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Staffing, Recruiting & Executive Search

Baker Tilly Executive Search

Accounting & Finance Staffing

Accounting & Finance Recruiting

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Partner, CPA

Now, more than ever, employers are faced with making difficult business decisions. This includes furloughs, layoffs and sometimes even closing their doors. Regardless of the situation, it is critical to remember compassion and care when communicating with your people during these challenging times. Before entering a crucial conversation with an employee, consider these tips: Open and candid communication is key. Even if it’s difficult, try to avoid giving employees false hope. It’s vital to be honest about what possible outcomes could look like, including the best and worst case scenarios, so that you can avoid major surprises. When having a crucial conversation, try to have the conversation one-on-one whenever possible, even if it needs to be virtual.  Keep the conversation fact-based, but show empathy along the way. Before having a crucial conversation, create a list of talking points to stay on track. It is important to be straightforward if the decision to let someone go is performance-based; they can’t correct the deficit if they’re not aware of it. It is also key to explain the “why” and thought process behind decisions. This will alleviate assumptions or misunderstandings. It is important to be present and show empathy and understanding during a difficult conversation. Provide resources to help during the transition. It is beneficial to guide your employees to resources and information to help them effectively and efficiently apply for unemployment. Here is a useful article detailing the steps to apply for unemployment resources. If you’re unable to act as a reference due to company policy, provide them with a human resources (HR) approved letter of recommendation upon separation. Take time to pause and listen to your employee(s). During difficult conversations, pause and keep an open mind as to how the dialogue may go. Hold back on assuming or jumping to conclusions about how an employee will react. Be present in the conversation and let the employee talk. It is crucial to really listen to what they have to say and to show empathy.   For more information on this topic or to learn how Baker Tilly Search & Staffing can help, contact one of our career specialists today.

Consider these four tips for important conversations with employees.

