The Perfect Fit | 4/14 | The Perfect Fit

Secrets of Executive Search

January 2: You’re hired. We love you.

March 2: EEK! What were we thinking?

Hiring regrets can be expensive. The mistake typically becomes evident in the first 60 to 90 days, often due to culture clash or a mis-match in expectations.

If you are the CEO presiding over an entrepreneural venture or a middle market company, why not learn from the experts in retained executive search? It’s a premium, high-level service – with an in-depth process that really works. Many make the investment for C-level hiring. But there are some principles that you can utilize for any level of new hire — whether you engage an outside recruitment firm or not.

Here are some insights that I shared with a NAWBO (National Association of Women Business Owners) Wise Council group:

#1 Pre-Planning is Important. Conduct an in-depth analysis of results you expect from the new hire — immediate priorities plus on-going benchmarks, needed experience and soft skills.

#2 Multiple Choice. Don’t hire the first person who would feasibly fit the role. The key tenet of executive search is presenting a panel of 3-5 fully-qualified, vetted candidates — each of whom could walk in and do the job. Then, the hiring decisionmaker gets to choose on the basis of chemistry, comfort and culture fit, the areas where new employees most often derail. You want to conduct a full exploration of the market.

#3 Money Matters. Research and establish a reasonable compensation package. If a candidate is in a completely different salary stratosphere, do not invest time in pursuit. Most companies set a target range and stay within their budget. If you are way below market levels, you may need to re-think your approach. You can’t get a Mercedes for the price of a Kia.

#4 Size Matters. Sometimes big company execs can scale down to a smaller, no frills business environment. Sometimes they can’t. Why take the risk? For finance, sales or operations roles, target those with a range of previous company revenue experience, including where you are today and where you want to be in five years. You want the track record of someone who has successfully scaled up to the next level of growth — with mastery of the processes that go along with a bigger organization.

#5 Get Specific. In planning the position and ideal candidate, create a list of must have requirements. Years of experience. Industry sector. Functional mastery. Size/revenue level of previous companies. Critical track record you want to acquire — i.e., rapid growth, access to new, established customer sets, migration to on-line selling, turnaround, etc. This is your focus for resume review, phone screens and in-person interviews – not to mention solicitation of candidate referrals from colleagues and associates. Only focus on candidates who meet the spec. This also provides a polite and truthful way of telling someone why they are not being considered for the role.

#6 Been There/Done That. A competitive market does not allow the luxury of teaching someone the nuts and bolts of a job. If you are spending time at that basic level, you are not at parity with competitors who focus on plug-and-play recruitment — selecting someone who can step in and immediately deliver the experience and expertise that will make a difference. You want to be spending time at a higher level of leadership and team development.

#7 A Job Description is a Press Release. It WILL get forwarded. Maybe to competitors. Your posting or position description is a mission critical document. It telegraphs information to your market. It can be a source of leaks, rumors, embarrassments. Alternatively, it can create positive BUZZ! Your goal is to have thoughtful and consistent messaging throughout the search. Recruitment is literally a marketing process, as you are selling your culture and business opportunity to the world!

New technology and communication platforms enable precision hiring in a today’s 24/7 competitive market. But it’s not a panacea. It’s a process. You still have to master the strategies and tactics of acquiring the talent that will catapult your company into greater profits and prosperity. You still have to do the work to find The Perfect Fit.

Great teams make great companies. Applying best practices in hiring will make a difference when you take the leap and add to your talent base.

January 7, 2012 by Nancy Keene

Forget New Year’s Resolutions: TARGET!

Why is the annual ritual of resolutions destined to fail?

Because the list is always populated by things that people don’t want to do. Exercise more. Eat less. Become a morning person. No wine on weekdays. Get a new job. Save more. Spend less. Get a new job. Stop smoking. Start networking. Whatever.

Without a bigger context, resolutions are not strategic. They’re too rules-oriented for most. The message to the listmaker is: You’re not perfect! And who is???

Maybe it’s time to be revolutionary. Select an important and worthy target. A reward! Something delicious and wonderful. Something you really want. Something that would improve the happiness factor in your life.

Really, really delve deeply into the underlying issues, desires and needs. The actual target might be different than you think.

