How Using an Executive Search Firm Can Safeguard Against Bad Decisions

In 2009, Harvard Business Review published the article, “Why Good Leaders Make Bad Decisions,” by Andrew Campbell, Jo Whitehead, and Sydney Finkelstein.  The article posits that “leaders make decisions largely through unconscious processes that neuroscientists call pattern recognition and emotional tagging.  These processes usually make for quick, effective decisions, but they can be distorted by self-interest, emotional attachments, or misleading memories.”

To avoid making bad decisions, “Managers need to find systematic ways to recognize the sources of bias – what the authors call “red flag conditions” – and then design safeguards that introduce more analysis, greater debate, or stronger governance.”  One of the ways to safeguard against bad decisions is to utilize an executive search firm.

Here are some examples of how not using an executive search firm led to a bad decision:

1. The CFO of a debit card company was weighing whether to continue using outside counsel or to hire either an in-house counsel or a chief compliance officer.  The CFO mistakenly believed that making this hire would be expensive and elected to continue using outside resources. Had an executive search consultant been used, the company would have learned that there were many regulators who would be interested in such a job at a reasonable cost.  Instead, the company was slapped with a $1 million fine by its regulator.  

2. The board of directors of a bank sought to diversify its leadership team by hiring a diverse General Counsel.  They left the hiring decision to the current General Counsel who hired a law partner from one of his go-to firms.  While this partner met the diversity metric, the partner did not have prior bank experience. Had the bank used an executive search consultant, they would have learned that there is plenty of diverse talent with prior banking experience who would have been better suited for the role.  Instead, the bank now has to defend this hiring decision to its regulators.

3. A venture fund had great success bringing in corporate law partners from its go-to firms to be the General Counsel for the start-ups it funded.  This became the formula that it followed. The former corporate law partner did not have prior industry experience, did not bring tried and true processes and procedures but had to invent them on the fly, did not have experience with employment, IP or antitrust matters.  The company ended up paying millions of dollars in outside legal expenses and lost substantial value when issues in these areas came to light.  Had the venture fund used an executive search consultant, it would have learned that there was plenty of reasonably priced talent available who had prior experience in that industry and could have put processes into place that would have safeguarded against their problems.

4.  The CEO of a Fortune 500 company did not like his current General Counsel so he fired him and promoted the General Counsel of one of its divisions.  While the new General Counsel had the technical expertise to do the job, he did not possess the leadership skills to run the entire department.  This lead to departures and employment litigation. Had the CEO brought in an executive search firm, the firm could have benchmarked his favored candidate against other internal and external candidates and identified a person with both the technical and leadership traits needed to be successful in that role.

A good executive search partner will help you navigate internal biases and raise your awareness about all of your options.  They will help to guide you to making the very best hiring decision.  As you can see from the examples given above, bad hiring decisions can be extremely costly. Using an executive search firm is a great way to systemize and safeguard against bad hiring decisions.

At Carrington, we are trusted advisors to our clients.  We have a long track record of finding just the right talent for a role, which in turn, helps our clients succeed.

Ready for a partner who has your back? Schedule a call with us today. https://app.hubspot.com/meetings/carrie13

Not sure if you have the right executive search firm? Check out: https://carringtonlegal.com/blog/2017/4/24/8-ways-your-executive-search-firm-can-make-you-look-like-a-hero

The ONE Best Way to Find the Best Company+Candidate Fit

After eighteen years in the  executive search business and conducting thousands of interviews, I think my clients would agree that the hallmark of my success has been nailing cultural fit:  being able to hone in on whether or not a candidate will fit into an organization and thrive there.  Why am I so successful at getting it right?       

            I FOCUS ON VALUES.

Values, something our country seems so hungry for right now.  Granted, the candidate must have the baseline work and interpersonal skills to reach this stage, but if the values of the organization match the values of the candidate, then it's magic.  Then, it becomes about fit for the role in the organization (but I have seen companies snag candidates who are outstanding cultural matches and develop them into the role).

