Amy Suitter, Author at WilliamCharles

Beyond the Resume: Hiring for Critical Capabilities

February 25th, 2025 by Amy Suitter

By Bill Benson and Jeff McGraw

A key talent trend in 2025 relates to adjusting the long-standing hiring rubric. Large corporations, banks, and law firms have heavily relied on resumes that combine a degree from a respected university with aligning experience from a competitor or a characteristically similar environment. This hiring approach based on education, title, and specific company experience provided a tangible profile for recruiters to target, and it generally produced quality candidates. This begs the question… does similar or parallel experience ensure effective performance? I would argue this is not always the case. Other factors, including motivation, drive, soft skills, and cultural fit, often have a greater impact on performance.

As industries evolve and technology advances, the demand for critical capabilities has never been more essential. Organizations must shift from traditional role-based hiring to a skills or, better said, capabilities-based approach.

Why is this more important than ever?

Technology Changes – Having the capability to adapt to the rise of AI and automation requires organizations to hire for technical proficiency, data literacy, and adaptability.
Workforce Agility – Hiring based on critical capabilities rather than traditional job titles allows companies to build a more flexible workforce capable of pivoting as business needs change.
Diversify the Candidate Pool – By focusing on skills or capabilities, companies can widen the pool of candidates to consider for different roles.
Enhancing Competitive Advantage – Companies that focus on critical capabilities can drive innovation and efficiency and maintain a strong market position.
Retention – Filling positions based on capabilities will increase the ability of internal candidates to qualify for positions offering growth opportunities and improving retention.

This concept of hiring for critical capabilities is even more important for middle-market, family-owned, and private equity-owned businesses. These organizations often compete against large corporations that have more resources. These smaller to mid-sized companies can pivot and change direction more quickly, but only if they have the right type of talent to adjust and lead that change.

You can begin by identifying the skills or capabilities most critical to helping your organization reach its goals. This might be found through a GAP analysis of skills your organization lacks. It may also be competencies or attributes deemed “critical to succeed” within your organization.

For example, we have a client with a high-performing leadership team who seeks individuals who can collaborate effectively. Their definition of collaboration encourages leaders to set egos aside, invite ideas, and actively debate major decisions. The best idea wins, whether it is the CEO’s idea or an idea generated from within a team.

Another client is moving their organization toward a more data-driven business approach. They are looking across functions for people with analytical ability such as advanced Excel skills, who have experience solving problems and making decisions using key data.

Examples of common “critical competencies” include:

Agility – Ability to navigate constant change, including managing through ambiguity.
Business Savvy – Ability to translate functional (HR, Finance, Operations) concepts and actions to support overall business goals.
Critical Thinking – Solving problems by breaking them down and discovering the root causes and developing data-driven action plans that positively impact the business.
Building Effective Teams – Leading through influence and bringing teams together to focus on driving results.
Change Management – Actively lead and advocate for change in a digestible way.
Strategic – Able to conceptually see what needs to be done to meet the future.
Cultural Attributes – These may include compatible leadership and communication styles, e.g., servant leadership or other aligning work styles and personality strengths.

The key to success within an organization is cultivating a broad range of capabilities that transcend traditional “resume based” attributes. Gaining a clear understanding of those unique factors will give you an advantage in hiring and vetting the right candidates. Adopting this “critical skills or capabilities” hiring approach will help ensure resilience, long-term success, and a future-ready organization.

Happy Team Building!

2025 HR Talent Trends and Strategies

January 23rd, 2025 by Amy Suitter

By Bill Benson and Jeff McGraw

We focused our December newsletter on Leader and Manager Development, which remains the top priority on most surveys, from LinkedIn to Gartner to Harvard Business Review. Culture is also at the top of my mind this year. Improving how you develop leaders and creating a culture that supports leader development, growth, and advancement will give you a clear talent advantage.

Other top priorities for 2025…. Here are the top 6 areas of emphasis discovered in our research.

Workforce Planning and Organization Development
Aligning human resources and talent strategies with both short- and long-term business goals has become increasingly critical due to significant shifts in the labor and professional talent markets. Despite this urgency, a recent Gartner survey reveals that only about 15% of companies engage in strategic workforce planning. Why is this a pressing need? Consider the following examples:

Automation in Manufacturing: As manufacturing shifts towards greater automation, the current workforce may struggle to adapt, leading to higher turnover rates. To address this, companies must redefine hiring criteria, implement reskilling programs, and establish new hiring projections to meet the demands of an automated environment.

Leadership and Workforce Retirements: Organizations are facing a surge in retirements, particularly in leadership roles. For instance, some companies anticipate that nearly 50% of their leaders will retire in the coming years. Similarly, hospitals are experiencing record levels of nurse retirements. While managing these short-term challenges can be overwhelming, it is equally essential to step back and develop a long-term strategy to ensure sustained success.

