Executive tenures seem like they are shrinking faster than a startup’s runway. CXOs once had the luxury of time to steer companies; now, it’s all about delivering results in a quarter or two. With shareholders’ demands and stock prices on the line, recruiting the right executive has never been more critical. It is believed that companies need leaders who can adapt quickly, drive transformation, and manage pressure, making executive search a high-stakes game. After all, the right hire today could mean the difference between survival and a six-month stint in the hot seat. To streamline the executive search process, Odgers Berndtson, a global executive recruitment firm, helps media companies and businesses across various industries recruit top talent globally and within India. The market size of the executive search industry increased considerably between 2012 and 2022, as per market research firm Statista. In 2022, the global executive search industry was estimated to be worth € 35 billion, which is € 25 billion more than in 2012.
In a conversation with BrandWagon Online, Prasad Medury, managing director, Odgers Berndtson India and Kaushik Dasgupta, partner and lead – Consumer, retail and media practice, talk about the company’s growth plans in India, trends in media recruitment, its role in top tier media publication, and expansion plans among others. (Edited Excerpts)
Can you share some details about the growth and evolution of Odgers Berndtson’s business, particularly in the last few years, and how you have expanded your presence across different sectors and regions?
Medury- We are an executive search firm whose model is fundamentally built on exclusivity and retainership. We operate on an exclusive retain basis with all our clients, regardless of whether they are in industrial manufacturing, FMCG, media and publishing, technology, or education. This model is consistent across the 32 countries where we have a presence.
In India, we have been operational for 13 years, having set up in October 2011. Over the last five to six years, we have experienced significant growth, expanding almost fivefold during this period.
Initially, our work in the consumer, media, and publishing sectors was minimal. However, in the past three to four years, we have focused considerably on these areas, including print media, digital media, and publishing houses, establishing a strong footprint in these domains.
What are the global trends in the executive search market and how different is the India market?
DasGupta- The talent market operates on both global and local levels, largely due to the movement of Indian professionals overseas. Simultaneously, many clients are seeking expatriates for specific roles in India.
In the media sector, there are two or three key trends shaping hiring practices. A significant portion of demand comes from local companies spanning print, digital, television, and publishing. Publishing, for example, includes both educational institutions like Pearson and Oxford University Press and media outlets.
We appointed the CEO for Pearson in India, a multinational with a strong B2B arm, but with a desire to become more consumer-oriented. We brought in a CEO to drive that shift. Recently, we appointed the Managing Director for Bloomsbury in India and the Managing Director for Oxford University Press in India.
The dominant trend is a focus on digital transformation. Companies are prioritising candidates with strong digital expertise or the ability to pivot into digital roles. Often, there isn’t a direct fit for such roles, so we look for adjacent talent from sectors like technology or consumer goods, emphasising transferable skills. This approach is driving an influx of digital talent into the media industry.
Gaming is another significant growth area in India. This trend has two dimensions: the increasing development of gaming apps and the rise of gaming development centres in cities such as Delhi-NCR (Noida), Bangalore, Chennai, and Hyderabad.
Television is also at a turning point. The entertainment segment faces challenges due to recent mergers, leading to disruptions and a tight talent market. Meanwhile, news media has remained relatively stable but continues to lose revenue to digital platforms. Some organisations are successfully pivoting to digital-first strategies, while others are struggling to adapt.
Can you explain Odgers Berndtson’s business model, the key revenue streams, and the services you offer to clients?
Medury- Our role primarily focuses on supporting companies at the leadership level, including positions such as chief executive officer, chief operating officer, chief financial officer, and chief digital officer. The aim is to bring in transformative talent that can make a significant impact, whether in business operations or within specific verticals.
We generally do not engage in mid-level recruitment but concentrate on leadership hiring for two key situations. The first is for growth, where companies require talent to drive and sustain progress. The second is for pivoting or turnaround scenarios, where organisations are struggling in certain areas and need to inject high-calibre talent to realign.
