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Tag: Company Objectives


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!

Driving the Mission for the Organization

The heart of any company begins with its mission statement. The mission statement is the very definition of what the company stands for and the potential future outlook of the business. Much like a company’s value, it shapes the organizational culture where employees learn and grow. If one member of the team doesn’t believe in the same vision the entire team can begin to crumble.

Executives should be the ultimate advocates of driving the mission statement home. They need to constantly focus on how to better the organization and what steps to take to get closer to the ultimate goal. If they do not believe in the vision of the company, this can create a major disturbance in pushing the entire company forward.

Is it worth the time and energy to dedicate time and resources in coaching the executive to invest themselves more? Or should you turn your attention to someone that can prove to be a driving force towards the future?

Many times, the executive cannot offer 100% buy-in to the company’s mission. While the executive may offer great departmental support to the overall vision, if they are not focused on the same goal this can be a deterrent to the desired success in the long run.

Focusing attention on someone who wants to see organizational growth fall within the mission of the company is important. The executives and employees that support the direction a company is headed are more willing to dedicate the time needed to see the goals come to fruition. Try not spin your wheels on a stalled executive, and instead, cruise into the future with a group of supporters backing you.

Should Succession Planning be on your Company Agenda?

As the structure of an organization matures and employees begin to mature and transition from their initial roles, succession planning becomes a key piece in ensuring the organization will continue to run smoothly.

Be proactive in outlining a succession plan that works best for the culture of the company. Set aside adequate time to identify the key traits needed for another leader to fill the soon-to-be vacant position. Even if a transition is not expected immediately, proper timing and planning make a difference in the midst of any occupational shift.

In the spirit of timing, this offers an excellent opportunity to provide training to other employees that may be interested in leadership roles down the road or perform trail runs for potential candidates whom may be closer to the level of accepting more responsibility. Opening up the chance for employees to actively seek leadership roles and identifying top performers, organizations pave a greater road towards smoother transitions.

Through training and vetting, it is important to relay the shared vision of the organization. Engaging in transparent strategic conversations will not only help develop a greater vision for future success inter-departmentally but it will also magnify the strengths of top-performers.

Once an internal succession structure is identified, the process should be mirrored and appropriately transitioned to fit the hiring strategy, establishing the traits valued in top-leadership parallels that of new additions.

What defines a high-performing organization?

The ability for an organization to perform adequately doesn’t begin with goals and end with results. High performance is paired with strategic organizational structure and goal output.

Company leadership paves the way towards effectiveness. Through strong leaders, comes engaged and passionate employees focused on the organization’s goals and values. Leadership must have the understanding of the importance of acknowledging strengths of employees and building through weaknesses. This cultural design will, in turn, result in employees understanding their role within the company.

Effective organizational processes and procedures also allows for businesses to see high-performing results. From HR practices to marketing tactics, organizations must have established processes to yield wanted results. Granted, not every position allows for a clean step-by-step process. Solidifying a clear path towards company goals will provide employees and management the proper tools to focus on success should a situation arise that may initially detract from that.

The ability to react appropriately to change and complications sets strong organizations apart from the rest. While laying out an ideal plan of action provides the proper support for success, when things don’t fall according to plan, it is important to have a system that adapts. Growing a staff and culture that is able to manage a shift in plans, shows the strength and longevity of a company’s future.

Through the looking glass: prospecting a client through a different lens

The process to recruit a new hire must be able to accurately gauge their potential success based on the objectives of the company and the available position, whether it be through an in-person, phone or video interview. This can be achieved through either a two or five-step process.

The use of a two-step recruitment process is quick and simple. Screening the resume followed by an in-person interview is the best way to find a suitable candidate in the least amount of time since it requires little back and forth between the organization and potential employee. Two-step hiring also allows for a candidate’s on-boarding process to be streamlined in a time-efficient manner.

This type of recruitment process is best suited for quick hiring needs and helps distinguish warm versus hot leads. However, this process lacks the substance required to properly vet a large pool of seemingly quality recruits since the speed of hiring for an open position poses threats of under-qualified applicants.

In contrast, the five-step hiring system begins with a resume screen and is followed by a phone interview, video interview, in-person interview and finishes with on-the-job skill testing. This process is best used for positions that require deeper skillsets than average, allowing for interviewees to highlight their abilities over a lengthened period of time.

The five-step system is also ideal for positions with large applicant pools as each step in the hiring process will naturally separate top candidates from average candidates and grants hiring managers the time needed to properly evaluate a candidate’s potential and organizational fit. While this process allows for an in-depth evaluation of a future employee, it can be deemed too lengthy, causing candidates to lose interest and abandon the hiring process all together.

Not all hiring methods are the same, choose one that works best for the organization that will set you apart from your competition.