Change Management
Both employees and leaders are navigating an era of rapid transformations, driven by shifts in workplaces, advancing technology, leadership transitions, and evolving competitive landscapes. These dynamics are contributing to widespread change fatigue, as reported by 73% of HR leaders in a recent Gartner survey. Furthermore, 74% of managers admit they are not sufficiently equipped to lead their teams through these changes. This underscores the critical role of HR in supporting change management. By fostering readiness, providing targeted resources, and guiding leaders through change initiatives, HR can help mitigate fatigue, enhance leadership effectiveness, and ensure smoother transitions for the organization as a whole

HR Technology
Understanding how to use AI is evolving. Everyone agrees AI can be effective in saving time, streamlining processes, and enhancing productivity. Those who have been using AI in the talent acquisition process are finding it less effective. People don’t like to be cat fished by a bot pretending to be a human. Unsurprisingly, candidates will equate their experience as a candidate to the experience they will get as an employee. Candidates strongly prefer a human screening the candidate pool rather than having their fate determined by a keyword search. The human touch remains important!

Candidate Experience and Employee Value Proposition.
Talent remains a top priority for organizational leadership. Creating a compelling employee value proposition (EVP) that aligns the organization’s culture, compensation, and benefits with the evolving needs and expectations of employees is essential for attracting and retaining top talent. The hiring process is often a candidate’s first impression of your organization, making it critical to deliver a seamless and engaging experience that reflects your commitment to employee success. While recent trends show less job-hopping and a more balanced power dynamic between managers and employees, this should not be seen as an opportunity to revert to outdated practices. Instead, it’s a chance to reinforce a forward-thinking approach that values and supports your workforce, optimizing long-term organizational value.

Innovate Hiring Requirements.
Larger companies are discussing a shift to “key skill hiring” rather than the traditional requirements that included a degree. If you are investing long-term in an employee, it is best to hire someone based on their innate or fixed qualities. Skills and understanding of an industry can often be learned, but more innate capabilities including someone’s drive to succeed, resilience, EQ, and willingness to go the extra mile, are not likely to change. In a talent-short market… prioritizing the list of desired qualities is key.

Workplace – Hybrid is here to stay.
Return to on-site work is trending in some industry sectors. Where will this likely end up? While some companies will successfully impose an RTW strategy, it won’t likely be the norm. An Upwork survey suggests that by the end of 2025, about 36.2 million Americans will work remotely, about an 87% increase compared to pre-pandemic levels. A Gallup study revealed that six in 10 remote-capable employees would actively seek a hybrid arrangement, with only 10% preferring full-time office work. Some professionals have remained at work due to the requirements of the role, but those working remotely will keep looking for a role with some remote work if they are called back to the office full-time.

The overall theme this year relates to HR helping organizations adapt to change. These initiatives all require a strategic vs traditional or compliance-based approach to human resources. Elevating this function should be the top priority if your HR department is not forward-looking.

This newsletter’s sources include Upwork, Korn Ferry, Harvard Business Review, and Gallup workplace surveys, as well as our own anecdotal research.

Talent Trends 2025 – Building Leadership Culture

December 10th, 2024 by Amy Suitter

By Bill Benson and Jeff McGraw

Tis the season to look ahead to next year! The 2025 trend most discussed this year relates to leadership development and building leadership culture. Creating a center of excellence for leadership development will naturally improve leader retention rate.

One of my references this year was a webinar conducted by Korn Ferry, which discussed results from their survey titled Workforce 2025. The survey cites that 67% of employees would stay in their role if they knew they would be engaged in a leadership development program. The survey also cites that less than 30% of employees believe their current programs are sufficient. Data from Gartner cites that 75% of HR leaders indicate that managers feel overwhelmed, and Gartner data further points out 70% of managers feel current leadership programs are insufficient to tackle future challenges.

The large companies in this survey benefit from training and development budgets and functions. Here are seven strategies that mid-sized and smaller companies can easily employ.

