Candidates have clear perceptions of the benefits and detriments of working in large companies and small companies but little has been done to define the middle market. The reality is, the middle market is the hidden gem and has been able to sustain the downturns in the market better than either end of the spectrum.
What is the Middle Market?
Middle market companies range in size from $10 million – $1 billion in revenue. The vast majority of the middle market firms are privately held and in most sectors including business services, manufacturing, healthcare, wholesale, retail and construction. These companies represent less than 1% of U.S businesses, account for 21% of business revenues, and employ 28% of the private sector workforce nationwide. Clearly, the middle market plays a significant role in our U.S. economy.
The Identity Crisis of Middle Market Companies
Think of middle market companies as the middle child. They are often overshadowed by large companies who are perceived to offer stability, brand recognition, stock and generous benefit packages; and small companies who are perceived to be nimble, entrepreneurial, founder or closely held. Many middle market companies are a unique hybrid of the best characteristics of both. At every level, the middle market environment invites entrepreneurialism, innovation, and career progression. They do not operate with layers of management and bureaucracy. This culture promotes decisions to be made collaboratively and changes to be implemented in a fluid environment. Typically leaders in these organizations flourish with a better sense of accountability and optimism about their company’s future. That entrepreneurial spirit is allowed to thrive in a more financially stable environment versus their smaller company competitors.
Opportunities Abound
The contributions of U.S. middle market companies have not gone unnoticed. According to the 2015 American Express and Dun & Bradstreet report, 92% of jobs created since 2008 have been generated by middle market companies. As of 2014, they employ over 50 million workers and generate nearly $6.2 trillion in revenues.
Executives Unlimited Fits the Bill
Executives Unlimited knows how to leverage the advantages of working in middle market companies, which is why we have a successful history of placing top executive leaders, specifically in the upper middle market ($75 million – $1 billion in revenue). 90% of the executives placed by us since 2007 are still in their positions or have been promoted. We place executive leaders who are strategic, innovative, and personally accountable.
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References:
Langner, Joe. “Why Business Is Booming For Mid-Market Companies.” Forbes. Forbes Magazine, 25 June 2014. Web. 05 Oct. 2015. <https://www.forbes.com/sites/sage/2014/06/25/why-business-is-booming-for-mid-market-companies/>.
“The Middle Market Power Index: Catalyzing U.S. Economic Growth.” The Middle Market Power Index: Catalyzing U.S. Economic Growth. 14 Apr. 2015. Web. 05 Oct. 2015. <https://about.americanexpress.com/news/docs/2015x/MMPI-FINAL-14April15.pdf.>
“New Report: Middle Market Accounts for 92 Percent of Jobs Created Since 2008.” New Report: Middle Market Accounts for 92 Percent of Jobs Created Since 2008. Womble Carlyle, 15 May 2015. Web. 05 Oct. 2015 <https://www.wcsr.com/Insights/Articles/2015/May/Middle-Market-Accounts-for-92-percent-of-Jobs-Created-Since-2008.>