News & Resources

Are You Making Succession Planning a Priority?

February 22nd, 2012

Succession planning is a lot like flossing.  We all know we should do it diligently, but we tend to put it off for more pressing matters— until there’s a crisis, like the CEO leaving (or, in our analogy, a cavity).  When the unexpected occurs, we scramble to fill the gaping hole with a temporary solution or choose a successor that may not be right for the future of the business.   The “here-and-now” can easily render us nearsighted, missing the value of future-focused decisions for our organization.

So here’s the reality.  Right now, the economy is on the uptick, which means more jobs—jobs that executives will inevitably leave for in order to advance their careers. Add to that number the groups of retiring executives. The situation that necessitates succession planning is happening now. Do you feel confident that your team is sufficiently engaged in succession planning?  Here are three trending discussions among experts that I find fascinating:

Do It Right

Even if you have an existing plan, is it aligned with the strategic direction of your company?  Many executive teams are relying on succession plans that simply will not work long-term.  Author and executive coach, Marshall Goldsmith points out in the Harvard Business Review that in-depth planning does not necessarily create preparedness. He advocates swapping “development” for “planning.” The key result of this shift in perspective is that development can produce results; the process should not stop at the plan but should continue into actually developing people for future positions.  Talent development throughout your organization will create a strong bench of future leaders that can step up when (not if) the time comes.

Don’t Stop at the Top

Companies often fall into the trap that only the top executives need succession plans. C-Suite Insight says that smart succession plans address not only the CEO position, but the entire management team. “Companies that require all managers to have a plan for a successor are also the ones that will have less trouble replacing key people at the top of the organization chart.” Why? Consultant Stephen A. Milesis quoted in Forbes comparing the leadership team to a puzzle:  “As each piece is selected—from CEO, CFO and COO to sales and marketing chiefs and other C-level officers—the shape of the remaining pieces becomes clearer.”

Size Doesn’t Matter

Small business leaders may make the assumption that succession planning is not important. I completely disagree with this notion.  After all, it is small companies that are often partnerships or sole proprietorships, meaning that the company exists only as long as the owner or owners exist. The risks are no lesser than those of corporations, simply different. Organizations of all classifications can benefit from succession plans.  Naturally, a Fortune 500 company can and will spend more time and resources on the issue than a family-owned business, but the process is no less important.

Financial Planner, Robert W. O’Hara has focused his practice on succession planning for entrepreneurs. In a recent New York Times article , he recommends that small business owners take a hard, non-emotional look at who will sit in the corner office when the owner is ready to step away from the firm.  According to O’Hara, this can be emotionally gut wrenching (especially if family is involved) but it is the necessary first step to a succession plan.

Succession Plans = Stakeholder Confidence

As leaders, we should all make success planning a priority, no matter the size or nature of our business. Resignations, retirement or medical emergencies can disrupt a healthy business if the plan is not crystal clear.  Your stakeholders, including investors and employees, deserve to know that their investment of time or money is rock solid.

Brian McGowan is Managing Partner of Aquinas Search Partners.

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Brain Hubs: The Centers of Talent and Innovation

February 15th, 2012

Where will you find hidden concentrations of the best talent?   Zero in on the “Brain Hubs”—Americas top metro areas a “select number of high-flying places are hoarding a growing share of the nation’s most valuable workers, best-paying jobs and attracting a lopsided share of new investment and young companies.”

Recently, the Wall Street Journal featured a Top 10 List of these Brain Hubs across the country.  There were the usual suspects— Boston, San Francisco and Seattle.  Plus some surprises— Portland, ME, Lexington, KY and Madison, WI.

A thought provoking point in the article resonated with me:

“Such a vast educational divide wasn’t such a big deal in past decades, when there were plentiful middle-skill jobs — in factories, for instance — that paid a mid-tier wage. But over the past few decades the job market has evolved so that there are fewer mid-tier jobs — with a greater concentration at the two extremes, according to research by economists including David Autor at the Massachusetts Institute of Technology.”

This quote is a sure sign of the times as manufacturers move offshore in droves seeking cheaper labor costs and America increasingly becomes a service-driven economy.

All of the metros listed are vibrant, livable areas and have generally fared better during the downturn.   The question for business and civic leaders in other major markets— what are the Brain Hub metropolitan areas doing right to produce this job-creating, entrepreneurial energy?   Whatever the answer, all of our cities should take note!

Justin Seymour is a Principal at Aquinas Search Partners.

 

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New to Networking

February 1st, 2012

I am honored and humbled to be called upon each week by many executives in numerous industries who are seeking career advice and counsel or wanting to connect about a new job opportunity.  More often than not, the executive has not had to interview or look for a new role in years, even decades, and they just don’t know where to start.  The job market has changed so dramatically. A common question presents itself … “How do I start down the path to begin a search for a new career opportunity?”