Baker Tilly Search & Staffing

Four steps for having crucial conversations with your employees

You are an executive who finds yourself in between career engagements. In today’s fast paced market, this situation is not uncommon. So, how do you find your next opportunity when companies often do not post or advertise open C-suite and vice president positions? Below are 10 job search tips to navigate the process at the executive level. 1. Make sure your resume and LinkedIn profile are competitive and make you easy to reach When developing a virtual resume, keep these general recommendations in mind:  Chronological resumes are favored Although there are no page limits for executives, no one has time to read a six-page resume; keep it as concise as possible Emphasize the quantitative results of your accomplishments whenever possible Provide a brief description of each of your previous employers, including what the company does, annual revenue and how the company is held Under each role, detail the size of your staff (direct and indirect reports), your budget and/or P&L responsibility and the reason why you were hired If you are not already on LinkedIn, now is the time to craft your professional online presence. LinkedIn is another valuable tool for executives seeking employment. Keep these general recommendations in mind when it comes to this online social networking platform: Include a brief, detailed summary of your experience and accomplishments in the “About” section Update the “Advice for contacting” and “Contact” information with your email address and cell phone number Ensure LinkedIn’s privacy protections are set to make your entire profile visible to all Upload a professional profile picture clear of distractions View this great resource for developing or enhancing your LinkedIn profile If these resume and LinkedIn tips seem daunting, consider partnering with a professional resume/profile writer that can help take both your resume and online profile to the next level. Although third-party resources can be pricey, the objective opinion can help you stand out among other executives. 2. Practice your elevator speech and make your job search known Draft and practice your 30-second answer to the questions, “What do you do?” and/or, “What type of opportunity are you seeking?” Develop a clear, concise speech that you can deliver in under 30 seconds to help ensure you won’t lose your audience’s attention and allow time for the listener to ask follow up questions. Example: I am a strategic marketing specialist currently looking for a new opportunity in the biotechnology industry within the geographic location of Austin, Texas.  Tell your family, friends, peers, LinkedIn connections and past colleagues that you are seeking your next opportunity and what you are looking for. This is no time to be shy. Now is the time to get your message out. You never know who may lead you to your next job opportunity. This may require having two elevator speeches, one for business colleagues and one for family and friends who may not be as industry savvy. Be careful not to tell your life story. Share your elevator speech and wait for the next question.  3. Stay active with volunteering and contract work. This is a great way to meet new people, build your network and enhance your resume. It also provides you with an answer to the question, “What have you been doing since you left XYZ Company?” It keeps you relevant and interesting. 4. Engage in a concerted networking effort  Make a list of all the influential business colleagues you know from within your industry and/or business function as well as other business leaders, presidents and C-suite executives you know. Reach out via phone, LinkedIn and/or email and schedule a 30-minute virtual coffee meeting. Get on the phone and get back in touch. Once a meeting is set, follow these best practices: Keep the time you ask of them short (30 minutes is ideal) Tell the individual about the type of opportunity you are seeking Brainstorm with each individual about new contacts to whom they can introduce you Ask them to keep you in mind as they hear about new roles or opportunities  Use LinkedIn to connect and stay in touch  Send thank you notes after all meetings (handwritten is best but email is acceptable) 5. Market your skills: seek out growing companies that are hiring in general as well as companies with well-defined job openings  A lead on a position that is not yet well-developed is an ideal situation. Often companies and hiring managers need help fleshing out how a role would be defined. Because of your expertise in your field, you know the questions to ask a hiring manager and can help by offering suggestions with this process. As you are meeting with the decision-maker, tell them what you’ve learned that works, what doesn’t work and why. By doing this, you’ll help the company, ingratiate yourself to your contact and may be able to customize the role to your strengths. This could be a way to find a role you never even have to interview for! 6. Be prepared to answer tough interview questions Today’s hiring stakes are much higher, and – like it or not – hiring managers tend to be tougher on candidates who are unemployed. Make sure you can succinctly articulate your reasons for leaving your prior position(s). Think about the challenges and accomplishments you want to highlight. Google “executive level interview questions” and write out your answers to those questions. Just as attorneys who never ask questions they don’t already know the answer to, you should be fully prepared to answer any variation of executive level interview questions. Think of the questions you don’t want to be asked and prepare responses so you are not left stumbling for an answer during an interview. 7. Use executive recruiters appropriately Whether you are employed or in between career engagements, you will quickly find that retained executive recruiters may not want to meet with you as readily as contingency recruiters do. This is because their business models are different. Retained executive recruiters are focused on finding people with very specific qualifications for their clients. If your qualifications are not a fit for a current search, the executive recruiter has no need to meet with you now. What can you do? Email the retained executive search recruiter your resume and a brief message stating what you are looking for and ask to be included in their general database. They will call you if there is an active search for which you may be a fit. Keep the executive recruiter up to date on your search, on any contract engagements you take and with any other candidates you meet by sending them an email once a month or every six weeks. Making referrals of other potential candidates to executive recruiters will make you memorable. You may never get a meeting with the recruiter during this search, but that doesn’t mean they won’t call you in the future. Remember you are creating relationships with your employment search efforts. These relationships will pay off at different times. Always keep in mind that only 10% of executives are placed through retained search firms. 8. Reconsider your options Job seekers tend to be very selective early in their search. If you’ve been searching for a while, it may be time to ask yourself whether you should expand your horizons or change your interests. The single most effective thing you can do to increase the number of job opportunities is broaden your geographic parameters. Executives engaged in national searches tend to land jobs faster than those looking regionally. Also consider alternate titles you would be willing to consider. Often, job seekers hold out for the “perfect” position, which only prolongs their unemployment. No job is perfect and a job that you’ve been offered may well be a great next step in your career. 9. Benchmark your efforts At regular intervals, ask yourself the following questions to diagnose potential problems or barriers that may be preventing you from securing offers. If you have a trusted colleague or mentor, ask for their input on these questions as well. What’s going well in my job search? What isn’t going well and needs changing? Am I getting responses to my resume? Am I getting first but not second interviews? Am I making it to final rounds but not getting offers? 10. Pay it forward Once you’ve found your next opportunity, let everyone know where you are and your new contact information. Thank anyone who helped you along the way. As you get down to work, don’t forget to pay forward the kindness you received during your job search. Take the networking meetings when your colleagues call. You never know what ideas could be generated or what talent you may meet! For more information, contact the following members of the Baker Tilly Executive Search team. Carver Smith, CPA
Partner Kim Herlitzka
Principal

Here are 10 executive job search tips to navigate the process of finding your next leadership role.