Internal Leader led Training
- Peer-to-Peer Training: Identify senior leaders or high-performing managers to mentor and coach emerging leaders.
- Lunch-and-Learn Sessions: Host informal training sessions where experienced leaders share insights or lead discussions on leadership topics.
- Job Shadowing: Allow aspiring leaders to shadow senior leaders to learn by observation and participation.
External Resources
- Outside Coaches can be a highly effective way to provide structured development. We are happy to make introductions to some great coaches!
- Leadership Development Workshops: Enroll employees in workshops or conferences focused on leadership skills. Tony Cortese at InSight Action Learning offers various in-house programs and individual seats at periodic leadership development training classes.
- Utilize assessments for team development. We like Pondera’s PVA and Management Integration training. DISC and Predictive Index tools are also effective in developing leadership skills.
Use Free or Low-Cost Content
- Books and Articles: Create a leadership book club with recommended readings. One suggestion – Lead to Win by Carla Harris, available audio or print on Amazon.
- Podcasts and Videos: Curate free podcasts or YouTube videos on leadership topics for employees – great content exists for no cost.
- Webinars through professional organizations.
Create Leadership Experiences
- Stretch Assignments: Assign projects that challenge employees to lead cross functional teams, manage budgets, or make strategic decisions.
- Committee Leadership: Encourage employees to lead committees or special initiatives within the organization.
- Rotational Programs: Rotate employees through various roles to build cross-functional leadership skills.
Partner with Other Organizations
- Industry Associations: Collaborate with trade organizations for leadership workshops or certification programs.
- Community Programs: Engage in leadership programs offered within the community. We highly suggest programs through the Family Business Alliance.
Encourage Self-Directed Learning
- Customized Learning Plans: Help employees set personalized development goals and provide resources to meet them.
- Access to Resources: Provide stipends for employees to purchase training materials or attend courses of their choice.
- Recognition for Development: Celebrate employees who proactively seek and complete leadership training.
Foster a Culture of Continuous Feedback and Learning
- 360-Degree Feedback: Implement a feedback mechanism to help employees understand their leadership strengths and weaknesses.
- Coaching Culture: Train managers to provide regular coaching to develop team leadership potential.
- Instill coaching, mentoring, and leadership development as key deliverables for each manager/leader within the organization.

Improving your approach to leadership development can be a critical aspect of your Employee Value Proposition (EVP). Other trends hitting this year’s radar included AI, other workplace trends, including Hybrid work and skills-based hiring. We will explore some of those topics next year.

You Hired The Best – 9 Ways to Keep Them Growing

October 22nd, 2024 by Amy Suitter

By Bill Benson and Jeff McGraw

Fantastic, you have hired a series of “A” players! Now…how do you motivate, engage and develop those individuals so they thrive and do their best work? It is critical to hire right, but it is just as important to unlock their potential. Is your organization designed for top or average performers? Here are nine strategies to maximize performance of your top-level talent.

The First 30 Days – Give them a clear understanding of goals and responsibilities. Take the time to over-communicate company processes, behavioral norms, tools and expectations. This will help set the employee up for long term success. Help them make connections with key peers, leaders, and team members. Often when someone fails, it is due to missteps in the first three months on the job.

Empower – Talented employees thrive when given the freedom to make decisions and take ownership of their work. Encourage them to communicate with you and others to gain input as needed. Empowering doesn’t mean leaving them on an island.

Promote Collaboration – Encourage teams to rigorously collaborate concepts and ideas with peers and leadership with the goal of arriving at the best idea or approach. This promotes a culture of teamwork and learning and mitigates the likelihood of mistakes.

Don’t Let Issues Fester – Your best employees will be frustrated if they see leadership as passive and not actively addressing deficient performance and problems. Your best employees want you to deal with the elephant in the room.

Provide Challenges and Allow Failure – The best performers will move at a faster pace. Keep them learning and keep challenging them with projects. Often the most impactful learning comes from failing -don’t deny the opportunity. Just be sure the lessons are learned for the future.

Leadership vs. Management – Encourage innovation and calculated risk taking. Stay involved to help them grow and show you are committed to their success. Micromanagement or not enough involvement (no management) will contribute to them leaving.

Competitive Pay – Pay for performance if you want to keep your best people. A top performer may double the output of a more average employee. If they believe they are treated the same, you risk them leaving for better pay elsewhere.

Strategic Involvement – It’s best if senior leadership takes the time to engage your high potential talent by sharing organizational goals and vision. Create a culture where top performers have a platform to share their ideas and suggestions. People who feel they are making a difference are far more likely to stay.

Recognize and Celebrate Success – Acknowledge achievements and reward top performance. A culture where “everyone wins a trophy” will foster mediocrity. Top performers want to see credit where credit is due.

Accumulating “A” talent and optimizing their performance will make a dramatic difference in your company’s performance. At WilliamCharles we take pride in finding “A” talent for our clients. We experience success when we get a front-row seat to see them thrive when they are put in the right environment!

Winning the Best Talent: 7 Hiring Strategies for Mid-Sized Companies

September 19th, 2024 by Amy Suitter

By Bill Benson and Jeff McGraw

Large companies that have name recognition often start with an advantage when attracting talent. Candidates know who they are and they often have a reputation for offering good benefits and opportunities. If you are going to win the best talent you will need to take a strategic approach.