We explored this concept at a meeting of C-Level women in transition. The logical goal of the participants: find another C-Level job. But here are the questions we explored:

* Do you really want a traditional job-job inside a big company?

* Do you need revenue? How much?

* How many C-level jobs do you think exist in our local market?

* How many of them are interested in 50-65 year old candidates?

* If you’re targeting entrepreneurial companies, how many founders want to cede power by creating a new C-level position for an outsider?

* Alternatively, how many companies are interested in outsourced expertise?

* Could you achieve your revenue goals as a consultant?

* Or…are you targeting a job inside a company because you need health-care benefits?

* Could you get the health care benefits inside a non-profit organization?

* What really makes you happy?

* Are you incorporating this into your target?

You get the picture.

This exercise can be applied at any stage of life — for either business or personal purposes.

Delve into the details of the target and define what is really important. Then you can tweak some behavior and actions around it. Even better, you can get rid of routines that don’t advance the goal. A priority-minded focus — wrapped in a desirable reward — can work. And it will have the ripple effect of producing other benefits, achievements and by-products.

Intrigued?

Stay tuned for next steps — and some success stories — in a subsequent blogpost!

December 29, 2011 by Nancy Keene

Boardroom Demographics

The always excellent Joann Lublin poses some interesting questions in this Wall Street Journal article. Why so few female Directors on public company boards?

From my time in the corporate world, including ten years in retained executive search, I have some thoughts — and suggestions, which I posted on the comment section and now share with you:

1. Board selection committees and search firms could expand the “spec” to include leaders in professional firms who have served public companies with a similar revenue level, stage of growth, business situation as the company for whom the Board search is being conducted. There is a significant and often untapped pool of talent in the top/partner ranks of advisory firms (legal, accounting, finance, consulting, ad/marketing, human resources, process improvement, etc.) with functional and industry expertise, heavily populated by female/diversity leaders who would be very well qualified to serve as Board members. This would be a win/win for all — expanding the scope of prospective candidates without independence/conflict-of-interest issues and increasing the potential for diversity inclusion.

2. When men receive outreach from executive recruiters seeking candidate suggestions for assignments, they tend to respond quickly with names, contact information, etc. They know the drill , i.e., how to be an active part of the selection/referral process. Many women are reticent responders; some are non-responders and I have actually had women ask to be removed from such email/call lists. This is all part of the “inclusion” process — part of what used to be called the “old boys” network. So…very important to know how the process works and to participate! If a headhunter calls, respond immediately. It might be your opportunity to serve on a Board or to nominate a candidate.

3. If the executive search firms were organized as the lawyers (ABA) accountants (AICPA) are, it would have been written into Sarbanes-Oxley that every Board search for a public company would have to be handled by an independent, outside search firm, just as independent auditors are mandated. This would eliminate any informal aspect of Board selection and there would be a paper trail of the process.

Until then, be an advocate and active participant whenever you can. Diversity brings vigor and a valuable perspective to any dialog. For governance, it’s an asset that can be a competitive advantage.

Bonus anecdote: When I was chosen as outside public relations counsel to Tandy/Radio Shack in the 1980s, there was a Saturday morning pow-wow in the executive suite. At the break, I looked for the ladies room. It was on another floor! Apparently, it was a money-saving move during construction of the corporate headquarters. At the time, legendary chairman Charles Tandy said there would never be any women in the boardroom, so why bother? Happily, that isn’t the case today.

December 27, 2011 by Nancy Keene

Tribute to Truby: Don’t Get Discouraged!

Here is a note of encouragement for the students and career changers in your family — or anyone undertaking a challenge.

When you start something new, whether imposed or by choice, you might not be very good at it. In fact, you might be quite awful. But with dedication, initiative — and a good teacher – you can forge a path to something fabulous and rewarding.

Flashback: An exciting course offering for English majors at Indiana University of Pa. Journalistic Writing, taught by the cocky, sardonic and totally entertaining J. David Truby (left, in photo). Featuring creativity, real-world scenarios and assignments in the field. Everything I loved.

But early reviews of classwork were not encouraging.