10 job search tips for executives in transition

How to plan, prepare, present and follow up during the interview process to get the job you want Setting yourself apart from the pack can make an impact on successfully landing your ideal position. Our recruiting professionals have identified specific attributes employers seek and questions they ask to evaluate these traits when looking for the ideal candidate. The interview process can be intense, so let us help you find your strengths and position you for success. Using the tips provided, we’ll help you effectively showcase your talent and demonstrate your expertise to increase your chances of obtaining the position you desire. Download a complimentary copy of our interview guide today! For more information on this topic, or to learn how Baker Tilly Search & Staffing specialists can help, contact our team.

This guide contains information to help you present your capabilities and showcase your talents during the interview process.

Consulting

Almost everything you need to know about interviewing

Typically, employers in a tight labor market can be expected to lean on the key weapon of salary and benefits in the war for talent. Makes sense: the Bureau of Labor Statistics (BLS) is reporting an unemployment rate of just 2.5­­­­­ percent for professional and managerial workers. Competition for the right candidates is fierce – and accelerating. However, a recent Baker Tilly Search & Staffing poll suggests candidates may be looking for different things from employers right now. The tight labor market may not have resulted in upward salary pressure. In June, Baker Tilly Search & Staffing asked our online visitors if they had changed jobs in the past 12 months – and what that meant in terms of their compensation. The results show compensation was not the primary decision-maker for the increasing number of employees prepared to move on from their current employers. Over 64 percent of our survey respondents changed employers last year for no change - or even a decrease - in pay. That suggests job searchers are more than willing to accept less pay if the employer offers a value proposition that supports their career goals and a workplace culture that fits their personality and work style. Of respondents who changed jobs in the preceding 12 months, only one-third received an increase in pay, with 14 percent of those individuals opting for an increase less than 10 percent. What are some of the potential drivers in changing jobs? Career progression, opportunities for growth and top-notch learning and development are all known considerations. While employers do place a lot of emphasis on salary when recruiting, workers often actually want to feel like they are continually growing their arsenal of professional skills. Businesses are responding by increasing the time and effort into the training essential for professional development.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

Considering changing jobs? What that can mean in terms of your compensation.

More money? Even in a tight labor market, it’s not all about the pay

Options are plenty when it comes to executive search firms. On one end of the spectrum are the commandingly large firms, which come with big brand name recognition, high overhead and revenues in excess of $700 million annually. Several of these publicly traded firms have great reputations, but they have historically catered to Fortune 500 companies. If your organization is not a Fortune 500 company, your search can easily get lost in the shuffle or pushed down below the partner level, and costs can quickly exceed your price range. Worse yet, sometimes these firms will try to recruit from your organization after their one or two year hands-off commitment has expired. On the other end of the spectrum, however, are another option: boutique search firms. You may be skeptical of these smaller firms, fearing that they lack the resources and experience to find the right executive for your organization. But these fears are often unfounded — in fact, boutique firms offer several advantages that may make them a better fit for your search. 1. Individual and trust-based business When engaging with a boutique firm, you are more likely to deal directly with the person or team leading your project. By contrast, when engaging with a large firm, you may only engage with a partner occasionally. Often, larger firms delegate key work to less tenured associates who you have never met and who have only second-hand knowledge of your organization and its needs. This can result in candidates whose resumes match your specification on paper but may not fit your culture or your goals, which leads to mis-hires. 2. Greater candidate pool Executive search firms have an ethical and contractual obligation not to recruit from clients. Because large firms conduct business with so many organizations, they have significant hands-off limitations which impact their recruiting strategies. Candidates that are active on a search within a firm are also off-limits for other searches. With large firms, this can equate to thousands of candidates who are unavailable to your search, severely limiting the talent pool. Remember that while the large firms’ lengthy lists of clients may be impressive, these lists also show the companies you cannot recruit from. 3. Deep knowledge of your organization You want a search team who understands your culture, major players and unique needs. The boutique business model gives search teams more time to learn these aspects of your organization and use them to inform their search. Additionally, since the lead partner usually handles the engagement directly, they are better positioned to present your opportunity, vet candidates and provide value-added insight on your industry, the market, the function and the role. 4. Personalized attention One of the most important questions to ask while interviewing search firms is, “How many searches are you currently conducting?”— and make sure that they include searches that are near completion (compensation mediation can be time-consuming for a search consultant). Typically, boutique firms work on fewer projects, and their “top-to-bottom” approach offers the client extraordinary attention to detail. Large firms, meanwhile, are usually in a constant state of growth, which limits the attention they can pay to your search. A sizable client base may be great for them, but it might not be best for you. 5. Transparent search process Many partners at large firms cannot describe their process in detail and often don’t adhere to an established methodology. This is because it is difficult to consistently execute a data-driven methodology within a large firm. Boutique firms are generally more transparent about and invested in their process. You should expect to have access to performance metric reporting that allows you to drill down to the name, title, employer and feedback from all potential candidates that are contacted for your search. This detailed reporting allows you to better communicate and collaborate with the search firm. 6. Focus on your engagement, not upselling Cross-selling ancillary services is a huge priority for many large firms, so much so that partners at these firms are as concerned with cross-sales as with the search itself, and their attention is diverted from what you contracted them for in the first place. Conversely, boutique search firms are, by and large, strictly focused on retained executive search. Rather than diversifying into other services such as candidate assessment, boutique firms will often refer their clients to specialists, ensuring they remain focused on the task at hand. 7. Completion rates According to Robert Stein, in his book Pipeline Talent: An Evolution in Executive Search, search completion rates at boutique firms can be as high as 99 percent, while many large firms are closer to 65 percent. When meeting with a search firm, ask what their completion rate is. You are likely to see that larger firms — which, by virtue of their size, can afford to leave a search unfulfilled — don’t have as strong a record of bringing candidates across the finish line as their boutique counterparts. The constraints on large executive search firms are real; they limit the firms’ ability to bring great candidates to you and contribute value to your organization. When selecting a firm for your search, critically assess the quality of service you will receive, instead of simply picking the largest firm on the market. Remember, bigger isn’t better; better is better. For more information on this topic, or to learn how Baker Tilly staffing specialists can help, contact our team.