My favorite question, which often tells me the most about a candidate's character:  "We all have moments in life that define us.  Please take a moment and reflect and then tell me about a moment that defined you and how it did."  This is when I get the good stuff.  "My dad died of brain cancer when I was 5 and I had to be the father to my siblings. I grew up fast.  Family is everything.  I live everyday to the fullest."  "My dad was a major league baseball pitcher and he never let up on me, always demanded perfection. He taught me the value of hard work and how to overcome obstacles."  "I am a single mom, I worked, went to school at night, while my mom was dying.  I value hard work, family, have empathy for others."

I have been blessed to work with companies that have clear missions and values.  When you know what you are aiming for, it's much easier to nail it.

If you are looking for just the right fit, let's talk.  

Carrie Trabue is President of Carrington Legal Search. Carrie@Carringtonlegal.com.

6 Lessons from David and Goliath That Can Advance Your Career

The biblical story, David and Goliath, is something most of us have related to at some point in our lives.  Malcom Gladwell wrote a brilliant book about the story by the same name which I highly recommend.  Here are my thoughts on how it applies to your career:

1.       Be Targeted and Strategic in Your Approach 

David did not approach Goliath without a plan.  He did his research.  He did not use conventional battle.  He would have lost if he did.  Instead, he identified a vulnerability and used a targeted approach.

I attended Tulane Law School and was in the middle of my class.  I admit to enjoying law school in New Orleans.  The years I was in law school jobs were not plentiful, so everyone was scrambling for clerkships.  Many of my fellow classmates paid services to send their resumes to every law firm in the US.  I sat down and thought about everyone I knew, or my relatives knew and decided to send ONE letter.  I wrote a letter to the Managing Partner of a top firm in Atlanta explaining to him why he should hire me for a clerkship.  He picked up the phone and called me the minute he received the letter and after interviewing me over the phone, offered me a clerkship.  Why?

2.       Send Your Best, Well-Timed Message  

Just as David was careful selecting his stones, it is just as important to spend time crafting the right message to a prospective employer.  Why was he so quick to call me?  I had researched him.  I explained to him how I admired him and his firm and the specific work they were doing.  I referenced the people who we knew in common and offered them as references.  Was that enough?  

David waited forty days before approaching Goliath.  He "iced" him.  He chose the time of his approach carefully for strategic reasons. Similarly, I had done my research.  I knew that this firm was hiring for clerkships and had just landed significant new work.  Many of my classmates were sending resumes to law firms that weren't even hiring.

3.       Know Your Strengths in Relation to Your Audience 

David knew he could defeat Goliath because he knew he was a great sniper (albeit with a sling shot).  He was able to approach with a quiet confidence because he was prepared, had a strategy and had carefully chosen his rocks (message).

Similarly, I had carefully chosen to write this ONE letter to a person who I felt could identify with me.  He was the name partner of a major Atlanta firm.  He was wildly successful, but he was not on Law Review.  From all accounts, it was his skill in the courtroom that had led to his success.  It was by emphasizing my strengths that I felt that HE would find valuable that I captured his attention.

4.       Be Vulnerable and Authentic: It Disarms People

David showed up in a simple tunic.  Don’t pretend to be something you aren’t or pretend to be better than you are.  In my ONE letter, I related just enough to make him curious.  I became relevant, real.  I stood out from the crowd.  I wasn’t just a resume. He became invested in getting to know me and helping me with my career.

5.       Courageous Action is Rewarded 

It is often forgotten that David volunteered to go up against Goliath!  Was he nuts?  No.  He knew his strengths.  He had a strategy.  He stepped forward with confidence.

Whether it is volunteering to take on a role or project, or sending a targeted letter,  don’t wait for your career to happen to you, take courageous action and create the career of your dreams.

6.       Go Big or Go Home        

David did not volunteer for a low profile project.  I did not pursue anything other than exactly where I wanted to be.  Identify your goal and with singular focus, pursue it.  Take advantage of the opportunities to stand in the limelight and swing for the fences, but always be targeted and strategic in your approach, send your best message, know your strengths in relation to your audience, be vulnerable and authentic, step forward with courage and then slay your Goliath!

