Newsletter Archives - WilliamCharles

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.

Contract or Interim Hiring

June 17th, 2019 by Amy Suitter

Contract or Interim Hiring

Most companies find contract staffing a complimentary addition to their overall staffing and talent acquisition strategy. Talent continues to be a challenge for companies given the supply and demand characteristics of the current economy and labor market. There are many reasons to consider hiring a contract employee.

Stay Flexible – One constant in business is change. Having a contingent element to your staffing budget gives you flexibility. This is true whether you are growing, shrinking or in a seasonal peak or valley. Contract options can help you stay lean.
Fill a Gap – You need a solution for a period of time, but not permanently. This might be filling in for a maternity or some other leave of absence. Perhaps you feel you need additional head count in a particular area and bringing someone in on contract can help you determine the right level of staff to hire on a more permanent basis. When someone leaves unexpectedly, filling the position on a contract basis while you take the proper time to conduct a thorough search may be the right approach.
Import a Skill – A contract resource can supplement your current team with a specific skill set or capability that is lacking. This also prevents you from making a long term hire for a specific skillset needed for a shorter term project or to build an organizational capability that doesn’t currently exist.
Expand Resources – This current labor supply environment makes it challenging to find certain types of talent. You can expand your resources by making use of people who are open to gig or project type work. This is also an option when you simply need more hands on deck to get something accomplished.
Contract to Hire – Sometimes all factors align and you may decide to convert a contract person to a direct hire. You now have a known quantity on board, a person that has already auditioned and can hit the ground running. This is a great way to tap into those on deck players for unexpected needs.
Optimize Finances – Use contractors to manage peak work-loads and projects. Keeping your direct hiring level at a level constant with the “valleys” will optimize your fixed employment costs. This will make your CFO happy!

Hiring contract or interim talent for shorter term needs is a compelling strategy in today’s labor market. Many professionals are finding it advantageous to work interim gigs. They can utilize skill sets they have developed that are in demand, build relationships with a variety of organizations and keep a more flexible work-life balance by working on a contract basis.

We will dive deeper into this subject in our July newsletter including misperceptions along with a couple case studies. If you are considering hiring talent on an interim or project basis WilliamCharles Search Group is happy to discuss this option with you.

Call one of our search consultants to learn more: 616-464-4355