Eastward Partners, a leading provider of Executive Search services, has released its latest private equity market report revealing that Private Equity CFO's top priority in Q1, aside from asset growth, was finding and retaining talent. In addition to this, the report also reveals that the median tenure for private equity professionals is just 0.8 years. This highlights a high talent liquidity within private equity, driving strategic professionals to focus on talent management.
Across Private Equity, other than compensation, private equity managers are assessing and providing flexible work arrangements to retain talent. Yet, at various fund sizes, differing strategies are used to encourage retention. Funds over $15 billion in size turned to improving wellness initiatives and benefits, whereas funds sized between $2.5-$15 billion saw promotions and expanding job roles and responsibilities as key to retention. Funds under $2.5 billion in size saw increased visibility with senior management as the key strategy for retaining talent.
"We're seeing a shift in how private equity funds are now looking to retain talent," said Brett Vecchio, Partner at Eastward Partners. "Professionals are now taking more of a proactive role in determining where they work and what type of opportunities they are looking for, and there's plenty of choice for them at the moment."
The report found that professionals are now looking for more than just a salary when it comes to their job. They seek a sense of purpose, a good work-life balance, and a supportive work environment that allows them to grow and develop professionally.
"The private equity industry is changing, and funds are taking the right approach by focussing on retention to ultimately deliver more value down the line." said Vecchio.
Eastward Partners' report provides a comprehensive look at the changing human capital landscape, provides compensation breakdowns for professionals working in the industry, and an overview of the makeup of employees in the industry.
The full report can be found on Eastward Partners website.
Notes for Editors:
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Eastward Partners source data from millions of data points publicly available online, and through it's proprietary technology platform, ECHO™, which has access to anonymized compensation figures for almost 40 million employed Americans.
Data is synthesized into groups by title and skills to draw insights and conclusions from specific talent pools to take away trends such as supply and demand, emerging skills, hub locations for that specific group of talent, gender diversity, over a 12-month period.
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