Carrie Trabue is President of Carrington Legal Search, a retained executive legal search firm with a track record of long term relationships and hires that stick. www.carringtonlegal.com

Has Your Company Adopted the Tinder Approach to Search Firms?

Picking the right search firm is like dating.  There are a lot of good looking firms with pretty PowerPoint presentations which make empty promises and leave you wanting.  Like the dating scene, with social media and email, it has gotten so noisy, it has become increasingly hard to find that right partner. 

With LinkedIn and other social media, there has been a massive shift in search firms and talent acquisition executives’ ability to easily identify and connect with each other.  With this shift, I’ve noticed some companies move toward the Tinder approach to search firms:  the idea that it is best to always have a few search firms competing for their work and the mentality that “You can’t be stuck in one lane … There’s always something better.”  The companies are very upfront that they aren’t interested in partnership:  "this is just a one-time deal, then you have to compete again." How much investment do you think those search firms are going to put into those assignments?  What have these companies communicated about their culture and values?  What kind of talent do you think they are attracting?

An opposite approach:  develop partnerships with select search firms. 

There are significant advantages to this approach:

1.    When you work with a few partners, it is easier to manage the process and it makes sense to “open the kimono” and share more about the company, its executives, strategic initiatives and other information that can significantly help the search firm in crafting the message to recruit the right talent for where the company wants to go to meet its business objectives.  The more information your search firm has the better job it can do.

2.    A search firm that is treated like a partner is more likely to invest in the relationship. They should visit you on campus on a regular basis, tour the company headquarters and be able to speak to its attributes and the surrounding neighborhood and metro area.  They should be familiar with your relocation policy, compensation plans, retirement and the like.

3.    A search firm partner will invest in getting to know and follow company reports, information, and announcements.  A great company partner will make sure that its search firm partners are armed with the latest news.  Being active in the marketplace, your search firm partners should be treated as PR machines that can spread the word about company awards and accomplishments and know how to spin company departures.

4.    With a partnership, it makes sense for both parties to invest the time for the search firm to get to know the relevant company executives and their backgrounds.  By knowing their backgrounds, your partner can save you time and money by highlighting overlapping employment, schools, and interests. This information is also extremely important in assessing fit.

5.    After placing people on the team, the search partner knows the personalities, the strengths, and the weaknesses of the team.  The partner also has a very clear idea as to cultural fit.  This information only helps to make each succeeding placement better.  With an on-going dialogue with the company, the search partner can identify and create a talent pipeline for the company to help fill gaps, aid with succession planning and meet other needs.

6.    When you are working with a true partner, it’s about the relationship.  When you know they are looking out for you, you look out for them.  A partner goes above and beyond what is required. A partner makes sure they know about candidate weaknesses, as well as strengths, so you know what you are getting and can coach up accordingly.

7.    If any issues come up, a partner raises a hand and acts to protect the company and the hiring manager.  They are vested in the long-term relationship.

8.    A partner can passionately communicate the culture and values of the company.  By working closely with the company, they become evangelists for your brand.

9.    A partner finds talent that stays because they want to continue the relationship!  They understand that they must deliver outstanding talent that stays for that to happen.

10. A partner cares about the talent acquisition executive and hiring manager.  They understand that it is only a win if they make them look amazing!

How are you engaging with search firms?  Have you adopted the Tinder approach?  Are your results showing that?   It may be time to delete some programs and do a fresh reboot.

At Carrington, the fabric of our firm is aligning ourselves with the very best companies and developing partnerships with them.  We go above and beyond and prove ourselves every day by delivering the very best talent quickly while abiding by our core values.  If you want to experience exceptional service and results, contact Carrie Trabue, President, Carrington Legal Search at 512.627.7467 or Carrie@CarringtonLegal.com.

8 Ways Your Executive Search Firm Can Make You Look Like a Hero

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Your executive search firm has the power to make you look like a hero through:

1.       Regular communication.  During the search process, your boss wants updates.  When you have an executive search firm that keeps you informed, you look like you have control of the search.