I advise any executive that this period can be fun and extremely rewarding, both short- and long-term.

First and foremost, executives should conduct a personal “career audit.”  Evaluate and inspect your own personal strengths and weaknesses.  In what areas do you excel and what do you enjoy most about your profession?  Research and study the current marketplace.  What companies or industry sectors align well with your interests and your strengths?  Then begin to develop a proposition or story relative to how you add value to an organization given your understanding of marketplace needs and your proficiencies.

I also believe that when an executive is either presently going through or about to embark on a career transition, it is a great opportunity to assess career aspirations relative to lifestyle needs and wants.  Ask yourself, “What do I want to accomplish with my career?”  “What is my purpose?” “Where do I want to live?” “How and who will my decisions impact?”  I call this finding your lifestyle/career style intersection.  Everyone has a unique intersection that only they can determine.

The next step for any executive is to begin networking.  I have read and believe through my own experiences that networking is the combination of “scientifically doing really good art.”  By definition, networking is making “lots of” connections or acquaintances. But to do it effectively, you must develop a plan of action.  Identify people who you know to develop sponsorship and ask for introductions.

Networking really is the practice of developing and cultivating relationships on a continual basis.  It is a two-way street. Try to identify opportunities that offer value back to new and existing contacts.  When meeting someone new, make the meeting “informational” as opposed to “I am looking for my next gig.”  Build your networks to two and three layers deep.  It has been my experience that networking takes time, but when done right, provides benefits that include new friendships, career opportunities, business proposals, and information relative to other market matters for a lifetime.

I am curious to learn about other networking strategies and best practices.  What works and what does not work for you?  What is your best networking story?  How do you utilize, leverage, and grow your network?

Brian McGowan is Managing Partner of Aquinas Search Partners.

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Book Review: The Coming Jobs War

January 18th, 2012

The Book:  The Coming Jobs War: What every leader must know about the future of job creation, by Jim Clifton.  Published by Gallup Press.

The Big Idea:  “Good Jobs” are becoming currency for all world leaders.   Gallup researchers say their findings place good jobs over the human desire for love, money, food, shelter, safety and freedom.    This changes everything as emerging countries (particularly China, Brazil and India) start cutting into the United States’ dominant share of GDP.  The world ultimately defers to the country with the dominant GDP—it’s the golden rule.

The Backstory:  Jim Clifton is the Chairman and CEO of Gallup.  Part promotional piece for the Gallup organization, it still provides some solid ideas on the intersection of business and public policy.

If You Read Nothing Else:  Chapter 7 describes Entrepreneurship Vs. Innovation and how the U.S. is still in the dark when it comes to cultivating enterprisers and successful business models. Additionally, the biggest predictor of new jobs? New customers.

Scary Prediction:  What the U.S. needs in order to “win” is rare talent to start companies; savvy people who can create workable business models, organizations that are sustainable and grow.  Currently, the U.S. doesn’t have enough rare talent to fight the coming global jobs war.

Best Line:  “Jobs are the heart and soul of a nation, the thing that sustains everyone.  Leaders know that.  But almost nobody knows where or how jobs are created, especially those who think they know how to create jobs – the government, academics, experts from institutions of all types.  Those people are usually the most wrong about job creation.”

Food for Thought:   The U.S. has a few key strengths it must leverage—its Top 100 Cities, Top 100 Universities, and Top 10,000 tribal leaders.

Justin Seymour is a Principal at Aquinas Search Partners. 

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Book Speaks to the Importance of Emotional Intelligence

January 4th, 2012

I have long believed that the idea of Emotional Intelligence (EI) and how it applies to successful hiring for organizations and career advancement for individuals is an increasingly essential element within the hiring process. In his book, “Working with Emotional Intelligence,” Daniel Goleman discusses the development of this concept in the workplace and its use in evaluating potential employees and the promotion of existing ones based on qualities such as initiative, empathy, adaptability and persuasiveness.

From Fortune 500 companies to garage start-ups, everyone is expected to do more with less these days—more production from a smaller team with the same, or reduced, resources from a year ago.  Add to that the increasing cost of a bad hire in both productivity and morale, and you have considerable motivation to attract staff that will quickly adapt to your company culture and be productive at the onset. Goleman suggests evaluating people on Emotional Intelligence by asking prospective employees for examples of:

-Initiative: How did you get more done with less resources?

-Empathy: Does your team know that you care for them; are you capable of taking their pulse and preventing burnout, resentment and other issues that lead to turnover?

- Adaptability: Can you keep an eye on the changing marketplace, be prepared when the rules change, and develop solutions that get the job done?

- Persuasiveness: Do you build trust in your team and customers, and are you able to get things done through other people who perhaps don’t report to you and are working beyond capacity to begin with?

