Managers in Slovakia consider quitting more often

While in 2021 the 10 largest executive search companies in Slovakia received €4.4 million for their services, in 2022 this rose to €5.5 million. Developments from the beginning of 2023 indicate that the increased demand is continuing.

“Since the beginning of the year, we have identified more assignments in the field of selection processes and we have also received more direct calls for cooperation from companies,” said Róbert Baldovič, a partner from MenkynaPartners Management Consulting. The firm came first in the ranking of executive search companies. Unlike in the past, according to Baldovič, many companies have begun to invest more in their people. They are trying to improve their working environments, benefits, and activities to help employees grow professionally. They also devote more attention and financial resources to recruiting new people and their subsequent involvement in the operation of companies.

The ‘Great Resignation’ phenomenon

The third largest company on the market, Amrop, cited a visible change in managers’ view of their careers.

A relatively significant share of employees are reassessing the scope of their job position. Purposeful leadership becomes an important factor for employees when planning the future. The first indications of the so-called Great Resignation appeared in the USA at the end of 2021.

“Slovakia is not bypassing this trend either, and we are noticing a gradual increase in departures or indicated departures from management positions with the aim of living a more fulfilled life,” said Igor Šulík, a managing partner from Amrop.

How the largest executive search firms helped

MenkynaPartners advised on the integration of previously independent state-owned heating plants into MH Teplárenský Holding, which fundamentally changed its corporate culture in addition to streamlining and modernising its operations.

“Subsequently, we became a partner that accompanied the holding in the creation of an overall long-term strategy,” said Baldovič. His company helped the concern to create a vision, determine strategic themes and goals, and set indicators of success and desired SMART results.

The second largest company, Arthur Hunt, assisted a client in the field of mechanical engineering. The client needed to find new experts in research and development. Arthur Hunt prepared a comparison with other companies in this segment, on the basis of which the client introduced the option of home office on three days a month and several IT tools for measuring productivity. Thanks to this, it was possible to fill the positions with suitable candidates.

The experts at Amrop recruited a candidate for a key position for a Slovak medical technology company. The search included labour markets throughout Europe. “We approached candidates in several countries, while we roped them into relocating to Slovakia and becoming part of an ambitious Slovak company,” said Šulík. The position was eventually won by an expert from Italy.

In addition to the presentation of the winning candidate, Amrop also prepares a consulting perspective associated with the assessment of the candidate’s managerial and leadership competencies.

Generationally mixed teams

“Officially uncommunicated reluctance to hire and whether to even deal with experts over 50 years of age are accompanying signs of today’s Slovak labour market,” said Blanka Schellingová, managing partner at Arthur Hunt.

She said that employers are slowly realising that they have to look for a source of stable labour and employ members of the older generation as well, as trends associated with work-life balance and sabbaticals are more pronounced among young people.

Arthur Hunt began working more with older professionals, offering them one-on-one advice and connecting them with companies that build age-diverse teams.