2.       Speed.  When you have an executive search firm that delivers great candidates quickly, it makes you look good.

3.       Making fantastic hires that stick.  Nothing makes you look better than hiring great people.  With the right executive search firm you can assemble a team of super stars, who all get along and are all a cultural fit.  The right executive search firm can help you build an award-winning department or company.

4.       Becoming an ambassador for your brand.  Executive search firms are in the marketplace talking to other executives.  They have the power to help build your brand and reputation.  For example, after years of doing work for USAA, whenever I found out that someone had served in the military, I would ask them if they were a USAA member.  I had become an evangelist for the company.  Capital One embraces this way of thinking. 

5.       Public Relations.  You are in the middle of a search and there is big company news.  The company was just voted best workplace or there is bad news that could turn candidates off.  Your executive search firm should be kept apprised of awards won, earnings reports, new ad campaigns, strategic goals, bad company news.  Whether it is sharing the excitement over an award won or the new vision or achievement of a strategic objective, your executive search consultant should be viewed as a PR machine and armed with all the tools to be a great one.  Similarly, if there is bad company news or a key change in personnel, it is important to partner with your executive search firm so together you can make sure that the messaging is handled correctly.

6.       Market Knowledge.  Your executive search consultant is on the phone every day speaking with others in your space.  They should be able to advise you on a range of matters from compensation, the size, quality and composition of your department,  to top-grading talent, to market trends.

7.       M&A.  Your executive search consultant is in the business of the continuous acquisition of market knowledge about companies and their key players.  This makes them a perfect catalyst for bringing together like minded companies.

8.       Partnership.  Many companies confuse search consultants with recruiters and treat them as adversaries.  The goal of every company should be to develop great long term relationships with a handful of search “partners.”  As a partner, you will find your executive search firm uncovering opportunities for you and your company to gain a business advantage and look like a hero.

At Carrington Legal Search, we find joy in seeing you succeed.  We have a track record of long term partnerships with our clients, making hires that stick, acting as evangelists for their brands, and bringing them opportunities.  If your experience with your search consultant is anything less, contact us:  Carrie Trabue (512) 627.7467 or Carrie@CarringtonLegal.com.

4 Ways Using a Recruiter Is Killing Your Business

As an executive search consultant, I often get confused with recruiters, and the distinction is an important one.

1. You have no control over what they say. 

You spend thousands of dollars on marketing your business. A bad recruiter can wreak havoc on your reputation. Whereas, an executive search consultant has a vested interest in tailoring their message to be an extension of your brand. A great executive search consultant will be armed with accurate knowledge about your company, its executives, the job, the community, and be an ambassador for your company.

2. You end up making bad, costly hires because you didn’t have all the intel.

A recruiter is a salesperson who is interested in closing the deal. They are only going to tell you the good things about a candidate, and they may exaggerate those qualities. An executive search consultant will tell you the good and the bad aspects of candidate’s background. They understand that fit is critical and making the right hire is paramount. A great executive search consultant will continue the dialogue with the employer about the candidate’s conduct through the offer stage, understanding that people show their true colors when it comes to money.

3. You get inundated with resumes, costing you time and money.

A recruiter is working on a contingent fee, so their odds of getting paid increase by the number of resumes they submit.  An executive search consultant’s job is wading through the available talent pool and sourcing only the very best talent that is a cultural fit for your company. A great executive search consultant will be able to narrow it down and put forward a slate of premiere candidates such that every interview is a great interview and each of the candidates put forward could result in a great hire.

4. Your hires don’t stick.

Recruiters are in the business of moving candidates. First, they usually only send you the resumes on their desk: the candidates active in the job market. Second, they will call those candidates again about new opportunities. Recruiters are trained to move their candidates every two years. Executive search consultants often access senior executives who are not actively looking and educate them on the advantages of an opportunity. They gauge their success on hires the last over the long term. A great executive search consultant will develop long term relationships with clients and have a track record of hires that last.

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Carrie Trabue is President of Carrington Legal Search, a retained executive legal search firm with a track record of long term relationships and hires that stick. www.carringtonlegal.com