What makes Goleman’s book so on-target and apropos for job seekers or anyone interested in augmenting their baseline skill set, is the detail in which he outlines the personal competencies and relationship skills on which most managers are likely already being evaluated, either directly or indirectly.

The aspects of Goleman’s I find most relevant when speaking to job candidates or counseling a client on their next hire are how to identify and control your own emotions, how to take the pulse of your organization, and how to “read” a meeting and determine who makes the final “buying/hiring” decision and how they get there.

This book is not intended to be a one-stop workshop to the CEO position, but a comprehensive look at a field that is growing significantly and becoming increasingly relevant to how hiring, promoting and buying decisions are made. Fine-tuned EI is an aptitude that will serve any professional in any industry for the foreseeable future. For anyone considering their skills inventory and determined to make 2012 a successful year professionally, this is a must read.

Mike Donahue is Manager of Service Delivery at Aquinas Search Partners.

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Really want to advance? Have business conversations.

December 27th, 2011

It’s simple, really. You’ve been an adult for somewhere between three and 30 years and your pitch for a new job opportunity is still the most uncomfortable thing you do. But if you change your approach and way of thinking, new doors will open.

At some point, shortly after we receive our first paycheck, we begin thinking about where we want our career (and naturally, our life) to go next. The problem is that we tend to think about where we will be in three, five, seven years and how we can benefit from a certain career path. And to add injury, many of us tend to ask the very same questions of the hiring authority: “If I perform well, where could I be in five years? 10 years? Do you have a career track for me?”

In the words of my 11-year-old daughter: These questions are “Terrible!”

In case you’ve missed everything that has happened since, let’s say, 1997, the world has changed. All parts of every organization are moving so quickly that the only approach that makes sense in advancing one’s career is to identify, recognize and discuss business problems in terms of opportunities and solutions.

When asked “Do you have any questions?” towards the end of an interview, as is always the case, Candidate A says: “Based on my performance, are there opportunities to grow in the organization? Could you tell me more about the culture here? Is the organization open to employees who want to earn their Masters degree?”

Candidate B says: “I noticed in reviewing trends in your competitors’ businesses that many are struggling to prepare for the new regulations that are hitting the industry. How is your company preparing to handle this issue? May I offer a thought?”

Candidate A offers great questions in a “what can you do for me” environment. Candidate B makes phenomenal inquiries in an “I can bring value to this organization” environment. This is someone I would consider hiring.

Even non-profits have a business case for their organization. It is the reason why we exist. Why we open our doors each day. You really want to go somewhere? Change your purview and stop talking about what you need. This makes you inherently part of the problem! Start asking questions and initiating conversations that lead someone to ask, “How would you engage and solve that business problem?” Then watch where your career starts to go.

Clinton Browning is a Partner at Aquinas Search Partners.

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The Oddly-Shaped Ladder

December 9th, 2011

I was honored to be included in a recent Wall Street Journal article by Kelly Eggers titled, “The 10 Risks and Rewards of a Lateral Career Move.”  It discusses how more people are making lateral career moves as slow job growth, corporate cost-cutting and fewer retiring baby boomers are blocking the traditional upward climb. I specifically talk about the career trends and trajectory we look for in an executive profile during a high-level professional search.  Here are some additional thoughts on the subject.

The typical career ladder, like a tangible ladder, climbs upward at a constant pace, but as we have seen, that shape may not be right for you.  The
question is: what is right?

I suggest first considering what you want to be at the peak of your career ladder.  What are you climbing toward?  Every professional move you make should help you get closer to this point.  Form a strategy and figure out what skills you will need to succeed.  Then consider what you can gain with each career move.  Eggers writes that lateral career moves may provide you skills you cannot otherwise master.  I fully agree with this idea.  I believe that if one has a career strategy, then not only does the career pattern include lateral moves, but does so with purpose.  No matter what, keep working toward your goals.

I also want to expound upon my idea that multiple lateral career moves can be detrimental to long-term career goals.  The article makes note that where one is in his/her career is an important consideration in the decision whether or not to take a lateral opportunity.  I continue that multiple
lateral career moves can signal that an executive has topped out.  My comment primarily applies to professionals at the executive and C-suite levels. Eggers writes that lateral career moves are the norm for young professionals.  Indeed. For these individuals, more than one lateral career move may be appropriate to help them get started in the working world.

Do you have a career path strategy? What lateral career moves have you made, and how have you seen them pay off?

Brian McGowan is Managing Partner of Aquinas Search Partners.

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Welcome to The Aquinas Blog

December 1st, 2011

Welcome! On a regular basis, we will share thoughts on business news, industry insights, staffing strategies and tips for the job seeker. We invite you to share your comments and questions and we will reciprocate with a reply. Thank you for being part of the conversation.

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