What are BD & marketing people looking for when they change firms?

BD and marketing roles are not immune to short job tenure. People change firms in search of something.
So, what is it that BD and marketing people look for when they change firms? Is it money, or title? Is it firm size, or prestige?
 
The answer is… it is usually none of these.
 
Below I will set out the common reasons BD and marketing candidates move, and what they are looking for when they are changing firms. Keep in mind that these are the most common reasons that I hear from the people I work with, and so these bullets are not exhaustive, but they’re the top reasons people share with me at the junior, manager and senior levels.
 
If you understand a BD and marketing person’s mindset and what entices them to move into a new firm, you can do something about your existing practices to address this. And this is not about giving candidates too much power; it is simply about smart and proactive people and team management practices in a buyer’s market. Arm yourself with the right information to stay on top of this issue.
 
What are they searching for by level of seniority?                     
 
Junior level:                    

• Junior BD and marketing people typically see the lines between work and play as being more fluid then others. This means that roles which allow them to integrate their work and life together, are a big enticement. (Note that work and life integration means something different than flexibility.)
• They usually seek promotion quickly, whether they are entitled to it or not. They’ll seek this out early, around the 1-2 year mark. Some firms have added additional titles at these junior levels which can solve this issue, but accommodating different levels or responsibilities earlier to show you understand this important piece for them, can go a long way. And remember that junior people are usually loyal to their careers (and the individuals who help them get there), not firms.
• Having ownership of projects is key for them. Being able to say that they have been instrumental in a key aspect of a project with minimal oversight is significant. And they will usually work pretty hard to get this ownership early on. It gives them satisfaction that they are progressing and ticks the box for them on gaining greater responsibility (something without which they can quickly move on).

 
Manager level:               

• Firm culture and environment is typically the most important factor BD and marketing managers seek. They look for a healthy culture which is progressive, cohesive and collaborative, and where firm leadership is strong and robust and works well with BD and marketing. Managers read all of these signs as being very positive for their own careers, as professional development is very important to them at this stage.
• Title is still relatively important to most managers. A manager will move for a similar looking role, but with a perceived more senior title or responsibilities. At this level they need either internal variations on the standard ‘Manager’ title, or a career track that sees them with additional responsibilities that they can demonstrate both internally and externally.
• The benefits that the firm offers start to become increasingly important at this level. This includes the usual medical and parental policies, but it also includes any policies around flexibility, working from home, and culture around taking vacations. Most firms only share this information at the point of offer. If you have impressive policies, reveal these to people at the start. If you don’t, have some points of negotiation to make your policy competitive in other ways.
• Taking a step up into a formal people management position is also often highly sought after. It’s not enough to manage people on a project basis; managers want – and need – direct experience. Many teams have not been set up in this way, and they lose good team managers in search of this important piece.

 
Senior level:                    

• The most senior BD and marketing people typically move to experience a role that has significant more authority and empowerment. They need to have the right balance of authority and empowerment to feel ultimate career satisfaction, and they will usually leave if they can’t experience this in their current firm.
• If given the right balance of authority and empowerment, these people want the remit to change or shape their team, or their team’s function, within the firm. Being able to add to their repertoire that that have done more than “maintained” shows that they can be change agents and influencers at the highest levels.
• Having a role that is truly strategic is frequently another common reason these seniors look elsewhere. Most CMO’s do not focus on strategy (only 31%, according to HBR), despite the role being described as such. Good seniors understand what they can and cannot affect, but just knowing this doesn’t entice them to stay. A true strategic role alongside firm leadership is what they need for the long term.

 
What can firms do about this?              

• Understand the bigger picture and know what your competitors and other sectors offer so you are armed with the right information to keep or entice the right people. For example, some sectors offer full disclosure of company financials at all levels, a direct channel to speak with the owners (even before joining the firm), or involvement in the strategic goals and direction of the company or firm at all levels. This is what your competition is.
• Evaluate your current people and team and go through with them the above items according to their seniority. Have honest conversations with them about what entices them to leave and why. These insights might mean you can tweak something to keep your top performing people. Remember it is more efficient to retain your good people than trying to recruit others.
• Recruit purposefully. Know that money isn’t always the end game and be willing to share about the firm to encourage a transparent conversation. You will need to talk knowledgeably about the firm leadership, culture, direction of the firm, existing BD and marketing team, and career trajectory, just to name a few. Know what questions you will need to answer when you’re adding to your team; this will mean you’re prepared to recruit with a purpose and showcase your team and firm.