Think smaller: the benefits of a boutique executive search firm

Considering millennials have surpassed baby boomers as the largest generation in the American workforce, retention remains a hot topic. Read the article.

Employer Services

Public Sector Executive Recruitment

Beyond recruiting: How to retain millennials

Have you evaluated your human resources leader’s skills and competencies lately? Have you benchmarked your human capital talent to that of growth companies? The time might be right to take a closer look. The role of the chief human resource officer (CHRO) has changed dramatically over the years. While at one time the human resources function was a mid-level staff position focused on personnel and immersed in administrative and transactional responsibilities, today’s CHRO should be a counselor, coach and trusted advisor to the CEO who has a seat at the executive table and whose opinion and experience are highly valued. Read the article.

Today’s CHRO – the newest data-driven C-suite executive

The job market is in full swing and the war for talent is knocking on your company’s door. In this environment, make no mistake — your employees are getting recruiting calls. Depending on their skill set, expertise, and level, they could even be receiving recruiting inquiries on a daily basis. And then it happens; a key employee gives notice. Read the article.

Six questions to ask before making a counteroffer to an employee (or accepting one)

Trump is driving a resurgence in business-sector optimism that could lead to significant changes in the economy. His election, along with an economy that has been steadily improving over the past years, has given employers more confidence than ever to actively pursue plans for growth. This translates into plans to hire. Read the article.