Confidential searches are also a critical part of what we do. In cases of leadership transitions, where a client anticipates a separation, we discreetly identify and shortlist potential replacements before the formal change occurs.
This trend is becoming increasingly common due to upheavals not only in the media sector but also across industries, driven by market challenges and slower growth rates in some sectors.
We also specialise in leadership advisory, assisting companies in building robust internal talent management systems. This includes creating Centers of Excellence for talent management, fostering internal succession, and developing employees. Often, organisations need guidance in identifying challenges, areas for improvement, and gaps in their leadership pipelines.
To address these needs, we leverage proprietary leadership assessment tools, provide executive coaching and mentorship, and collaborate with third-party applications to offer a comprehensive approach to leadership advisory. The ultimate goal is to help clients build a strong internal pipeline of candidates ready for leadership roles.
However, many clients also seek external perspectives. They often approach us to recommend talent from the market, evaluate internal candidates, and identify the right balance between internal and external hires. In some cases, clients may have a specific agenda, such as enhancing diversity, equity, and inclusion (DEI) within their organisations.
For example, clients aiming to improve gender diversity at senior management levels work closely with us. Our expertise in DEI trends and practices enables us to support these initiatives effectively. Whether it’s leadership hiring, leadership advisory, or areas like sustainability and DEI, we bring our expertise to help clients achieve their goals.
DasGupta- When clients conduct an internal benchmarking process, they involve us to ensure a fair and thorough evaluation. We treat internal and external candidates equally. The entire mandate is entrusted to us, where, for example, we might evaluate three internal candidates and benchmark them against an external talent pool. This approach ensures that the client hires the best possible candidate, leveraging our expertise to bring significant value to the selection process.
We use proprietary leadership assessment tools, which are central to our evaluations. These tools enable a detailed and insightful assessment of both internal and external candidates. If you’re interested, we’d be happy to share more about these tools and how they align with what clients are looking for.
What changes can you see in the media industry in India?
DasGupta- In the media industry, we’ve observed a notable shift in the kind of work being undertaken in India. A significant amount of global production and development work is now being executed from India. For instance, large studios like Warner Brothers are moving beyond traditional BPO (Business Process Outsourcing)and KPO (Knowledge Process Outsourcing) services, which were previously considered low-hanging fruit. They are now focusing on more complex and high-value tasks, such as advanced technology development and production work.
Much of this activity is concentrated in South India, with hubs in Bengaluru, Chennai, and Hyderabad, while Delhi-NCR is also emerging as a key location for such operations. This reflects India’s growing prominence as a hub for global media and technology talent.
We also work with several Indian companies, particularly in the print, media, and digital sectors. For instance, we have done significant work with the Calcutta-based ABP Group, including Anand Bazaar Patrika and The Telegraph, across various business areas.
We also work with several Indian companies, particularly in print, media, and digital sectors. The entertainment sector is facing significant challenges especially with the disruption caused by digitisation of media.Some significant players in the media space are having to recruit two people for one role due to various external and internal circumstances.
How was your company’s growth over the past few years and what are your expansion plans, particularly in India?
Medury- We’ve grown five-fold in the last six to seven years. Currently, we operate in 32 countries with 66 offices. In India, we’ve expanded rapidly, with offices in Gurgaon, Mumbai, and Bangalore. We’re also in the process of setting up a new office in Chennai, as we see significant opportunities there, particularly in sectors like engineering, technology, and automotive. Our presence is spread across the country, including work in Kolkata, and we have a pan-India footprint.
You operate across sectors so which sector shows the highest demand in executive search?
Medury- Our biggest sector globally is industrial manufacturing. However, our consumer practice, which includes media, publishing, FMCG, retail, hospitality, and other sectors, has also grown aggressively. These areas have seen rapid growth, especially among multinational companies.
How does your company integrate AI and generative AI into the executive search process, and where do you see the balance between AI and human involvement?