Whether hiring finance or engineering talent, or seeking a specialized skill set, you will often be competing with one of these “name brand” companies. Large companies indeed have larger budgets, talent acquisition teams and the best technology. Here are ways you can improve your win-rate when competing for top talent:

1. Promote the Opportunity to Make an Impact

Employees feel particularly valued for their contributions when they have a noticeable impact on the company’s success. Create an environment where employees are allowed to take on broad responsibilities and projects that offer visibility within the company. Larger company roles tend to be narrower in focus and it is often harder to get noticed for promotion. Feature the ability to make an impact.

2. Focus on Career Development and Promotion Opportunities

As part of the onboarding and integration process, implement professional development plan. Connect the incoming talent with a mentor and develop continuous learning opportunities through on the job training programs. Expose them to broader roles and duties to keep them growing and learning.

Provide clear and attainable career advancement opportunities. In small to mid-sized organizations, employees often have the chance to wear multiple hats and take on new challenges, accelerating their career growth compared to larger companies

3. Fine Tune and Promote your Company Culture

Small to mid-sized companies are often close-knit, empowered, collaborative and more personal than a large company culture. Clarify the differences offered by your company in a way to differentiate yourself from larger companies.

Work life balance is important to most employees. Develop comprehensive wellness programs and benefits that address physical, mental, and financial well-being. This can include gym memberships, mental health days, stress management workshops, and financial planning assistance. Offer family-friendly policies such as flexibility to attend a child soccer or football game, flexible working arrangements and work from home options.
Engagement with the community. Promote a purposeful culture by offering time off to volunteer in the community. Encourage community involvement which can lead to referrals.
Develop partnerships with local universities to tap into their talent pipelines. Offer internships, co-op programs, and collaborative research opportunities to attract emerging talent.

While large companies or “corporate” environments have their benefits, we find that more people enjoy working for small to mid-sized companies where they feel less like a number and have a closer connection to strategic decisions and top executives. Mid-sized companies are often less political, less bureaucratic and offer more direct opportunity and flexibility.

4. Offer Competitive and Flexible Compensation Plans

While you may not match the salary of larger corporations, you can offer customized benefits such as work life balance, flexible work hours, remote work options, or extra vacation days. Consider offering unique perks like student loan assistance, wellness programs, or professional development stipends.

Provide opportunities for employees to have a financial stake in the company’s success through equity options or profit-sharing plans. This can be particularly attractive to candidates looking for long-term growth and investment in the company’s future.

5. Flexibility and Agility

Highlight the ability to work on cutting-edge projects or contribute to innovation in ways that may be less accessible in larger, more bureaucratic companies. Smaller teams can pivot more quickly and implement innovative ideas faster.

Emphasize the benefits of working in an environment where decisions are made quickly, and employees can see the immediate impact of their work.

6. Take a More Strategic Approach to Recruiting

Turn to third party recruiting firms to help target and recruit candidates who are not answering postings. This will give you an advantage over companies who are relying on large advertising budgets.

Offer employee referral programs and encourage your best employees to identify potential past colleagues or classmates. They are often the best advocates to promote the opportunity to like-minded potential employees.

7. Human Touch

Large companies utilize AI and automation to screen and communicate with potential applicants. Hone your communication to be more personal in style and tailored to the individual. Outreach should focus on valuable information to a candidate not what is important to the employer. In other words, the posting or outreach content should be focused on “attracting” rather than “screening”. Describe what you would like the person to accomplish, which is more appealing than a list of requirements.

Your initial live contact with the candidate should be warm and focused on understanding what is important to them. Large corporations may use automatic messages as a first contact. You can differentiate yourself from the start to build trust with the candidate.

Hopefully these tips will help you win the best talent!

Happy Hunting.

Hiring Right for Culture Fit

August 14th, 2024 by Amy Suitter

by Bill Benson and Jeff McGraw

If you are looking to hire individuals who will thrive in your organization, they need to have an environment that complements their style and approach to work. The gravity of culture fit becomes increasingly important when hiring leaders and is paramount if that leader is in an executive role.

Organizations will sometimes hire a new leader to adapt a culture. We often see this post-acquisition or during instances of ownership transitions. Organizations that need to change their culture due to market conditions or competitive pressure will need to consider several risk factors when approaching the change.

Failing to Consider Culture in Hiring Has Consequences

Owners, boards and top executives often favor attributes that lean toward their aspirations or a desired future rather than understanding who will successfully lead the current organization. Companies can be enamored by a person’s credentials or specific industry experience rather than a more holistic understanding of the candidate. These risk factors include the following areas:

Underestimating the Resistance to Change: Not fully understanding how current values, leadership styles and practices will react to a new approach. This can impact the effectiveness and performance of the new executive.

Misalignment of Expectations: Ownership and the new executive have conflict because they are not aligned fully on pace, methods and outcomes of changing culture. This falls into the category of “be careful what you asked for.”

Neglecting Employee Input and Ignoring Existing Strengths: This will lead to trust and morale issues which may result in losing your best employees. Listening and building upon strengths in addition to addressing needed areas of change will be more effective.

