Two thirds of Executive Search Firms fear they could be exposed to significant fines under the GDPR
Of the 400 companies surveyed, 65% have concerns about whether they’ve done enough to comply
30 April 2018, London
Research launched today by Invenias, the global leader in executive recruiting software, reveals that 65% of global executive search professionals consider their biggest GDPR-related challenge to be knowing whether the actions they’ve taken to comply will be sufficient. The second biggest challenge is understanding how the regulation applies to their business (57%) and the third biggest challenge was deemed to be the process of reviewing and cleansing data (53%).
In association with ComplyGDPR, Invenias surveyed 400 people in the executive search sector – both in-house and at executive search firms – about the upcoming GDPR regulation to understand how it is impacting the profession. The industry’s unease around how it applies to their processes is perhaps reflected in the fact that only 42% considered themselves moderately well prepared for GDPR. On a scale of 1 – 5 (with 5 being very prepared and 1 not at all), 22% of respondents rated themselves as two. Just 30% classified themselves at four or above.
Despite the uncertainty, 74% of those surveyed chose to see the positive impact that GDPR will have on the search profession, seeing it as an opportunity to improve data quality (78%), working practices (63%) and reduce business risks (54%).
David Grundy, CEO at Invenias, commented: “The message from the executive search profession seems to be that, yes, there is concern around how the legislation will be enforced but that GDPR is not all doom and gloom. The majority of search professionals want to embrace the opportunities presented by GDPR. With data privacy sitting at the very core of user experience and brand reputation, this shouldn’t be surprising. The right tools and technologies exist to help companies and individuals mitigate the veritable minefield of the GDPR and be confident that they are well prepared for its enforcement.”
Helen Haddon CEO of ComplyGDPR commented: “Our experience of assisting over 120 businesses in the executive search sector with their GDPR preparations is that businesses have found it reassuring to know how others are approaching the GDPR. It is comforting to know that you are not out on a limb and that your pain points are shared by others. Most businesses have reported that the process of data cleaning and reviewing their organisational and technical measures in their business has resulted in a better managed business.”
The research was conducted in April 2018 by ComplyGDPR and Invenias with the survey sample encompassing executive search firms, strategic recruiters and in-house talent teams. Please click here to request a copy of the findings.
ComplyGDPR is a trading name of Creating Virtuous Circles Ltd which is a consultancy that works exclusively with Executive search and Recruitment businesses on strategic and operational issues. ComplyGDPR offer a toolkit approach developed in conjunction with CMS Law to provide practical and pragmatic approach to preparing for the GDPR. This includes all required legal documentation, a practical step by step action plan, templates, policies, on-line webinars and an on-line training module that has been developed specifically for all staff working in the sector. email@example.com
Invenias® is a privately-owned software company whose cloud-based platform for executive and strategic hiring enables executive search firms, specialist recruitment companies and in-house executive talent acquisition teams effectively run their business.
Easy to use, cloud-based desktop, web and mobile applications enable customers to deliver better assignments, build stronger relationships with clients, hiring executives and candidates and transform the productivity of their operations. Incorporated in 2005, Invenias serves thousands of users in over sixty countries across the globe. Invenias is headquartered in Reading, United Kingdom, with additional offices in Europe, the US, Australia and Malaysia.
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