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Board of Directors Recruitment

Board of Directors Recruitment – What do innovative companies look for in the selection of a new Board member?

A Board Member is an essential function in navigating a company’s future direction. When recruiting new members for a Board of Directors, the current Board Members desire candidates with fresh ideas and original thinking to be a significant and impactful contributor to the organization. Their uniqueness should have a philosophical alignment with the business, along with a mentality to give back to others in their personal and professional lives.

An innovative intellectual is fundamental to a strategic skillset for the governance of the company with a collaborative mentality. The diversity each individual brings with different life and work experiences help facilitate a well-rounded vision of the organization’s future.

Dedicating time and commitment with the eagerness to participate in meetings and beyond is a necessary attribute in a Board Member. The individual’s flexibility and preparedness are ideal in the board’s progression, immensely when they contribute questions, research, and creativity.

There is so much more to a Board of Directors than just attending meetings. Someone with futuristic views and able to identify trends contribute to being a valuable asset. Tangible attributes are valued when seeking new Board Members; however, intangible characteristics reach beyond tradition and appeal to innovative individuals.

 

 

 

Blended Learning for Executives

Educational leadership can benefit significantly from blended learning by both formal education programs and virtual training. Bringing these two facets to key leaders can prove to be valuable in the development of building relationships, innovative thinking, and employee engagement within the organization.

The paradigm where everyone learns differently could be addressed by offering the opportunity for blended learning, as some excel from in-person institutions and others with webinars or virtual classrooms; bringing both options could provide a foundation that can be embedded in the workplace. Once critical leadership competencies are formed, these new behavioral skillsets can help bridge organizational gaps by building informal connections, fulfilling company goals, and guiding shared visions across all functions.

The combination of individually driven virtual learning and formal educational programs offers executive leadership the tools to provide a better overall workplace atmosphere.

Competitive Retention Strategies: Mortgage Division

New market, new demand!

Ask yourself, what are we doing as a company to retain our talent within our mortgage division?

The mortgage industry is in high demand of employees, as mortgage rates continue to remain under 3%. Due to the urgency of hiring candidates with mortgage operations experience, employers are seeking mortgage leaders to join their organization.  Quality talent is being swept away by other mortgage companies by virtue of monetary base compensation and incentives.

As an organization facing some of these challenges, employers are being creative on compensation structures to incentivize workers.  Incentives offered are hiring bonuses, retention tools tied to compensation, with the ability to work remotely.

If your company is facing the same challenges, reflect on your incentive strategy and retention tools needed to be competitive in a demanding mortgage rate environment.

Retention Strategies for Executive Hires!

Securing quality talent within your organization should include an internal strategic plan. Retention plans for top credit union Executives comprise of competitive salaries, targeted performance incentive goals and retention bonuses, stock options, paid time off, and ancillary allowances and benefits.

Robust, targeted performance incentive plans are successful when implemented at the offer stage/onboarding process, and even more lucrative when these plans align with industry standard. Specifically, quarterly, semi-annual, and annual performance incentives are beneficial at the Executive level and should be established to incorporate non-financial metrics and financial metrics. Non-financial metrics might include engaged members, member survey results, staff turnover ratios. Financial metrics may encompass loan growth and earnings, return on assets, capital ratio, membership growth, net income, and board evaluations (if applicable).

Once you establish the targeted goals, each metric should be broken out to a percentage of the final goal. Non-financial metrics could be 10% of the total bonus, while financial metrics are 90%, it depends on the organization’s focus to meet the needs of its employees and business strategy. Evaluating your Executive Compensation plans should be assessed annually to ensure they are in-line with the industry standard to achieve employee engagement and retention.

Chasing the Money or the Opportunity

Should you chase the money or the opportunity? Well first, ask yourself, ‘Is it the right fit?’ Organizations may pay well, but if they have a high turnover rate and don’t fulfill your career goals, it may be in your best interest to really think it through.

This is an internal dilemma that many people go through. Of course, you shouldn’t undervalue yourself monetarily should a job prospect check all your career boxes, but don’t let an opportunity slip away that could benefit your long-term career development. Success can be subjective, and how it is measured and valued differs from person to person.

Some companies do entice candidates with short-term monetary goals, which can burn out employees quickly, causing high turnover within an organization. It may not be in your best interest to weigh opportunities based on compensation alone; career advancement, skill development, and passion should be considered. Chasing short-term benefits could prove unfruitful in the long-run, and you may not want to look back and wish you would’ve done things differently.

The Offer

You’ve reached the final stage in the recruitment process, the offer – After the application and multiple interviews, you landed the job!

Generally, the incentive for candidates to move organizations or positions would allow candidates to seek opportunities that will provide a promotion, ability to be a key contributor within the organization, and an increase in pay structure.

