Over the summer, two of the largest investment firms announced they are opening offices in South Florida. Citadel’s move to Miami and BlackRock’s opening of a ‘Snow Bird’ office for their executives comes as the entire landscape of South Florida continues to change rapidly.
As companies seek better tax incentives and more affordable rent, South Florida is seeing an influx of investment and private equity firms, crypto and NFT businesses, tech companies and start-ups. The arrival of new business is welcome to Mayor Francis Suarez, who proudly proclaims he takes his salary in Bitcoin and hopes to make Miami the Crypto Capital.
The city has key business strengths, as Ken Griffith, CEO of Citadel, describes so well. “I look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy. Miami is a vibrant, growing metropolis that embodies the American Dream”.
The influx of capital is boosting South Florida-based established start-ups, new ventures, and other organizations, driving growth and the need for talent, particularly in senior level sales, finance and digital marketing.
Executives with experience in working with established companies are able to access higher levels of capital from private equity. What are investors looking for when it comes to Talent? A detailed, professional evaluation of the people leading the business, the senior implementation team and key technical employees.
A strong, diverse C-suite team is a critical component. The entire team needs to operate well together, complementing each other’s skills, professional characteristics, and leadership styles. It’s about creating a team that has the right dynamic tension to take the business to the next level.
In South Florida talent pools are quite shallow, particularly in tech, although they are improving with an influx of people from New York, California, and even Latin America. Remote working and hybrid models significantly widen and deepen the talent pool beyond the region. However, this requires expertise in how to identify and attract ‘passive’ candidates happy in their current role, who are not necessarily looking for a new challenge. Top executives are approached regularly and can distinguish a well-crafted, tailored pitch vs. an opportunistic caller within seconds.
The best approach is to find a local partner who is part of the business fabric in South Florida. At Mughal & McRae, we have years of expertise in attracting diverse talent, leveraging our own unique experience in how the American dream does indeed come true in Miami!
Click here for us to share our expertise with you.
