The European General Data Protection Regulation is expected to bring several changes to the business world when it takes effect in less than seven months from now. While it is anticipated that businesses will be heavily penalized for non-compliance, this law will also lead to stagnation of certain career positions.
Failure by the Senior Executives to know that the GDPR will affect them, no matter where they are located, will put significant risks on their future career prospects. A global research study, carried out by GatedTalent, a GDPR compliance enabler for the search sector, indicates that professionals risk missing out on essential career development and salary increments if they do not have their data stored in Europe so search firms can engage with them about future opportunities.
The goal of the European GDPR is to give users more authority over their personal data. Organizations will not be able to collect, store and process personal information without the explicit approval of the owner. The research reveals that most individuals are not familiar with the new privacy regulations. Some people erroneously believe that the law will not apply to them or the organizations they lead. The truth is that the General Data Protection Regulation will apply to all companies that store data in Europe, irrespective of their business location around the world. Senior Executives, therefore, risk falling out of favor with headhunters. This could have significant repercussions on their careers.
The study also reveals that non-EU professionals are aware of the impacts of the new law on their career advancement. However, some of the respondents believe that senior managers who depend on executive search firms to alert them about their next role lack sufficient information concerning the influence of the new regulations on career options. This presents a significant setback to the professionals who rely on search firms to alert them to their next career opportunities. The study findings imply that professionals living outside the European Union bloc may miss out on career opportunities alerts if they are not aware of the new data protection regulations.
Loss of up to 30% of Pay Uplift
Failure to engage with search firms after the new law takes effect would potentially lead to a loss of pay uplift of between 11% and 30% according to the survey. Around 69% of the study participants believed that professionals moved by a search firm receive up to a maximum of 30% and a minimum of 11% of pay uplift. The research indicates that senior executives get alerts from the search firms at least once a year. Other respondents representing 32% believed that the normal frequency to hear from a search firm was between three to five times a year.
The EU new data protection regulations have significant impacts on the Senior Executive career. However, just a few of them are aware of the new law’s effects on their jobs and salary prospects. This is particularly true for the professionals outside the European Union. Since most professionals rely on search firms for job opportunity alerts, they must ensure that these firms access the latest information. In addition, individuals must understand that past information may not be available to firms in the future. Failure to do so may be detrimental to their career development. This is because firms won’t be able to maintain the level of engagement with the requisite talent to alert the professionals to new opportunities.
Platforms such as GatedTalent, in compliance with GDPR, provide significant opportunities for Senior Executives to develop a close relationship with special search firms. It updates the professionals on current role, seniority, and aspiration.