RETENTION BEST WAY TO MEASURE RECRUITERS

RETENTION BEST WAY TO MEASURE RECRUITERS

The length of tenure of newly appointed Australian CEO’s is too far too short.The median ASX100 CEO tenure is now only 3.9 years. CEO turnover in Australia is twice the world average.  In the last four years global CEO tenure declined from 10 years to 8 years but in Australia it is now less than 4 years. The average tenure of a CEO in Australia is 3.9 years. Not to mention that we have had 6 Prime Ministerial changes in a decade!

The level of CEO turnover is absurd and is costing Australian business dearly.

“New hires need to stay in the job long enough to move through ‘norming’ – getting to know the business – and ‘storming’, when they start to make an impact, to ‘performing’ when they
impact the bottom line. The first year is spent learning, the second year making change and the third year only sees the start of real performance traction.

“If newly selected CEO’s and senior management are not lasting beyond the first 3.9 years, it’s time to choose another recruiter,” said  Simone Allan..“We deem a successful CEO hire as being an absolute minimum of 5 years but we should be aiming for 8-10 year tenures like many nations around the world – Asia and Northern Europe.

Cultural fit is the key to longevity.The only way to measure a recruiters effectiveness is by retention. The right CEO needs not only the right skills and experience to succeed but as important is that they need to have a cultural and emotional fit in to the new organisation.Most high level hires that fail don’t fail for lack of ability. They fail because the new hire doesn’t fit in as an individual.

The answer lies in being unafraid to probe and match the values held by the candidate and client organisation during the recruitment process. An effective recruiter needs to invest time in determining what these factors are. They need to know the successful benches in the organisations and have some grids/ templates of the successful performers to align the new talent to. They need to deeply understand your business and  go beyond the interview process, as that is just the start. They need to get to know the candidate at a forensic level – know their childhood and family background, their aspirations, their wins and losses, their passions, their past careers and reference across all levels of peers, subordinates and colleagues. They need to observe the machinations of communication flow of email/ sms and phone calls and see how responsive and timely the candidate is throughout the recruitment process. It is important to create tests and situations where you can observe candidates, their reactions and their approach to managing various situations and experiences.  

Relevant psychometric analysis and forensic reference checking is all part of the process, 360 degree conversations around the networks that they know, lead to core insights into the personality and style of the individuals.  The interview is only the start, as the real skill is what follows in determining the cultural fit.

Companies can monitor recruitment outcomes and improve retention by taking 5 steps:

  1. Make executive retention a strategic issue.
  2. Measure and track retention in all leadership roles over 1 year, 2 years and 5 years. Quality metrics drive quality retention.
  3. Start with quality recruitment. Insist on working with specialist recruiters that have a strong audited track record in retention. This will increase the calibre of pre-screened candidates and the culture fit with the organisation upfront.
  4. Commission independent externally managed “stay interviews” at six monthly intervals for senior executives. These can be far more valuable and timely than traditional exit interviews, which provide limited results. Stay interviews help track the heartbeat of the company and allow the organisation to keep abreast of issues that could affect senior staff.
  5. Make the costs of poor retention visible. Studies show at least $250,000 to replace a senior executive when you add lost productivity during disenfranchisement, the time to bring on a replacement and the time to get the new executive up to speed. Some suggest the cost of replacing a CEO could be up to 40 times base salary.

 

For further information, please contact Simone Allan on 0414 797 369 or simone@mondosearch.com.au

Rhythm of the working week is a powerful thing!

 

It is now known that some days are better than others to perform certain tasks.

For many years I ran my weekly team meeting on a Monday morning and I could not understand why it never seemed to have much spark. The team struggled to remember the previous week. They were generally de-motivated. I moved the team meeting to Wednesday mornings and immediately the meetings were more punchy and productive.

Days for external interactions and business development are more effectual on a Thursday or Friday. I now pencil in Business Development for those days. Mornings better for interviews.

It is also interesting to see some statistics from our online advertising that shows which days are more popular for candidates to search online for roles.   

Monday is by far the most popular day to search for jobs online, followed by Tuesday and Thursday. Saturday is the slowest day for job searching, work gets forgotten.  

In terms of timing, most candidates search for jobs online between 1pm and 3pm then again at night – between 9pm and 10pm.  A lunchtime spent checking the job market and at night, post family commitments.

Each day of the week affects our workplace behaviour.

Monday – the great Aussie sickie!

A new study from the Workforce Institute in the US reveals that 39% of workers admit to calling in sick because they want an extra day off – and Monday is the peak day for this. This means offices are likely to be more short-staffed and co-workers more stressed on a Monday.  It is also common to suffer depression on a Sunday afternoon and night, as you feel overwhelmed by the week ahead, and may feel regretful you did not complete the tasks you set for the weekend. No wonder my team meetings did not work on a Monday!

Tuesday- day of doing!

Tuesday is the peak day for work output and efficiency. You are back into routine and are not tired of the working week. Intellectual performance peaks are between 10am and noon, so work output is likely to be at its optimum at this time.

Wednesday – day of creativity!

Wednesday is the best day for creative thinking, strategy and brainstorming. Your brain is fully engaged with work, but you still have plenty of midweek energy.   I now understand why a weekly team meeting on a Wednesday works better!

