100 Diversity Leaders who took part 

Receive Your Copy

If you would like to receive a complimentary copy of our Diversity, Equity & Inclusion Consensus 2023, please let us know by clicking on the following link and sharing your contact information

DE&I in Executive Search

Principal Connections - executive search is committed to advancing DE&I in leadership. Actively partnering with our clients to help advance their DE&I objectives, we embrace various methodologies throughout our executive, CEO and board search engagements, with the goal of increasing the representation of historically underrepresented senior leadership.

Principal Connections - executive search is a Founding Signatory of the Executive and Board Resourcing Code of Conduct for search professionals and businesses established by IBEC and the 30% Club. (Jun. 2016, updated Apr. 2019). We are also an advocate for “Balance for Better Business”, the independent business-led Review Group established by the Government to improve gender balance in senior leadership.

Irish Boards Making Gender Balance Progress

IRISH BOARDS MAKING GENDER BALANCE PROGRESS 

The fifth annual report of the Balance for Better Business Review Group, published today (November 21st 2022), reveals that Irish businesses have made significant progress in achieving gender balance at Board level over the past year.

The report was launched by Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD and the Balance for Better Business Co-Chairs Julie Sinnamon and Aongus Hegarty.

Commenting on the findings of the report, Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD said: “As we look back over the past year, it’s encouraging to see the progress that continues to be made on gender balance across the Irish business landscape. I’m especially pleased to see that Ireland has now not only caught up with, but exceeded, the EU average for the representation of women on the largest listed companies’ boards. This marks a significant accomplishment, especially given that this has occurred over a relatively short time period.”

WOMEN ON THE BOARDS OF ISEQ20 COMPANIESROSE TO 36% 

The report by the Government established initiative shows that in 2022, the percentage of women on the Boards of ISEQ20 companies rose to 36%, far exceeding the 30% target set for the end of 2022 as well as the 33% target set for the end of 2023.

For other listed companies, the percentage of women on Boards is now 26%, exceeding the 22% target set for the end of 2022 and up 16 percentage points since 2018.

Encouragingly, ISEQ20 Boards have also continued to move beyond a “one and done” approach to adding women to their Boards, with almost three quarters of ISEQ20 listed companies now having three or more female Board members.

While the other listed cohort has a lower number of Boards with three or more women, at 28%, this represents a significant increase from 10.7% in 2019. In addition, the overall percentage of companies listed on the ISEQ overall, with more than three women on their Board has exceeded 50% for the first time – at 51%.

This progress over the past year is reflected in the fact that, for the first time, Ireland has exceeded the EU27 average for the proportion of women on leading company Boards by 1.6 percentage points. The gap between Ireland and the rest of the EU has narrowed every year since Balance for Better Business was established in 2018.

Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD added:
“Despite the progress, it’s clear that more work needs to be done. Women are still underrepresented in senior roles both at Board and senior leadership level, with just one female Chair on the ISEQ20 and only a small number of female CEOs on publicly listed companies. By failing to include women in leadership teams, businesses ignore the talent of half the population. While change takes time, it’s crucial that businesses redouble their efforts in 2023 to create more opportunities for women to succeed to the highest levels of Irish business.”

WOMEN IN SENIOR LEADERSHIP - SLOWER PROGRESS

While there have been significant gains over the past year, the report also reveals slower progress in some areas, particularly when it comes to the number of women in senior leadership roles. Although the ISEQ20 companies exceeded their 2022 target for female representation at senior leadership level, reaching 27% against a target of 26%, other listed companies have missed their 22% target for the year. Meanwhile, the report shows that women hold just four out of 36 CEO positions in publicly listed companies.

Although it has been a stated target of Balance for Better Business that no listed companies should have all-male Boards, there are still three listed companies with all-male Boards, albeit down from five all-male Boards in 2021, with just one female Chair represented on the ISEQ20.

Balance for Better Business co-chair Julie Sinnamon said: “Since its launch in 2018, Balance for Better Business has worked not only to promote gender balance at Board and executive leadership levels, but also to share the experience of organisations on the journey towards achieving gender balance. Those efforts to date are
reflected in the progress that has been made across the past year in terms of gender balance at Board level, notwithstanding the fact that work remains to be done to ensure that women are able to progress into the most senior positions on Board and leadership teams.

“At Balance for Better Business, we’ll continue to support businesses as they look to bridge these gaps. By highlighting the ways in which proactive talent management and succession planning provide robust pathway for women to succeed to more senior roles, our aim is to help foster the deeper behavioural and cultural transformation required to drive real change across Irish organisations.”

Balance for Better Business co-chair Aongus Hegarty added: “While the progress made this year among businesses is to be welcomed, there are still too many companies with all male boards and leadership teams in Ireland. This is despite the compelling business case of having an equal number of men and women in senior leadership positions including greater levels of innovation, enhanced financial returns and stronger Environmental, Social and Government (ESG) performance.

“With the aim of inspiring action at senior leadership level, this year’s report highlights three key recommendations for improving gender balance at board and leadership level. These include setting stretch targets and building an action plan to achieve them, fostering a gender balanced succession plan and pipeline of female talent, and mandating gender balanced candidate lists for open roles. Through these specific actions, we want to empower leaders to build a culture that promotes gender balance while also reaping the many benefits of diverse and inclusive leadership.”

To download a copy of the fifth report of the Balance for Better Business Review Group click here 

ABOUT PRINCIPAL CONNECTIONS

Principal Connections - executive search is Ireland's Top Diversity and Inclusion Executive Search Firm. At Principal Connections, we believe that we have an important role to play in helping our clients build diverse leadership teams.

Clients engage us to address the growing importance of diversity in their employee population. Companies that incorporate inclusion strategies in their business have stronger financial performance and provide greater shareholder value. Principal Connections has a strong track record in diversity search assignments and embraces the global reality of diversity and inclusion.