When seeking a new opportunity, the motivation to make a change for a new role should be discussed initially, setting the expectations from the onset. Once an offer is extended and accepted, you have agreed to the terms and negotiation ends. Strive to find a balance to determine if a counteroffer is necessary or if it is about its monetary value or the position. Most often, it is the position job seekers are trying to attain.

Organizations have set wage bands for positions based on market and internal value, from minimum, mid-point, to maximum of the salary range. Various other factors could help offset any wage bands misalignments when pursuing a job offer, including sign-on bonuses, targeted variable (bonus) pay, allowances, paid time off, supplemental retirement plans, and additional benefits.

These are all part of the equation when evaluating your next opportunity!

Tips for a Successful Virtual Interview

Virtual interviews are replacing in-person interviews in the current climate; however, they have already been around for some time. Ensuring your interview is successful can be tricky as it could be hard to make a personal connection with your interviewer through a computer screen.

Here are some useful tips for a successful virtual interview:

Camera Positioning – Your camera should be at eye level. You may need to prop your computer on a sturdy surface in order to have proper eye contact instead of tilting/angling your computer or camera. Try not to sit too far or too close to the camera. Mid-torso and above should be shown on the screen, especially if you are someone who tends to talk with your hands. Also, ensure to mute text and email notifications as these can interrupt and distract the interview.

Background/Lighting – For daytime interviews, facing a window with natural lighting is your best option, and you can clearly see yourself. Too much overhead lighting can be harsh, wash you out, or cast shadows. Sit in front of neutral backgrounds/walls that contrast with your outfit to make you stand out. Try and avoid big rooms with a lot of clutter; you want the interviewer to focus on you without any distractions. Some platforms offer an assortment of virtual backgrounds, which could be another useful option.

Record a Mock Interview – Practice interviews are typically standard preparation, which should be utilized by candidates. Ask a colleague, friend, or anyone who has the time to sit down and do a mock interview with you. Many video platforms have a record option where you can record the video and audio for your use to playback. This feature will help you see any mannerisms, speaking clarity, presence, or other items that will land you the job.

Executive Coaching and Career Transformation

Taking the pivotal next step in your career and transitioning to a top-level manager or the ‘C-Suite’ level, should be taken with great care. Innovative leaders invest time and monetary resources to provide leadership with executive coaching to ensure they are successful in the transition of their new role or existing role.

Executive coaching focuses on various crucial executive components, including implementation challenges, planning, career development and goals, interpersonal interactions/communication – essentially a third-party outside support system. The benefits of such coaching can enhance your capabilities as a leader and assist you in being a pivotal contributor to the company.

Companies who make a positive investment in their leadership team can help ease the transition by navigating through potential challenges, thereby creating opportunities. A well-thought-through employee development plan will give you and your organization an advantage towards continued success.

The Importance of Emotional Intelligence in the Workplace

The attribute of having emotional intelligence in company leadership has and always will be essential. Organizations should not only focus on the technical skills of applicants but should also seek out a well-rounded individual. Leadership that exudes emotional intelligence impacts the culture and atmosphere starting from the top down.  

Leaders, supervisors, and managers should have the ability to perceive, reason, understand, and manage emotions. Meaning, they should be able to process and understand others’ feelings and be able to have emotional control within themselves. These qualities can help drive a positive and productive environment.

There are ways to evaluate this trait within the leadership team through assessments, which include self-reporting ability testing and professional tests administered through a third-party. If cultivating a constructive, helpful environment is vital to your organization, these qualities should definitively be administered on any potential new hires and existing employees.

Tips for a Memorable Resume

Creating a memorable resume can be tough, particularly, composing one that stands out amongst the rest.

Make it eye-catching – Using a bold, professional color scheme could help ensure the hiring manager sees your resume amid the plain, generic-looking ones. A uniquely designed resume could give it an extra boost, especially if it is a cohesive brand with your LinkedIn page.

Content is vital – You should avoid bullet points with every menial task you have done in each position. Highlight your key accomplishments in each role and try not to get into the meticulous details of your everyday tasks. Do not copy your job description line by line, make it concise and to the point. No one wants to read a seven-page resume, and most are short on time, present your first few points with the most impactful achievements in each role.

Customize – Try not to send the same resume to every job application. Tailor your resume to each position without being misleading. Companies have specific strengths they are seeking in their next potential hire, and usually, the job description will highlight them.

Truthful – Hiring managers rely on applicants to be truthful and accurate in their resume, as it is all they have to go off of before scheduling a phone screen. Key accomplishments you have outlined in your resume can be vetted through the interview process, professional reference checks, and education verification.

Getting your foot in the door and ensuring your resume resonates with the Company is the first step, make sure it’s unforgettable!