It’s no secret that leaders can make or break companies’ and organizations’ success. Hiring the right leaders is proving to be a challenge for a majority of companies in the United States. A Harvard Business Review article, “When Leaders are Hired for Talent but Fired for not Fitting in” said, “Based on a recent McKinsey report, fewer than 30% of organization can find the right C-suite leaders, and that newly appointed executives take too long to adapt.” Although there is a vast array of reasons why a new leadership hire may not work out, Harvard Business Review shared three errors organizations should fix to upgrade their selection of leaders:
- Organizations need to understand the leader’s motives and values
- Organizations need to understand their own culture
- Organizations need to be realistic about the new leader’s ability to drive change within the company culture
At Direct Recruiters, Inc. and Direct Consulting Associates (DCA), we also noticed the growing problem of leadership retention, and companies’ ability to hire the right fit. Our solution for this is Direct Retention, which enables small to midsize companies to hire the best executive talent and leadership with confidence and reduced financial risk. Fully vetting candidates with our independent consultants gives us the ability to monetarily guarantee your key professionals will be retained for 1 to 2 years. Below are the following challenges organizations face and the solutions Direct Retention offers.
The Challenge: Finding Top Talent
- Companies need talented individuals to fill key roles, but this talent is hard to find.
- DRI and DCA will source and recruit high-impact talent to fill your key positions. To do this, DRI and DCA will provide a consultative team approach through 5 phases including profiling client company to clearly understand business culture and the position, reviewing the ideal candidate profile, finding and providing clients with candidates to interview, assisting with the hiring process of chosen candidate, and finally following up after the hire.
The Challenge: Culture Fit
- Companies know which skills and traits are needed to be successful in their organization. Finding professionals that match those skills may not be entirely clear through an interview process.
- DRI and DCA’s independent consultant, Pradco will conduct skills and cultural assessments backed by science and analytics to evaluate the candidates’ culture fit to the company, making it more clear who the best fit for the company will be.
The Challenge: Compensation
- Salary and compensation is a large part of a candidates’ decision to accept a new job offer. If companies aren’t offering the right package, it could result in the loss of a great candidate.
- Organizational Consulting Group specializes in compensation studies to ensure offers and benefits packages or competitive and that the client is offering the candidate a reasonable compensation for the position.
The Challenge: Legal Restrictions
- In the recruiting process, it is common for candidates to have contracts or legal restrictions that could prevent them from changing jobs.
- DRI and DCA’s independent Direct Retention Consultant, Dinn, Hochman & Potter LLC provides legal support to establish legitimacy and enforceability of any contractual, statutory, or common law restrictions from previous employers.
The Challenge: Relocation
- Top candidates oftentimes need to be relocated to their new position. Clients need to offer the candidates a way for them to make a smooth transition for themselves and their families.
HR & Relo Advisors provides relocation assistance and planning to companies to ensure smooth onboarding and transition of the new candidates.
April 12, 2017
By Adam Ulmen, Manager, Research & Technology and Healthcare IT Research Manager
As a Third-Party Executive Search Firm, we see the following unfortunate scenario play out daily: we present a solid Candidate to the Client, the Client likes him or her and gives positive feedback, however the Hiring Manager wants to see some more Candidates as points of comparison to gauge the quality of the existing Candidate against other profiles. While on the surface, this seems like a fine practice that should ideally lead to finding the best possible fit for the role and organization, this also directly leads to a delayed and cumbersome hiring process for all involved.
Today’s job market is very Candidate-driven; meaning that your company is competing for the top Candidates at every turn, and those Candidates have many options available to them. When Candidates have several options to choose from, you as a Hiring Manager need to be agile and move with haste to secure these Candidates before the competition does. Two of the most prominent reasons why Candidates will choose the competition over you include:
Slow Hiring Process – In a Candidate’s mind, a slow process reflects the organization as a whole. Slow processes may be interpreted as your company not being very serious about the Candidate or about being competitive in general. This leaves a very sour taste in the Candidate’s mouth and a lasting negative impression of your company.
Inflexible Compensation Packages – Hiring Managers need to be aware of where the bar is set in terms of the market value of these Candidates. Being inflexible on compensation when it comes to top talent is a death knell for your ability to secure the best Candidates. You don’t always need to throw the kitchen sink at a Candidate, but being open to different structures or levels of compensation can transform your ability to attract and maintain top talent.
Regarding the slow hiring process: Today’s hiring process should be streamlined and simplified wherever possible. As a Hiring Manager within your organization, you have likely interviewed people before and you likely know the culture of your company and what type of person fits in well. You should also be able to tell quickly if someone is qualified and can do the job. Do not stall the process with a high-quality Candidate for the sake of getting comparison points. These high-quality Candidates are being courted by other companies with interesting opportunities in addition to your role, they are expecting a reasonable hiring process and dreading a long and drawn out one, and they are rapidly losing interest in your company within days of your last contact with them while you sink a ton more time into finding comparison Candidates. Additionally, you already have comparison Candidates to begin with: your current staff! Chances are there is at least one person in your organization who is doing a fine job in the same role you are adding to the team, so use that person as your barometer to expedite your process.
Regarding compensation: Not all Candidates are created equal. There is a tremendous spectrum of talent and skill in the market and you need to decide what part of that range you want to attract and what that range requires to land. If your goal is to hire the best possible Candidate, then you may need to pay what that Candidate is worth based on the market and their personal compensation history. If you find that you truly cannot afford the best of the best, then you may need to adjust your expectations across your hiring team and calibrate the search toward Candidates who may need a bit more training and ramp-up, but who are in the price range you are offering.
As a Third-Party firm, we see the above happen daily and it cripples the entire process. We know what the market looks like, we know who is looking and who is not, and we know what it is going to take to land these top-tier Candidates. You as the Hiring Manager can only benefit and thrive by implementing some of the above commentary into your daily talent acquisition strategies.