“No conclusions. No quotes. No critique. No good.”
“As interpretation, it’s fine, I guess. As a news story, it is not too good. I hope you have a nice weekend.”

Ouch. But keep at it.

“You have a great deal of material here. Some of it is quite good, while some of it is filler. In any case, I like the first two examples very much.”

A good teacher can help pinpoint strengths and weaknesses. Maybe even career DNA.

“OK, N.A., You chose to satirize the assignment. It is cute, well-written and very clever. It does not meet the assignment. Do you want a job as an ad writer in NYC? If so, see me. I think you’d do well. J.D.”

Now going for a big get. For an interview assignment, I discovered that a powerful federal enforcer had retired nearby. Harry Anslinger was the first U.S. drug czar, serving five presidents. He proffered lively comments about J. Edgar Hoover, Frank Sinatra and mafia dons.

“The more I think about your work and ambition in talking to Mr. Anslinger and compare it to what so many ofhers did…I’m giving you an ‘A’ for extra credit work.”

Closing with a satisfying win. A prospectus for a new women’s magazine, dubbed Winning!

“Great. I wish I had $20 million to invest!!”

Our memories re-play wins and successes. But there are always false starts and missteps we like to forget. If you are a keeper of files and artifacts,you might even have the actual documentation. Very humbling.

Lack of initial success doesn’t mean you’re not good at something. You’re not necessarily bad or untalented. It might just mean you’re not good yet.

Just take a cue from J. David Truby, inspirer and critic, now professor emeritus.

Get better. Listen and learn. Practice. Make mistakes. Keep going. Have fun. Enjoy the journey!

December 12, 2011 by Nancy Keene

Get Out of Your Comfort Zone

Today’s world is not a smooth, easy space. There is disruption everywhere — thus, an apt theme and headline for this year’s TEDxSMU, the third and most satisfying event yet.

If you decry upheaval and cling to the familiarity of the past, you will derail from the mainstream — and miss out on much of the fun on the way to the future.

TED encourages us to embrace change and celebrate new ideas. It introduces us to key game-changers who share a perspective in tidy and compelling 18-minute packets. You see the best thinkers, doers and presenters of our time. Those who play on a global scale. And those who impact the smallest sliver of a community.

To live today is to keep shedding the boundaries of our comfort zones. Advancements can lead to unexpected destinations, creating both solutions and ethical questions that no one expected, as relayed by Juan Enriquez, one of the world’s leading authorities on the economic and political impacts of synthetic biology, genomics and other life sciences. An eye-opener.

Kate Canales, creative director at the vaunted frog design firm, showed the process of observation and out-of-the-box thinking that innovates products designed to satisfy customer comfort levels. Some can be low-tech, i.e., portable belt stanchions that prompt civilized queues at airports — solving crowd chaos.

Internationally-acclaimed artist Jaume Plensa showcased sculptures that jolt observers into active experience, contemplation and participation. His Crown Fountain in Chicago’s Millennium Park combines animated photography, glass bricks, LED lights, water and more. Spectacular.

Sustainability topics prevailed. Jeff Fulgham, of Banyan Water, presented strategies for improved usage and conservation. Mant Hawkins of Enoetics, showed a disruptive business model making “net usage” (no utility bill) facilities a reality. Military installations are pioneering impressive beta sites.

The sadness imparted by Maya Ajmera, founder of The Global Fund for Children, with her recount of statistics regarding abused, neglected children of the world – those without a voice – was tempered by the pure joy of singer/songwriter Lisa Loeb, who entertained with tales of camp and new works for kids, plus her breakout song, “Stay (I Missed You).”

TED and TEDx events offer a Niagara Falls of ideation. This is just a spritz.

So get out of your comfort zone. Scope www.TEDxSMU.orgto learn more. Explore the opportunities of disruption. Better yet, become a disruptor yourself. In a positive way, of course.

December 8, 2011 by Nancy Keene

Jerry Sandusky: In His Own Words

The headlines coming out of Happy Valley these days are anything but…

I grew up in in Central Pennsylvania where football is king and Joe Paterno was at the top of the stratosphere. We all knew friends, neighbors and parishioners who played for him at Penn State. He spoke at our high school athletic banquets. He offered a brand of leadership and intellect — a message that sold well on the recruiting circuit.