Lack of Communication: Failing to communicate the reasons for change and the role everyone will play in the change process, including the new executive, can be a critical failure point. Over-communicating needs to be the practice.

Lack of Support: Let’s assume you fully understand the factors involved in hiring your change agent. Failing to give the new executive the backing, support and time needed will hinder their ability to be successful. (See: Misalignment of Expectations.)

Understand Your Current Culture

The following diagram offered up by Harvard Business Review, and Spencer Stuart, offers 8 different organization cultures.

Lee Hecht Harrison does an excellent job giving examples and describing how these eight culture factors impact leadership activities in this article.

Hiring Right for Culture Fit: A Good Recipe to Follow

Vision and Values: Alignment in this area will ensure decisions and strategies that reflect the company’s core principles and lead to a more cohesive direction.

Leadership Style and Influence: A leadership style that aligns with the culture will resonate with and more effectively influence, motivate and retain employees.

Change Management: An executive aligned with the culture will be better equipped to lead seamless change.

Decision-Making: Culture fit influences decision making processes. The right fit will lead to someone making decisions that fit the values and be more sustainable in the long run.

Collaboration and Team Dynamics: Aligned leaders will create more harmony and an environment that is more innovative and efficient.

Brand and Reputation: Misalignment often leads to turnover and can additionally impact customer and investor satisfaction.

Long-Term Success: The right culture fit will ensure long-term success through continuity and consistent leadership.

Incorporating the right hiring specification which includes intangible “fit factors” along with effective behavioral and conversational interviews, assessments and references, are critical in identifying and selecting the candidate who will be most successful.

Check out another blog article we have on culture fit here.

Can we help you find a candidate that’s a good culture fit? Contact us.

8 Reasons For Outsourcing Your Executive Search

July 18th, 2024 by Amy Suitter

by Bill Benson and Jeff McGraw

Where do you start when you need to conduct a search for an executive level position? Do you have the internal resources to handle a project of this scope and evaluate candidates at this level? Do you need the search to be confidential?

Many companies hesitate about the cost of a fee associated with using a recruiting firm. While conducting the search on your own may save the expense of the fee, you also increase the likelihood of not finding and hiring the best candidate, which could cost you more in the long run. Networking or posting the position will lead you to some candidates and a few might even fit the role, but a thorough process led by a professional will help ensure you are achieving the best result.

Hiring the absolute best candidate should be the goal. It is about finding a transformative leader who can drive growth, innovation, and sustained success within the framework of your culture. Outsourcing your executive search with a professional search firm offers distinct advantages.

Here are eight reasons to outsource your search when the need arises:

Professionally Organize the Search: A consulting search professional will help you build the right specification, search strategy and internal hiring process. In addition, the search professional will help navigate involvement of stakeholders, internal candidates and constituent communication.
Better Candidate Pool: Executive search firms have extensive networks, research capabilities and the knowledge to access the entire talent pool rather than the 10-15% who might be actively networking and answering postings. Top talent will need to be recruited and won’t be answering postings. A better and deeper pool of candidates will always generate a better outcome. Additionally, you may want to increase the diversity of the candidate pool which can be done in a targeted way via a search firm. Recruiters may also be able to target companies that you are uncomfortable doing based on some type of relationship you have in the market.
Vetting and Discerning: Professional search firms have proven skills and methods to evaluate and assess candidates, not just for skills, but also for cultural fit, leadership potential, and alignment with your organization’s strategic goals. This added layer of discernment will lead to a better outcome and significantly decrease the risk of making an expensive hiring mistake. An executive hiring mistake is often 5 times the salary of the executive. The right fit from both a skills and intangible perspective will return the investment many times over.
Assistance with Every Step: You may not have the resources available to put the time into conducting a thorough search. The search professional will help you develop an interview guide, provide access to personality and psychological assessments, conduct references, background checks and bring other methods and tools to help you make the best decision possible. Having an experienced search professional walk through each step of the process with you is an invaluable resource.
Confidentiality and Discretion: Maintaining confidentiality during sensitive executive searches is crucial. Executive search firms provide a discreet process that protects your company’s reputation and minimizes internal and external disruption. You may have a need to conduct a quiet search while an incumbent is still in the role and the right consultant has extensive experience with this type of project.
Time and Resource Efficiency: Outsourcing your executive search saves valuable time and drag on internal executive resources that could be spent on other key initiatives. This also helps ensure you keep the project on track.
Negotiation and Offer Management: Experienced search consultants facilitate negotiations and manage offer details to ensure a smooth transition and acceptance of the position by the chosen candidate.
Long-Term Value: Hiring the right executive can have a profound impact on your organization’s trajectory. Working with a consultant that spends the majority of their time viewing and vetting top talent gives you a strategic advantage. Executive search firms help you make strategic hires that are game changers and contribute to the long-term growth and stability of your company.

