Newport Board Group, a national professional services firm of CEOs and senior executives, asked our partners to recommend how CEOs should grapple with changes that are transforming how middle market companies recruit, evaluate and retain talent.
In a previous article, our partners provided guidance on this key issue. We mentioned there, some of the factors that are transforming the employment “deal” for companies and their employees. It’s time for emerging growth companies to face a new human resources reality.
In this second article, we get the views of other Newport partners on how companies should update their talent strategies.
Annette JacobsAnnette, a Newport Managing Director in the Pacific Northwest, has been a company President or CEO for 20 years. She has developed strategies and driven revenue and EBITDA improvements at multi-billion corporate and mid-stage, venture-backed businesses.
“Companies go through transitions and competition is changing every day. It is important you have "utility" players who can grow with the changes.”
Sam, a Newport partner in Atlanta, is a seasoned executive with a record of implementing strategies to enhance revenues and profits across a variety of industries. He has particular expertise in assisting clients in redesigning their sales organization and sales management processes.
“Key steps include: initial compilation of a lifestyle/occupational job profile describing the key factors required for success in the job; processes to collect a wide range of resumes and screen them objectively and using people who know how to interview and can deploy multi-layered, situational interview processes and tools. Finally, a rigorous process must be in place to compare and correlate interview results and observations.”
Richard, a Newport partner in Phoenix, has had a 30 year career as a leader of for-profit and non-profit organizations. Most recently he was the Founder, Chairman and Executive Director of the Arizona Business Coalition on Health.
“I suspect that a major issue these days for a CEO, particularly one who is a bit older, is not to judge people based on hairstyles and facial hair, clothing styles, body art (tats), body piercings and other appearance and fashion issues. These styles change radically with every generation. The good news is that the rules and guidelines relating to good or bad performance never change. And employers have a lot to learn from the attitudes and desires of millennials, who comprise a growing share of the market.”
Bill, a partner in Newport’s Atlanta practice, has, among other executive roles, served as CFO and COO of a staffing company and CFO of a wireless service provider in the Caribbean.
“As his or her business grows the CEO needs to bring his team into the recruiting process.”
Steven is a Newport partner in New England who has driven growth and turnarounds as a CEO, business leader, board member, and advisor in the HR Technology, Business Services, Financial Services, and Health Care Payer industries.
“Employer branding and inbound recruiting through social media are two of the drivers of recruiting today on which CEOs should focus. In addition, there is greater opportunity to pursue a variable labor cost strategy for portions of the workforce through outsourcing, third party staffing firms, and interim and/or fractional executives.”
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Billie is a Newport partner in the Pacific Northwest who has been Executive VP and CIO of TrueBlue Inc. (NYSE: TBI) the largest industrial staffing firm in the U.S.
“Now more than ever an organization needs to have talent that reflects the industry and market that they compete in. A CEO would be wise to establish a set of values by which the organization will live and a clear objective. Then, adjust the recruiting methods to target those values—as opposed to the traditional focus on specific skills. The best teams are rarely what a template or process would predict - they are made of motivated, diverse individuals with a common purpose.”
Ted Parrish is a Newport partner in Dallas. His background in advisory services includes solving strategic and operating problems for banks, financial service companies, manufacturers, distributors, retailers and transportation companies.
“A problem with the way many CEOs hire: they hire people they are comfortable with, no matter what the circumstances. This can lead to ‘group think’ and stagnation.”
For a decade Julie, a Newport partner in Denver, held high level executive roles in the Russian and European business units of May Kay.
“Once you decide who and what you want in employees, executives and advisors, use all of the incredible tools now available on the internet for finding and connecting with people and companies. Then go out and find them. Don't wait for them to come to you or rely on someone else to go out and find them. Only you know what particular roles and skills you need. Don't stop until you find them.”
Mark is Newport’s Chief Knowledge Officer. He has held similar roles in both global consulting companies and entrepreneurial professional services firms.
“In today’s highly dynamic markets, a company’s agility and nimbleness are key ingredients of success. Prioritize hiring people who are good learners and can adapt quickly to changing circumstances. But insist that they also be ready to fall in line with their colleagues to carry out even decisions they may have misgivings about. Thinking for yourself shouldn’t obviate cohesion and loyalty to the company.”
Peter has extensive experience as a senior executive and advisor on issues like corporate restructuring, debt management, cost management and fundraising.
“CEOs need to put greater emphasis on familiarity with technology. Most companies need to recruit younger workers to help address younger and more diverse markets.”
Joan is a Newport partner in Phoenix who has held a number of senior management positions with CNA National Warranty Corp, culminating as President and CEO.
“It isn't just about the candidate's resume but also about attitude - willingness to listen, collaborate and stretch to learn new skills and keep abreast of fast-moving changes in technology and markets. In evaluating employees, what they contribute to the team is important as well as their individual accomplishments. Do they offer ideas and feedback to other team members? Do they readily accept ideas and feedback?”
John, a Newport partner in New England, has delivered top- and bottom-line results running a wide range of companies, including several units of United Technologies Co. (UTC) in the fire suppression business.
“An effective CEO must adapt to changes in the environment and technology. With the pervasive influence of the internet, a CEO must be able to develop and assess the skills of prospective employees to help the company take advantage of new technologies like social media and mobility. The challenge is that younger employees tend to be more conversant in this area. Their value must be weighed against the greater experience of older workers.”
Patrick is a Newport partner in West Florida who has top executive team experience ranging from the Coca-Cola Company to a privately-owned, mid-sized wholesale distributor and a start- up advertising enterprise.
“The CEO needs to envision what talent and skills are going to be needed in the organization to achieve the strategic objectives over the next five years or so. Decisions will need to be made as to whether the organization can develop those talents and skills internally or if it will be necessary to bring them in from outside the organization. The organization needs to be rigorous in evaluating internal and external candidates against the skills and talents necessary for each position in the organization. Succession plans need to be in place for each key position and re-evaluated at least every 12 months.”
“Avoid the inevitable transition that causes 9 out of 10 companies to fail.”
No Man’s Land is the growth stage where companies become too big to be small and too small to be big.
Learn the common symptoms of No Man's Land and how to focus on the right priorities to overcome it.
