Tag: Insights

When your company is executing on a plan to achieve aggressive growth goals, you’re sure to hit some obstacles along the way. In the unprecedented tight labor market that we’re experiencing right now, talent acquisition may be one of the most difficult obstacles to overcome.

If you hope to achieve the ambitious objectives you’ve set for 2022, you need to think differently about how to attract the talent it takes to grow and thrive. One mindset that’s essential to leave behind is the idea that quantity is important when you’re evaluating job candidates.

When a Focus on Candidate Quantity is Harmful, Not Helpful  

For years, many search firms made a living pushing the idea that more is better when it comes to presenting candidates to employers. Some search firm contracts were even structured that way, promising to deliver a minimum number of candidates for each open position. The larger the search firm’s database of potential candidates, the more valuable they purport to be.

It’s what we at M3 refer to as the “spaghetti at the wall” approach: If you throw enough candidates at a company, something is likely to stick.

The problem is, it may not be the right candidate.

You might assume that if you have a stack of resumes from a company that’s been hired to help you fill a role, there must be a viable candidate in there. But that’s not necessarily the case. When you hire the best person out of the bunch—not the strongest fit for the job—you can run into a host of problems.

• You might feel forced to choose a candidate who only fits the core requirements in your job description—and that’s not sufficient to ensure a good fit and a successful long-term outcome for either party.
• You might sacrifice factors that are critical in matching the right person to the position, such as emotional intelligence or alignment with your culture. Let’s say you need to hire an engineer who will have to collaborate cross functionality to achieve his job objectives. If you only focus on finding someone with a great command of the technical aspects of the job and don’t assess their emotional intelligence, the odds of a successful experience will be low.
• You might end up settling for a match that looks good on the surface but won’t work out long term. For example, a leader who has a track record of success heading up departments that are already working as well-oiled machines won’t necessarily succeed in an environment that is in a rebuild mode.

A difficult labor market is certainly a challenge for employers, but it shouldn’t get in the way of finding and hiring quality candidates. In fact, with turnover at alarmingly high levels, it’s even more important than ever to ensure you’re evaluating the best quality candidates. The better the candidate quality, the more likely the new hire will stay, perform at a high level, enjoy a positive work experience, and contribute to your growth objectives.

How the Right Search Partner Can Bring You Quality Candidates

High-growth companies can’t afford to make the wrong hires—whether it’s hiring a poor match for the job requirements or your culture, or candidates who didn’t realize exactly what they were getting into. That’s where the right search firm can help.

A search firm whose focus is candidate quality, not quantity, invests in a long-term relationship with your company. They become intimately familiar with your business, including your goals, challenges, and culture. And they become a partner who is equally committed to seeing you achieve your aggressive growth objectives. When those elements are in place, throwing quantity at the wall is replaced by a consultative approach that seeks to find the right fit for both the company and the candidate and achieve the best long-term outcome. 

What are the hallmarks of a search firm that’s committed to and skilled at presenting the best quality candidates for a position?

• They seek to understand and align with your company mission, vision, and values. 
• They take a long-term, relationship approach to working with you, not a short-term, transactional view.
• They get to know the person behind the resume, including their personal story and how this individual will (or won’t) fit within your culture. When new hires don’t work out, about 70 percent of the time it’s because of a lack of cultural fit.
• They do the heavy lifting for you, including the thorough, thoughtful homework it requires to find and present only the best fits.
• They ask your hiring manager the right probing questions to understand your need beyond the core job description. For example: What pain points is your business facing which this new employee will have to work within or tackle? Is your private equity or venture capital ownership creating especially high expectations for growth? If you tell me a year later that this candidate turned out to be a great hire, what criteria will you base that on?
• They ask potential candidates equally probing questions as part of the vetting process. For example: What are your short-term and long-term professional goals? Do you have experience leading a team in a hybrid live/virtual work environment?
• They encourage their clients to use behavioral-based interviewing techniques to assess a candidate’s emotional intelligence, which is increasingly critical for many positions, especially those that will manage remote workers.