Using the right executive search firm will provide a strategic advantage that goes beyond simply filling a position. WilliamCharles has deep and broad experience working across a number of different industries and sectors. We take pride in having close-up knowledge of the talent within our local markets around Grand Rapids, Michigan and Pittsburgh, Pennsylvania. We also offer capability across the Midwest and globally through an established network of partner search and recruiting firms. Partner with WilliamCharles today and let us help you find the exceptional talent that will drive your business forward.

Evolution of the CFO in Middle-Market Enterprises

May 30th, 2024 by Amy Suitter

by Bill Benson and Jeff McGraw

We have experienced a clear shift in the role of CFOs with our family owned and middle market clients. The CFO has always played a key role as a member of the executive leadership team and as a financial business partner. Risk management, cost containment, internal controls and increasing the value of the organization are typical areas of focus.

The CFO role has often been involved in strategic decisions but more as a catalyst rather than an alter ego. Today, CFOs find themselves involved in leading change, innovation, and business development decisions. One factor driving this change is the need for data and dashboards across the organization. In addition, the CFO is often at the helm solving problems and leading change, which also requires the right data to navigate successfully. This expanded role often requires transparency, more communication and emotional intelligence – (not always qualities associated with a finance leader.)

Many small to medium-sized companies have been operating fine with a controller who is more of a traditional accountant and less business focused. However, not every accounting leader is able to adapt and transition to a more conceptual and strategic role. This gap between the traditional controller and strategic finance leader becomes obvious and apparent when an organization faces a downturn, a growth spurt, or another type of change.

Here is a deeper look at what has changed in the CFO role.

Broader Responsibility Domain: While financial oversight remains a cornerstone, they now serve as key contributors to strategic planning, actively identifying growth avenues, and leveraging data for strategic insights as well as risk assessment.

Shifting Business Landscape: Middle-market companies face a host of financial and strategic challenges influenced by rapid digitalization, global economic shifts, and changing customer behaviors. CFOs must adapt to these evolving demands, displaying not only financial acumen but also an ability to pivot and drive innovation.

CFOs as Growth Catalysts: Today’s CFOs bring more than “check and balance” – they are growth catalysts. They play a vital role in shaping and executing the company’s growth strategy, proactively seeking expansion opportunities, forging strategic alliances, and overseeing financial aspects of mergers, acquisitions, and investments.

Tech-Driven Finance and Data Insights: The intersection of technology and finance is reshaping how CFOs operate. They harness advanced data analytics, AI, and automation to gain data-driven insights into the business. This empowers them to make informed decisions, optimize costs and foster a culture of innovation. Tech proficiency is now a fundamental skill for finance leaders.

Striking the Balance Between Finance and Strategy: Balancing financial stewardship with strategic leadership is an art. CFOs must maintain fiscal discipline while actively contributing to the organization’s strategic goals. This involves seamlessly transitioning between intricate financial analysis and high-level strategic thinking.

Fostering Collaborative Relationships: Effective CFOs understand the importance of nurturing collaborative relationships across the organization. They work closely with sales, marketing, and operations, to align financial strategies with broader business objectives. This collaboration fosters a culture of unity and shared goals. Finance has become every department leader’s “wingman” or more aptly put…wing person.

What Intangibles Are Critical? If you are a CFO and looking to build the right kind of capabilities…here are a few areas to focus your growth:

Business Savvy – Able to translate functional finance, HR & IT concepts to actions that support reaching business goals.
Critical Thinking – Utilize critical thinking skills, breaking down problems into components and using data driven action plans to positively impact the business.
Change Management – Bring emotional intelligence into play to advocate for change in a way that is digestible with minimal disruption. Successful CFOs are no longer command and control oriented. They need to be part of casting the vision and leading through influence.
Agile – Able to navigate constant change to develop both short term and long-term solutions. Work in gray areas and adapt plans along the way.
Team Builder – Able to build strong teams and get them focused on the right things that will drive results. Exert influence sometimes without direct authority.

Conclusion: The role of the CFO in middle-market enterprises is undergoing a remarkable evolution. No longer confined to managing finance departments, CFOs are strategic leaders driving growth, innovation, and success. By embracing change, cultivating collaborative relationships, and staying abreast of industry trends, today’s CFOs are well-equipped to steer their organizations into an exciting and dynamic future.

Hiring for Culture Fit in 2023

March 21st, 2023 by Amy Suitter

Hiring for Culture Fit in 2023 by Bill Benson

Are you struggling to find people who will stay with you long term? Do you have an intentional process to evaluate fit? We still see companies screening and measuring candidates against largely tangible requirements. Most companies see the importance of culture fit, but it hasn’t translated to the interview process. A best practice would be to evaluate both tangible and intangible qualities. If someone fails or leaves after a short time it is often related to how they fit within the company or some other intangible factor. Hiring an employee that fits well with the team and has a baseline of experience to build from is often a better hire than someone who has all the experience but doesn’t fit the company well.

