Month: June 2012

Effective recruitment strategies for startups in any industry

At a startup, the recruitment process is especially critical, as each new hire will have a greater impact on the overall quality of the organization.

Hiring is an important area of focus for a business of any size, as the value of a company’s products and services depends on the skills of its staff. However, at a startup, the recruitment process is especially critical, as each new hire will have a greater impact on the overall quality of the organization.

Recruiting accountants and other skilled workers can be particularly challenging. In a recent article for Ere.net, Dr. John Sullivan, a professor of management at San Francisco State University, discussed several strategies startups can use to increase the effectiveness of their recruitment efforts, especially when they are hiring in competitive fields.

Sullivan advises startups to recognize their natural advantages. Many people are intrigued by the idea of working for a startup. The small size and limited bureaucracy gives all employees more of an opportunity to become involved in business conversations and decision-making, allowing them to feel like they are making more of a difference overall. There are also the career benefits of “getting in at the ground floor,” which can be significant if a startup is successful.

An effective recruiting strategy will put these facts front and center, alongside the company’s other selling points, such as being located in a great area or offering the chance to work with cutting-edge technology. It is important to construct a compelling narrative about the company that entices talented candidates and allows employees and associates to refer other individuals for jobs without having to “sell” them on the business.

Even in a challenging hiring environment, it is simply critical to recruit top-notch individuals for important jobs in finance. Many business are able to benefit from working with professional recruiters. The expertise brought to the task by the staff at recruitment firms can help any company experience success in a financial professional search.

Preparation is the key to keeping calm under pressure

There isn’t any situation so bad that you can’t make things worse by allowing yourself to panic. One way or the other, everyone in business is sure to learn this lesson eventually.

There isn’t any situation so bad that you can’t make things worse by allowing yourself to panic. One way or the other, everyone in business is sure to learn this lesson eventually.

You may be giving a presentation when your carefully designed PowerPoint presentation screeches to a halt as your computer freezes. While it may be a tempting distraction to send your mind racing with counterproductive thoughts about how disastrous this is, the better option is to take a deep breath and move forward with confidence.

Of course, this is easier said than done and sudden disruptions can often leave a person feeling shocked and incapable of acting.

The key to overcoming this sort of situation is to create extensive contingency plans before entering into any situation where you will find yourself “on the spot” and have to think on your feet to adapt to events as they unfold. The more “what if” scenarios you have worked through in your head beforehand, the lower the chance that you will end up encountering unexpected problems.

For example, if your company has made you responsible for overseeing the set up of a new foreign subsidiary and you have to give a big presentation on your progress, you don’t want anyone to surprise you with in-depth questions about local tax structures that you aren’t prepared to answer.

You want to have spent the preceding days carefully preparing, going over every detail of the situation with experts in the field. You want to have lined up a top-quality international tax consultant immediately after you were assigned the task, to ensure that you have sufficient time to investigate and resolve complex issues.

Working with a firm that offers financial project consulting services should be a key part of any executive’s strategy for mitigating risks and maximizing opportunities. Relying on the advice of professionals helps a company’s leadership team prepare for contingencies and keep calm under pressure.

Company vulnerable over former CFO’s irresponsible tweets

Francesca’s Collections, a retailer of women’s apparel, may currently be in hot water with the Securities and Exchange Commission (SEC) over messages sent out on Twitter by the company’s former CFO, Gene Morphis.

Francesca’s Collections, a retailer of women’s apparel, may currently be in hot water with the Securities and Exchange Commission (SEC) over messages sent out on Twitter by the company’s former CFO, Gene Morphis.

On March 7, six days before the company filed its annual report with the SEC, Morphis tweeted “Board Meeting. Good numbers=Happy Board.” This appears to be a violation of SEC regulations, as the tweet contained material, nonpublic information that was divulged only to a select audience – Morphis’ Twitter followers.

Morphis’ name did not appear on the account profile, but it was linked to his Facebook and LinkedIn accounts as well as his personal blog. The account has since been deactivated.

After a two-day investigation, Morphis was fired on May 13. In a press release announcing the termination, the company simply stated that he had “improperly communicated company information through social media.”

Francesca’s Collections claims it had been unaware of Morphis’ activities prior to May 11, but the company may still face SEC enforcement action. David Cifrino, a securities attorney, told CFO Magazine that violations of that type typically result in monetary settlements ranging from $50,000 to $500,000 and, more importantly, can do significant reputational damage to the company.

“To the extent the company can show it had policies prohibiting that sort of behavior, the SEC might take that into consideration,” says Cifrino. “But ultimately, a company is responsible for the behavior of its officials, and anyone it entrusts as CFO ought to know that tweeting material nonpublic information would be a problem.”

The incident clearly highlights the risks of hiring unreliable individuals for high-level executive and financial positions. CFO jobs especially demand individuals with discretion and a forward-thinking disposition.