Medury- AI tools assist in identifying relevant pools of candidates, but when it comes to assessing, pitching, and managing candidates, human involvement remains crucial. AI can help streamline tasks like candidate identification and repetitive content creation, but executive search, particularly at the leadership level, will continue to be a people-oriented business. The human interface is vital throughout the process.
Candidate identification is relatively easier, but assessment and management are more complex. Leadership searches can last from six months to a year, involving initial candidate identification, selection, and a critical onboarding period to ensure the candidate integrates well with the client organisation. Managing potential issues, such as differences between a new hire and their reporting manager, is an essential part of the process. Experience and coaching ability are key in navigating these challenges.
In executive search, relationship orientation is paramount. This includes managing relationships with both clients and candidates over extended periods, sometimes up to a year. Candidates may not always be interested initially, requiring persuasion, or they may have multiple offers, in which case influencing their decision becomes crucial. AI can aid in some areas of the process, but the human touch remains central.
What are the top strategic priorities that media companies expect their CEOs and CXOs to focus on in today’s competitive environment?
DasGupta- In the publishing and media sectors, especially within traditional newspaper organisations and print publishing, there is a growing demand for business leaders who are digitally savvy. These leaders must not only understand digital platforms but also be able to manage younger, talented employees who bring new skills to the table. The key dynamic for CXOs is balancing business leadership with managing this new generation of talent.
In addition to digital knowledge, there’s an increasing expectation for leaders to be commercially astute. The pressure on traditional business models—both print and digital—has made it difficult to generate profits, making cost-consciousness, margin management, and identifying revenue opportunities more important than ever. Companies are adapting by introducing more flexible policies to manage talent effectively while driving profitability.
How does your executive search firm differentiate itself in the marketplace to ensure you attract and hire the most suitable candidates for leadership roles?
Medury- In executive search, we differentiate ourselves by offering comprehensive candidate assessments. When we sign a contract, we ensure that every candidate is evaluated, which is part of the value the client pays for. Our team brings sector-specific expertise to the table, and each candidate undergoes an in-depth assessment.
We utilise proprietary psychometric tools and provide a competency-based analysis tailored to the role and its requirements. Additionally, we assess key behavioural aspects, such as strategic thinking, people management, and adaptability in disruptive environments. Our psychometric tool, called ‘Leader Fit,’ was last updated seven years ago to reflect the challenges of today’s disruptive world, including the impact of the pandemic.
This tool is integrated into our standard search process, alongside personal assessments conducted by our experienced team members.
Being in the B2B industry, how do you market yourself for visibility and brand value?
Medury- Our business is highly niche, focusing exclusively on leadership-level roles. To ensure clients looking for top leaders are aware of our expertise, we prioritise knowledge sharing. We create and distribute knowledge documents, and host CEO and CHRO roundtables, where valuable insights are shared. Additionally, we leverage platforms like LinkedIn to post findings and highlight the work we do.
By focusing on knowledge creation, we position ourselves as thought leaders in the market, rather than relying on traditional advertising. Confidentiality remains central to our approach, ensuring that sensitive information is handled with the utmost care.
How have the expectations for CEO and CXO tenures evolved in recent years, and what impact does this have on recruitment and leadership strategies?
Medury- Clients are increasingly impatient for results, which is driving shorter tenures for top executives. A couple of underperforming quarters can lead to executives being put on standby, and it can quickly spiral from there. The pressure is immense, both for businesses dealing with macro and micro factors affecting performance and for individuals within those businesses.
When I was in the corporate sector as a CEO over 18 years ago, the average CEO tenure was around five years or more. Now, it’s dropping to under two years. The pressure is so intense that CEOs and CXOs who don’t deliver within a couple of quarters are quickly eased out. This trend is driven by the high expectations around quarterly results, EPS reporting, stock valuations, and the scrutiny from shareholders and analysts. If there’s no substantial transformation or results, executives are quickly replaced.