Follow us on LinkedIn and Twitter to keep up to date with all our latest news.

Mark Middleton Promoted to Partner

NEW PARTNER ANNOUNCEMENT

Dublin, Ireland, October 25, 2022 – Principal Connections — executive search, part of Agilium Worldwide LLC, has announced the appointment of Mark Middleton to Partner.

Mr. Middleton joined Principal Connections – executive search in early 2018 as a Practice Leader specialising in high-level executive and senior management appointments from Head of Function to Board level. He has subsequently worked with and advised many of Ireland’s most noteworthy companies across a range of sectors cultivating a stellar track record along the way.

Prior to joining Principal Connections, Mr. Middleton was an Associate Director with a boutique recruitment firm for over 5 years while previously he was Divisional Manager for sister company, Executive Connections. Mr. Middleton began his early career in financial services working with Dolmen Securities (now Cantor Fitzgerald) and Goodbody Stockbrokers (now AIB) before subsequently joining Bank of Ireland Asset Management (now State Street Global Advisors).

Commenting on the appointment, Pat O’Donnell, Managing Partner said:

“I’m thrilled to announce Mark’s appointment to Partner. With a career spanning more than 20 years, Mark is well known for being passionate about delivering quality of service and building fantastic client partnerships. His considerable knowledge and expertise in executive search will help our clients tackle their most pressing leadership challenges in the years ahead. I’d like to wish Mark every success as he assumes his new role.”

Commenting on the appointment, Mark Middleton said:

“I’m delighted and indeed very proud to be appointed to Partner with Principal Connections – executive search. Principal Connections – executive search is an inspiring firm with an incredibly talented and ambitious country leading executive search team. I look forward to being part of and contributing to the continued success of the firm in the years to follow.”

ABOUT PRINCIPAL CONNECTIONS

Principal Connections - executive search is Ireland's leading senior executive search firm, and is part of Agilium Worldwide LLC, ranked one of the world's top global executive search groups.

Follow us on LinkedIn and Twitter to keep up to date with all our latest news.

Eilish Devine appointed Practice Leader - Executive Search

NEW EXECUTIVE SEARCH PRACTICE LEADER ANNOUNCEMENT

Dublin, Ireland, October 04, 2022 – Principal Connections — executive search, part of Agilium Worldwide LLC, has announced the appointment of Eilish Devine as Practice Leader - Executive Search.

Having initiated her career in the human capital management industry in 2006, Ms. Devine will focus her time on Board, CEO and Senior Executive appointments, partnering with private and public companies as well as government bodies and not-for-profit entities to support their strategic objectives.

Prior to joining Principal Connections - executive search, Ms. Devine was a Partner with a market leading executive search firm based in Australia where she worked for close to 10 years. On returning to Ireland, Ms. Devine spent a number of years leading the delivery of senior executive and leadership appointments on behalf of an international recruitment firm. During her earlier career, Ms. Devine held a number of HR positions across education, government/public-sector and mining.

Ms. Devine has a particular interest in increasing the general diversity and specifically gender balance at decision-making levels in organisations. She is a graduate of University College Dublin.

Commenting on the appointment, Pat O’Donnell, Managing Partner said:
"Eilish is an excellent addition to our team, bringing extensive experience of advising clients across a range of sectors from technology and financial services through to consumer goods, professional services, manufacturing and government. We look forward to the contributions she will make to our clients and our firm."

Commenting on the appointment, Eilish Devine said:

“I’m delighted to take up this position at Principal Connections - executive search. I‘ve long admired Principal Connections’ as a firm and its reputation as one of Ireland’s top executive search houses with global reach, as part of the Agilium Worldwide family. I’m looking forward to bringing further firepower to the team and to advising clients across multiple sectors on C-suite and leadership talent.”

ABOUT PRINCIPAL CONNECTIONS

Principal Connections - executive search is Ireland's leading retained executive search and board consulting firm, and is part of Agilium Worldwide LLC, ranked one of the world's top global executive search groups.

Follow us on LinkedIn and Twitter to keep up to date with all our latest news.

Darren McCabe promoted to Partner

NEW PARTNER ANNOUNCEMENT

September 06th, 2022 - Principal Connections - executive search, part of Agilium Worldwide LLC, one of the world’s top global executive search firms, has announced the appointment of Darren McCabe to Partner.

Mr. McCabe joined Principal Connections – executive search in early 2017 as a Practice Leader and during his time has established an exemplary reputation for assisting clients with executive search services at C-Suite and Board level across a range of industries. Previously, Mr. McCabe held Senior Management and Director positions over a 10 year’ period with a number of Irish and global recruitment firms.

Commenting on the appointment, Pat O'Donnell, Managing Partner said:

“I couldn’t be happier to announce Darren’s appointment to Partner and I wish to sincerely congratulate him on this tremendous milestone. Darren has a huge breadth of experience in executive search and board recruitment, and over the past 5-years has been instrumental in empowering many of our clients, domestically and internationally, to deliver on their strategic plans through the appointment of elite senior leaders."

Commenting on the appointment, Darren McCabe, Partner said: said:

“I'm very grateful to have this unique opportunity and look forward to ensuring the continued delivery of Principal Connections’ best-in-class executive search services whilst also playing a ‘hands on’ leadership role in the strategic and commercial growth of the firm. This is an exciting time for Principal Connections – executive search, and I'm thrilled to contribute to next phase of the firms success”.

ABOUT PRINCIPAL CONNECTIONS

Principal Connections - executive search is Ireland's leading retained executive search and board consulting firm, and is part of Agilium Worldwide LLC, ranked one of the world's top global executive search groups.

Follow us on LinkedIn and Twitter to keep up to date with all our latest news.