Working with professional recruiters can help companies ensure that they are reaching top-quality candidates in every financial professional search. Relying on the judgement of experts allows companies to avoid future scandals by hiring the right applicant for each open position.

Reduce the number of stressors affecting your company’s executive team

A recent article published by Forbes Magazine emphasizes an often underappreciated point about holding executive jobs: it may yield great benefits, but it also causes significant stress.

Using the example of JPMorgan Chase CEO Jamie Dimon, whose company is currently reeling from recently revealed trading losses totalling billions of dollars, the piece examines how executives can suddenly find themselves dealing with periods of particularly intense stress.

The article also cites a report from health.com investigating the unconventional health risks associated with different professions. Relying on input from healthcare professionals, the site offers a brief analysis of the risks posed to individuals who hold executive positions.

“We know that too many hours at work takes away hours that could be used for health-promoting activities,” explains Dr. L.Casey Chosewood, senior medical officer for the Total Worker Health program at the National Institute of Occupational Safety and Health. “Often senior leaders have these very driven, type-A personalities – something that’s already associated with increased heart disease risk.”

Other types of office workers were also identified as having elevated risk of developing various conditions and diseases such as obesity, back pain, repetitive stress injuries and heart disease.

However, some stressors can be relieved by outsourcing services. For instance, working with corporate recruiters can help significantly reduce the level of stress experienced by your company’s executive team.

Especially if multiple positions are vacant and corporate leaders are simultaneously responsible for picking up the slack and searching for suitable replacements, the stress of keeping so many balls in the air at once can become overwhelming. Exhausted leaders can’t devote their full mental capacity to making important decisions, which can have serious ramifications.

That’s why it makes sense to share the burden with professional recruiters, who bring their experience and full-time focus to the task of finding high-quality candidates for a company’s open positions.

Research reveals positive trends in executive job market

ExecuNet, a senior-executive networking group, recently released the results of a survey involving over 4,000 executives and hundreds of executive-search and human resources professionals.

ExecuNet, a senior-executive networking group, recently released the results of a survey involving over 4,000 executives and hundreds of executive-search and human resources professionals. The research turned up a significant amount of optimism among respondents, centering on indicators of an improving market for executive jobs.

Topping the list of good news was rising interest in high-level hiring. Of the companies represented, 25 percent expect to add new executive positions during the remainder of 2012.

There was also evidence of increased interest in retaining talented individuals. Of the executives surveyed, 67 percent said their companies are focusing more on executive retention compared to last year. Over 50 percent said their companies are increasing executive salaries and bonuses to retain top quality management staff.

However, the executives were still looking to maximize their options, with 58 percent saying they had updated their resumes in the last three months and 67 percent saying they were now actively using the internet to shape their professional image and increase their visibility to potential employers or business partners. Furthermore, 66 percent identified networking as the best way to open up new opportunities and expressed interest in expanding their own professional networks.

A great way to reach out to established executives is to work with one of the recruitment firms that specializes in your company’s industry or geographical area. The executive recruiters surveyed by ExecuNet stated they were expecting a 21 percent increase in executive-search assignments compared to last year. This surge in usage clearly illustrates the utility of working with professional recruiters, as perceived by those companies that are currently looking to expand their executive teams.

At tech event, Apple CEO Tim Cook talks about assembling a solid leadership team

On the first day of the recent “D: All Things Digital” technology conference, Apple CEO Tim Cook took the stage for an in-depth interview with the event’s hosts.

On the first day of the recent “D: All Things Digital” technology conference, Apple CEO Tim Cook took the stage for an in-depth interview with the event’s hosts. Discussion covered various topics, including Cook’s leadership of Apple, the legacy of his predecessor, Steve Jobs, and general trends in the technology market.

Cook appeared to be primarily interested in keeping the conversation focused on Apple’s product line, but he also had much to say on the subject of effective corporate leadership and team-building. He said he was working to preserve the innovative corporate culture at Apple and ensure that it remained a place where people wanted to work.

He also stressed the value of maintaining the loyalty of top people. “We have a privilege, because if I look around the executive team, many of the people are people I have been working with for double-digit years,” Cook said. But of course, in order to retain talented individuals, you have to hire them first.

One of the best ways for a company to ensure that it is filling its most important executive jobs with high-caliber individuals is to conduct searches in coordination with an executive recruiting firm. Working with professional recruiters adds an extra dimension to any given candidate search, as they bring an intensive focus and an unmatched level of experience to the hiring process. This allows them to ensure that applicants are thoroughly qualified and only selected for positions at companies where they can excel.

In fact, that’s exactly how Steve Jobs came to hire Tim Cook as Apple’s chief operating officer (COO) in 1998. Working with professional recruiters helped him identify the man who would not only govern Apple’s worldwide operations for over two decades, but ultimately succeed him as CEO. And, Cook continues to stand as a firm reminder of the value of working with a quality executive recruiting firm.