It is easy to attach confidence to a candidate with parallel experience or be infatuated with a specific aspect like a skill set or competitor experience. Many of the factors we see as important are often skills that can be learned. Personality, drive, character, willingness to change, interest in learning and many other factors are inherent and won’t change.

The most discussed aspect of fit is “culture fit.” Culture fit refers to the compatibility of an individual with a company’s values, beliefs, and working style. The idea behind hiring for culture fit is that employees who share the company’s culture are more likely to be happy, productive, and stay with the company longer.

Consider employees within your company who are succeeding. What are the qualities they possess that make them successful? They have a good understanding of what it takes to be successful in your organization. It’s important to take a good look at the factors pivotal to the success of your top employees. This gives you insight on qualities to seek with your new hires.

When considering culture fit in the hiring process employers typically assess an applicant’s values, communication style, work ethic, and personality. This can be done through various methods such as:

Interviews: The interviewer can ask open-ended questions such as, “describe a culture that is a good fit for you?” “What elements or characteristics are you seeking in your next work environment?” “If you could wave a magic wand – what would you change in your current environment?” Here are some additional questions to consider.

References: Speaking to the candidate’s past colleagues or managers can provide insights into their work ethic and how they fit into a team.

Behavioral and situational interview questions: These types of questions can provide insight into how the candidate might handle different scenarios in the workplace.

Work samples and tests: Review a candidate’s previous work or give them a test or project that can give a clearer idea of their skills and abilities, as well as their approach to problem-solving.

Company events and activities: Inviting candidates to company events or activities can give them a sense of the company culture and help determine if they would be a good fit. Having the potential candidate spend some time in your environment will also give you a feel for how they fit.

Dinner or lunch: Having a candidate out with a small group in an informal setting like dinner or lunch will give you insight into their social skills.

Family-owned businesses have unique challenges and opportunities when it comes to hiring and building a successful workforce. Typically, these companies have strong cultures that value people, customers, relationships and teamwork. In the post covid environment, many of these family business values resonate with employees looking for stability in a caring environment. It is critical for these culture rich environments to take extra time to evaluate alignment. Here are a couple of tips for family businesses leaders:

Designate a key family member who has strong alignment and passion for the culture of the organization and involve them in the interview process.
Have a clear understanding of the elements that make up your culture and use those to help promote your brand. Elements like a focus on safety or employee development are examples that reinforce an environment that is meeting the needs of its employees.
Trusting relationships are developed when the employee believes the employer is focused on collective interests rather than profit. Make sure interviews are a two-way street where you ask questions about what is important to the candidate and what is important to you.
Develop purposeful opportunities for employees to volunteer and get involved with a community or not-for-profit organization. These activities will reinforce your culture of caring.

Here are some areas of “fit” to check that can contribute to an employee’s success:

1. Readiness to adapt and change
2. Self-Directed
3. Motivation and Drive
4. Values Alignment
5. Interest in Learning – Creative, Inquisitive
6. Capability to Work Collaboratively
7. Emotional Intelligence
8. Pro-Active – Able to “see the work” as well as execute.
9. Leadership Style
10. Character and Integrity

The cost of a hiring mistake can be 3-5 times the amount of the employee’s annual salary. A good interview, reference and assessment process will help you find a great fit for your organization.

Happy Employee Hunting!

10 Strategic Growth Questions for Family Businesses

August 31st, 2021 by Amy Suitter

10 Strategic Growth Questions for Family Business

By Jim Fox

Our guest column this month is written by Jim Fox. I’m excited to share insight Jim has learned throughout his successful career in growing businesses. He is now delivering that same insight to small and medium-sized companies needing his leadership and mentoring capability on a part-time, fractional cost basis. A great solution for companies who could use his extensive tool box!

Some advisors (bankers, accountants, lawyers, consultants, executive recruiters, insurance brokers, EOS implementers, etc.) of family-owned businesses, build advisory relationships beyond their standard services to better ensure their clients’ succeed decade after decade. This can be quite beneficial to family business owners when they are challenged with one or more of the following issues:

Market share is shrinking due to competitive changes
Sales are decreasing due to an industry disruption affecting customers’ buying habits
The owner is considering selling the business and the valuation is lower than expectations
The owner is transitioning the business to the next generation and is risk averse
The business cannot afford to invest in growth initiatives due to suppressed profits
The owner lacks time and/or desire to focus beyond the day-to-day operation

The following are 10 questions which family-owned business advisors can ask their clients to think about the big picture to generate more profitable growth and improve the probability of sustaining the business for generations to come.

What do you ultimately want to get out of your family business?