But who is Jerry Sandusky?

This is how he described himself in the book he wrote about himself, Touched. You can see it on the Look Inside feature on Amazon.com.

“Here I was, a grown man and a coach for a nationally respected football institution, and I had reverted back to the days of my mischievous youth. I had always professed that someday I would reap the benefits of maturity, but my lifestyle just wouldn’t let me. There were so many things I had done in my life – so many of them crazy and outlandish. But I have always had fun, and one thing is for certain: My time on this earth has always been unique. At the times when I found myself searching for maturity, I usually came up with insanity. That’s the way it is in the life of Gerald Arthur Sandusky.” — Chapter 2/Tylerdale

Look for this excerpt to be reprised many times in the coming months.

An interesting character synopsis, wouldn’t you say?

November 11, 2011 by Nancy Keene

The Psychology of Suffering

The Art of Fielding is a highly-heralded debut novel. Baseball is the backdrop, but it’s not about baseball, the publishers want to assure — so as not to turn off the non-sporting segment of book buyers.

Author Chad Harbach is an excellent writer of melodious prose. His passages on talent, motivation and the human condition are brilliant.

Suffering

In the book, Mike Schwartz is a hardscrabble scrapper in an arena of high intellect and impressive talent. He is the Westish College baseball team captain, peer leader and mentor to Henry, the perfection-driven shortstop poised to break the NCAA record for no-error games.

Schwartz has an intuitive Midas touch. He knows how to find the gold in each player. He knows how to deliver the team wins. His methodology:

Emphasize the obstacles that could prevent success.

The hero has to suffer mightily en route to his final triumph.Schwartz knew that people loved to suffer, as long as the suffering made sense. Everybody suffered. The key was to choose the form of your suffering. Most people couldn’t do this alone; they needed a coach.

A good coach made you suffer in the way that suited you. A bad coach made everyone suffer in the same way, and so was more like a torturer.

So….here we are in a protracted economic downturn compounded by global uncertainty. Very important to incorporate the happiness factor. But there is an element of suffering in the equation.

How are you leading?
Are you mandating across-the-board moves that require everyone to suffer the same way?
What would happen if sacrifice/discipline could be tailored on more of an individual basis?
How might that impact the performance of the (pick one) organization, family, government?

Good coach vs. torturer.

It’s an intriguing management analysis, whether you are leading or being led.

Note to pundits and pollsters: Also relevant in the political arena, whether you are voting or running for office.

September 29, 2011 by Nancy Keene

How Top Angel Investors find The Perfect Fit

Whether you are an angel investor or an entrepreneur looking for early stage funding, here are excellent insights from Greylock’s Reid Hoffman, founder of LinkedIn, who led a knowledge event last week presented by AngelPool. He is a founding director of PayPal, a founding director/investor in Zynga, first round investor with Peter Thiel in Facebook, as well as many other hits.

Hoffman seeks strong returns and “the creation of new things.” The investment cycle is 5-9 yrs., with a small number of companies in the portfolio driving the returns.

He offers three key criteria for successful angel investing:

The Network

Hoffman does not invest as an individual. He qualifies and invests via his network, critical from two standpoints — mitigating investor risk and maximizing the value added to the company. There is a Been There/Done That religion in Silicon Valley — sticking with your track record and core competencies in order to leverage the deep experience and relationship base.

Where do you fit in the ranking of other investors who would most help the company? Best to invest when you are the strongest relative to other investors in the competitive space. There is a high mortality rate of portfolio companies and many things that can go wrong. The network delivers a shared intelligence and shared work level. Very important in due diligence and reference checking.

It is also important to ensure the perpetuity and effectiveness of your network. Are you giving back and constantly adding value? This would include counsel and constructive feedback to entrepreneurs in whom you don’t invest, as they can be sources of future deal flow.

Competitive edge

As an investor, you can’t learn it. It draws on your cumulative experience + network, so that you can immediately know the key variables in a potential investment and be able to assess that in a 5 minute conversation. You need to have the DNA and knowledge of the complete spectrum. Hoffman’s space is, of course, Consumer Internet.