Choosing a search firm should be an immersive experience, one in which you walk away feeling like the company understands and connects with your brand and your story. If you’re trusting an external firm to find the individual contributors and leaders who will enable you to achieve the growth you envision, it needs to be a company that can convey your story just as vibrantly and accurately as your own CEO.

M3 takes a different approach to talent acquisition and executive search than most—one that results in better outcomes for employers and candidates alike. We become your partner, immersing ourselves in your business holistically so we can help you attract and retain the talent it takes to succeed as a high-growth business.

Start Planning Today

Contact M3 today to schedule an initial consultation!

The statistics are powerful- according to a recent report out from CNBC, roughly 1 in 3 workers are now considering leaving their job. The estimated cost of a valued employee leaving your organization is estimated to be one and one half times their salary.  The dollars add up not to mention the impact on your customers. At M3, we see the tremendous concern and overwhelming challenges organizations are experiencing recruiting and retaining top talent. Never have we experienced such a radical change in the workforce and the M3 team felt compelled to shift the outlook for struggling leaders, giving them the tools they need to tackle the challenges of these times.   

At a time when a guiding compass is needed most, we’re applying our research and team of experts to create Workforce EQ, a new service that provides companies with a proven method to identify gaps that may lead to talent loss or team burnout. Workforce EQ is a powerful tool that goes beyond resources and surveys, coupling a leader’s care and concern for their team with top HR leaders that will be a key partner in guiding organizations through such challenging times.

Why investing in your employees saves you money over time:

• The cost of replacing employees can be one and a half to two times the price of their salaries
• Engaged employees are happier employees and happier employees are more likely to refer colleagues to your company and share your reputation with their network
• Engaged employees are known to provide a higher customer experience  for your clients 
• Using employee development programs to train future leaders increases the loyalty those individuals have to your company

How do we create a plan:

With Workforce EQ clients will have a trusted neutral partner to uncover those areas that are not coming up in engagement surveys and internal meetings.This new service analyzes performance in the key areas that affect recruitment and retention and creates a custom action plan.

We review your company’s current approach to the following areas:

• Talent acquisition and retention strategy
• HR capabilities
• Leadership development
• Internal policies and procedures for hybrid, remote, and/or in office work
• Organizational effectiveness in fulfilling your mission and core values

Workforce EQ helps companies understand their greatest opportunities for improvement and then matches them with an HR expert to tackle these areas, leading to higher levels of recruitment, engagement and retention.

How to start planning today:

Schedule an initial meet and greet with Mary Malone at http://eq.m3placement.com/

COVID-19 has redefined the workplace. Many companies are doubling down on their efforts to adapt and support the changing needs and expectations as the workplace environment continues to evolve.  From hybrid and remote work expectations, to work-life balance, employees and leaders alike have all been fast at work learning what strategies are successful in embracing the changes in today’s working world for success in business.

Nearly 25% of American Workers are planning on looking for a new job once the pandemic is over.  53% say they would switch to an entirely new industry if they could retrain.  What is behind the shift? Top reasons include compensation, work-life balance and limited growth opportunities.  It’s crucial for leaders to remain at the forefront of the changes to continue to attract, retain, and support their top talent.

What can companies do to stay on top of all of these changes?

Listen.  Fully understand the needs, challenges, and desires of team members in order to evaluate the culture.  One on one interviews and peer focus groups are particularly helpful in drawing out themes that cannot be identified by a leader within a company.  Individuals tend to be more open to trusted third party advisors.  Once themes have been identified, they turn into opportunities!

Support.  Training, Development and Coaching are all critical in enhancing personal and professional satisfaction.  That translates into retention.  Turnover is costly, so if support is given on an ongoing basis, your organization is positioned for growth and success.

Strengthen.  Use information, insights and findings to continue to evolve and grow.  Establish processes to take advantage of the opportunities uncovered in the listening stage.  When processes are strong, confidence is high as everyone understands what to expect.

Do you have an expert to guide you through these changes?  Partner with M3 for a program that strengthens your business to thrive in a post-pandemic world. M3 takes a customized approach to address the work environment, policies and dynamics of your organization.  The Workplace Experience Program will equip your leaders with skills that are in demand as employee expectations continue to evolve. Reach out at hello@m3placement.com for program details.