Thursday – day of negotiation!

Workers are relatively more submissive and open to negotiation. It could be argued that it is the best day to nail a transaction.

Friday – a day of more risks!

Workers take more risks and have more accidents on a Friday. This is a day to broach new thinking and ways to work. It is a “ Blue Sky day”

So in these unpredictable market times, insightful leadership and motivation is critical and working with the rhythms of the week can make a big difference.

For more information contact Simone Allan, Director at Mondo Search on 1300 737 917 or email simone@mondosearch.com.au.

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Innovate and Adapt or Perish

 

No longer are we talking IQ or EQ – we are talking AQ (adaptability)

Organisations searching for new ways to improve the bottom line are starting to develop innovation clusters with highly flexible individuals, who thrive in adaptably.

While companies focus on retaining and developing key staff, leaders are now engaging in long-term projects to deliver innovation by building innovation clusters with innovation thinkers. In order to strive for constant innovation can companies need to know that ‘light bulb’ moments that deliver one idea at a time are not enough to stay ahead.

Innovation clusters may take time to get established but once they start delivering they have the capacity to keep delivering strategic advances over many years. They are deeply and constantly engaged with innovation and relish the opportunity to keep pushing forward.  

The search for innovation is like fitness training. Innovation clusters keep the business fit and flexible. They deliver stamina that is vital to long-haul and sprint speed that allows companies to stay ahead.

Many of our clients are developing 3-5 year innovation plans and pipelines and there is a growing call for Innovation Managers to review current strategy and projects and recommend improvements and key priority projects.  

Teams with proven analytical/problem solving and time management abilities are sought, group facilitation skills and commercial acumen.  Their role is to assess the viability of projects prior to setting up and leading project teams to deliver these projects to market.

Innovation is the key to future productivity increases. Innovation turns road blocks into speed bumps as well as bringing colour and excitement to our future.

The difference between Innovation and Invention is the value step. The future success of most businesses will almost certainly come, in great part, from future innovations we haven’t even thought of yet.

To innovate efficiently and usefully we need to carefully select a team that is empathetic to each other, sympathetic to the need, able to think outside the square .

Today companies are realising the value for in house innovation managers, who take ownership for the generation of creative and profitable ideas that will lead to business growth, rather than use external consultants. These people have strong commercial acumen and an entrepreneurial, creative approach, balanced with a strong commercial orientation.

At Mondo Search we see highly talented innovation managers returning from overseas markets such as the US and Europe.  Companies seeking new ways to build organic growth, heading to 2020 should consider the appointment of an Innovation Manager or an Innovation Team.

For further information, please contact Simone Allan on 0414 797 369 or simone@mondosearch.com.au

Why Women Say No and Men Say Yes in the Workplace

 

Recently I have been interviewing for a CEO role for an exciting start up. The role requires some key experience but most importantly requires huge personal initiative and drive for results.

An amazing insight I have discovered and realised when approaching and headhunting candidates is that there is a fundamental difference between a man and a woman’s response. When I approached men, they tended to respond with what they could contribute to the role as well as what skills they could bring. Whereas women, when approached often said why they couldn’t do in the role and emphasised the skills or experience they lacked for the opportunity.

I’ve outlined 8 key reasons why women won’t get what they want in the workplace from gender diversity and leadership opportunities:

  1. The perception that you need to “look like you work hard by being at the office”: discriminating against women working remotely and not publicly demonstrating deliverables.
  2. Unconscious biases: “jobs for the boys” & “old school ties”. This is may be due to single sex high schools that do not help men and women to learn how to interact & collaborate together in the workplace.
  3. The “nuclear family nuked generational childcare support”: rarely is there care for children by older family generations – by people who are related and love them. This places pressure on parents, particularly mothers to stay home and not drive a career.
  4. Women say no and Men say yes! In my 25 years of Executive Search experience I see a difference in genders when people are “headhunted”. Women always point out why they can’t do the job and what they lack in skills & experience and men will tell you what they can do -women say no and men say yes! This is well written about by Sheryl Sandberg, COO of Facebook who talks about why women don’t make it to the top. Women systematically underestimate their own abilities.
  5. Pregnant women are not predictable: So much is ahead and yet no one can be assured of what is ahead – only the universe holds the future and this does not help future proofing an organisation.
  6. Men are the Hunters and Women are the Gatherers: Our long history of heritage that prefers women to push the shopping trolley and nest with our young. I like the saying that you never know the torment of flying the coop, if you have never built a nest!
  7. “Men have egos and Women have pride”: Does that big promotion/job appeal more to men than women? Do women seek more pride in delivering good results- doing a good job, ignoring the politics?
  8. The power of the maternal gene is more ominous than the corporate ladder climbing gene. I know personally how many hours I have laid in bed tormented about how my kids are tracking at school, and if they feel supported and nurtured. Do men focus more on a difficult staff member than whether their child needs to improve at school?

Whatever the reasons, this may help to explain a little about the perceived “glass window” that I have personally never experienced.  Maybe women simply don’t forge forward and back themselves enough?

Some decent food for thought!

For more information contact Simone Allan, Director at Mondo Search on 1300 737 917 or email simone@mondocalibre.com.au.