If you invest outside of your edge, it can be for purposes of learning, but do not expect a payback. Write it as a zero on your books.

You should invest in companies that you could lead yourself. Ask yourself, how would you do the play as CEO? Where is the best location to do that company (i.e., industry infrastructure)?

Company’s ability to get next round of funding

When Hoffman looks at a company, he envisions what the next deck looks like.

What will change in the next 6-12 months in terms of new products, marketing results, etc. How will it set up to be VC-funded? How can you help?

It’s important to ask the hard questions of the leadership team. Test the key hypotheses. What are the key risks you see? What are you obsessing about? Issues must be identified. If not, the entrepreneur is either dumb or deceptive, says Hoffman.

You are looking for a collaborative, not confrontational approach. Here are issues we see. Here’s how we will solve the problem. Here’s how we would hope to work together.

As a potential angel, you should see congruity in how you would handle it if you were running the company. In weighing two similar companies, evaluate which is more adaptive than the other.

I participated in the forum on behalf of our Texas Women Ventures Fund. (NOTE: TWV is a mezzanine fund that invests in women-led businesses. Currently, there is not an early-stage/angel focus, although some of the investors participate in the angel sector as individuals or institutions.)

September 12, 2011 by Nancy Keene

Changeometer™

When the heat of summer lifts and the crispness of fall arrives, it’s invigorating. We feel refreshed and renewed. (Particularly here in Texas!) A perfect time to re-evaluate the slate of obligations and perhaps mix it up a bit to capture new opportunities.

Our world is intense and fast-changing. The perfect mix of work/life balance may be elusive. Thus, it may be more pragmatic to focus on synergy — getting multiple benefits from a single effort. And very important to get rid of things that are harmful to your HQ — Happiness Quotient.

Here’s a process to consider. Make three columns on a piece of paper and start making lists.

The Vision: Is there something missing in your life that you want? Make this a header at the top of the page. This could be a major business goal or an important personal desire. Or…it could be a sliver of time that you want to devote to something you enjoy. Go for it. You deserve it!

Column 1: How are you spending your time currently? Make a list of all work/home activities. Include habits, hobbies and even time-wasters. Evaluate recurring commitments. Put a checkmark beside the activities you enjoy. Put an “X” beside the items you loathe. Circle the items that might be impediments to attaining The Prize.

Column 2: What do you talk about in the various circles that you inhabit? Make a list of your typical topics. Do they help or hinder your path to the goal? Remember, we get to control what we broadcast to others. Thus, it might be important to edit and segment your messages. Keep in mind that social media amplifies the perceptions being collected. The dashing Mad Men ad man Don Draper says it best. If you want a different outcome, “….change the conversation.”

Column 3: What new activities might you pursue to achieve your target? Where is the audience that might lead you to the goal? Is it a class, an organization, a change of scenery? Or is it simply an allocation of time to deliver an important dose of happiness?

Take a hard look at your list from Column 1. You will be subtracting at least one activity from this group. Are you focused or fragmented? Everyone needs a tribe, so it’s important to be part of a group that delivers conviviality, solace, learning, advancement of purpose. Are you still involved in organizations that no longer fit your new goals? Are you still chairing a committee that you’re just plain sick of? Are there things you can outsource — at home or the office?

It could also be that something has already been taken away from you. A job….a relationship….a family member or loved one. If you’ve sustained a loss, be nurturing and good to yourself in the process of restoring and re-building.

Evaluate what your are saying in your various venues. Be mindful of the perceptions you are creating. Capitalize on your relationships and time spent with others. Craft a message that engages friends and colleagues in your pursuit of the Vision. Delete some “tapes” in your conversations. Edit and revise.

Be purposeful and strategic in adding new activities in place of the old ones you’ve purged. Do you want a gractful migration or a full-tilt plunge? Or do you just want a few months of breathing space. Devote the time to what is important to you and savor the enjoyment! You’ll never look back, I promise.

September 7, 2011 by Nancy Keene

New Season!

After a summer of special projects, we’re back on the blogging track — with new insights on how to achieve The Perfect Fit in multiple facets of work and life. Stay tuned!

September 6, 2011 by Nancy Keene