Understand the unconstrained desires of your family-business owner clients. Probe for clarity on what is most important, both economically and non-economically. Although there are nuisances to family-owned businesses, they should be run like any other business, which is to maximize realized shareholder value. This provides the foundation to support the owner’s goal relative to their family, employees or community. Family business and individual goals should be addressed carefully to keep harmony within the ownership group.

How confident are you that you are on a trajectory to getting everything you want out of your business?

The business owner may be on the trajectory, but more likely there are gaps or risks of gaps. Probe to understand what those gaps are. Regardless of whether the family-business owner wants to thrive or just survive, growth is needed to stay healthy. After all, costs rise, business markets change, and customer demand combined with competitive pressures evolve, often at an increased pace. Also, as a family grows, there are more family members to support.

Businesses that do not grow ultimately go out of business. Businesses that generate good cash flows, despite a stagnant business model, may not make it to the next generation or yield the desired price if sold.

A business mantra to grow forces a business to develop new products and services and deliver a solid value proposition to customers to be competitive. A growth mantra enables an upward performance trajectory which generates the financial resources to reward ownership, employees, and community. Growth needs to be healthy, resulting in incremental profits. After all, growth for the sake of growth is the ideology of the cancer cell.

What are your growth plans for the business? How were these plans developed?

Determine how much growth is sought and gain an understanding of the plans to achieve this growth. Understand past plans and growth achievement to inform the confidence level of executing growth plans. Probe how the growth will be achieved through a mix of organic growth in current markets, expansion into new markets, development of new products, M&A, etc. Regarding plan development, ask if these plans were developed in isolation, through brainstorming sessions and/or through using data analytical tools. Was there input from an advisory board? Brainstorming continues to be a best practice to unlock the creative power of a group which outperforms what can be achieved by any individual working alone. A newer technique to identify less obvious investable growth opportunities is to complement brainstorming with data analytics tools. This approach uses algorithms to find patterns amongst hundreds ofunstructured data sources to identify clusters and specific growth opportunities to expand organically or through acquisition.

Engaging an outside facilitator for strategic and business plan development can often improve the results of this planning process. The facilitator can help ensure that the approach used to determine the appropriate business strategies is fact-based and opinions of all team members are respected.

What are the biggest growth roadblocks your business faces?

Discuss the biggest threats to achieving the business goals, both external and internal. These may be legacy issues or unfavorable external trends which, if the business does not adapt, will present ongoing and increased headwinds. Note, competition should not be at the center of their strategy. Focus on external factors, especially accelerating trends, and look for opportunities to reshape industry structure to be better positioned with both customers and non-customers in the future.

How are your customers changing and what might they want in the future?

Examine market dynamics and how your client’s customer base is evolving to inform how this will impact their strategy. Improve the probability of investment success by gaining fact-based market insights versus decisions substantially based on opinions and gut. Extend thinking beyond current customers and brainstorm possibilities to reach beyond current demand. Providing your client with information such as market research builds your credibility. Share your synthesized point of view about what your client should consider to achieve their business objectives.

What could disrupt your organization’s growth?

Examine potential disruptions to the business, whether it is losing market share, increased regulatory requirements, or the effect of potentially industry game-changing technology. These are the sudden shifts that could have profound impact akin to what businesses experienced with the COVID-19 pandemic. How can the business be best positioned to align with favorable trends and mitigate the risk of unfavorable ones? Is there an opportunity to initiate industry disruptions to your client’s advantage? For example, how can a lower cost position and differentiation be achieved at the same time?

What should your business do more of to fuel growth?

Understand the commercial strengths of the business at this time. What are the foundational elements that should be bolstered or minimally maintained? To what extent can relationships and assets be leveraged to grow? Are there synergies with other businesses owned, privileged relationships with customers or industry specific talent, or competitive advantage from distinctive capabilities, assets or processes?

How can products and services be improved from the current offering?

Explore how your client can improve the products or services they bring to the market. What are the opportunities to penetrate further with existing customers in existing markets? What are the product or service opportunities to enable this? What are the logical market adjacencies to current markets and opportunities to win with existing products? Which new products or services grow the bundle sold to existing customers or win more customers in existing and/or new organization where they are part of a “greater good.” Community volunteering or other employee enrichment programs will provide another reason for people to stay.

How is your community?

One of the reasons people stay in their jobs is due to relationships they have with co-workers and their boss. This has become more difficult through a movement to “remote” and “hybrid” work. Managers will need to find new and creative ways for their teams to build those relationships with each other or they will lose this “stickiness”.

Managers who are spending their time and energy on upward “impression management” or who lack a strong connection with their direct reports, will lose their top performers. A thoughtful and planned approach to management is critical for every leader. Everyone should assume that their best talent is being recruited every day. The truth is the bar has never been higher for leaders in today’s environment.

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