Five tips for bringing in top talent in a tight labor market

Client need Como Friends, a St. Paul, Minneapolis-area not-for-profit whose mission is to inspire community generosity in support of the Como Park Zoo & Conservatory, experienced unexpected turnover in their Director of Individual Giving position. Because the turnover occurred just before the fourth quarter, their prime fundraising season, the vacancy needed to be filled quickly to meet the organization’s financial goals. Additionally, the organization saw an opportunity to hire a candidate with significant individual giving experience. To assess the latest fundraising techniques in the marketplace and assure proper culture fit, Como Friends established a search committee and requested to meet with at least 10 qualified and vetted candidates. Baker Tilly Executive Search solution After identifying and presenting 10 well-qualified candidates, our executive search consultants collaborated closely with the organization’s search committee to refine their position requirements, ultimately narrowing the candidate pool. We then conducted two-hour, one-on-one interviews with a subset of the candidates and presented finalists to Como Friends. After significant deliberation, the not-for-profit’s search committee made an offer to a well-connected candidate with 17 years of not-for-profit development experience, including capital campaign, private, corporate, and family foundation donations. To ensure a smooth transition and strong culture fit for both Como Friends and their new employee, Baker Tilly Executive Search conducted regular onboarding check-ins in the 12 months following the hiring decision. Results The successful candidate made a smooth transition from her previous role and was able to bring a fresh perspective to the Director of Individual Giving position. After one year on the job, the President of Como Friends reported that the candidate is exceeding expectations and has brought a new demographic of donors to the table. Not only have year-over-year donations increased, but due to the successful candidate’s strong relationship building skills, Como Friends’ retention of major donors has increased from 70 to 92 percent. “We engaged Baker Tilly Executive Search after unexpectedly losing our Director of Individual Giving. There was no way our management team could source the high caliber talent we needed for this critical position and simultaneously carry out the role’s ongoing responsibilities. The Baker Tilly Executive Search team built a strong rapport with our search committee and provided the professional guidance we needed from start to finish. By collaborating with Baker Tilly Executive Search, we greatly increased our access to quality candidates and were able to conduct an efficient and effective search. We are thrilled with the candidate we hired and would highly recommend Baker Tilly Executive Search to other organizations.”– Jackie Sticha, President of Como Friends For more information on this topic, or to learn how Baker Tilly Executive Search specialists can help, contact our team.

Not-for-Profit

Como Friends urgently needs director of individual giving to meet fundraising goals

Tax savings Paying your child for services performed in your family business can reduce your overall family tax bill, while shifting assets to your child without gift tax implications. As a business owner, you can take a deduction for the wages paid to your child, while your child can utilize his or her standard deduction (up to $6,300 in 2016) to offset those wages making them income tax-free (and possibly payroll tax-free). Additionally, the deduction might lower your adjusted gross income, which might favorably impact other deductions and credits that get phased out due to high adjusted gross income. For example, a business owner in the 35 percent tax bracket hires their 14-year-old son to work in the office on weekends to help with filing, shredding, cleaning, etc. The child earns $6,300 in wages throughout the year and has no other earnings/income. Ideally, the child should receive a Form W-2 for the work performed. Since the full amount of the wages will be deductible as compensation paid by the business, the tax savings to the business owner is $2,205 ($6,300 x 35 percent), and  the income tax to the child is $0, since all of these wages are offset by the child’s standard deduction. In addition, if the business income is subject to self-employment tax, there would be additional tax savings by way of reduced self-employment income. Even if the wages exceed the standard deduction, the child is allowed to make an IRA contribution up to $5,500 in 2016 which, as an “above the line” deduction, could substantially reduce the child's taxable income. If the maximum traditional IRA contribution is made, the first $11,800 of the child's taxable wages will result no income tax liability ($6,300 standard deduction + $5,500 IRA deduction). And again assuming the parents’ 35 percent income tax bracket, the child's wages would produce an income tax savings of $4,130 to them. If wages are paid to the child in excess of the $6,300 standard deduction, and a Roth IRA contribution is desired as opposed to a traditional IRA, any income in excess of the standard deduction will be taxed at the child’s tax rate. The lowest tax bracket of 10 percent applies to taxable income up to $9,275 for 2016. Assuming a traditional IRA contribution is not made, the child could earn up to $15,575 ($15,575 - $6,300 standard deduction = $9,275 10 percent bracket limit) before being pushed into the next tax bracket, assuming he or she earns no other income. Please talk to your financial advisor before deciding on whether a traditional IRA or Roth IRA is right for you. In addition to the income tax savings, you may be able to save on payroll taxes if your business is unincorporated. If you operate as a sole proprietor or a husband-wife partnership without other partners, services provided by your child under the age of 18 would not be considered employment for FICA purposes; therefore, you would not be required to pay FICA and FUTA taxes on the child’s wages. Additionally, FUTA is not imposed in this situation if your child is under age 21. If your business is a corporation (or a partnership that contains non-parent partners), FICA and FUTA taxes are still required to be paid on your child’s wages (note, the reduction in income tax is still achieved). However, there is no extra cost to the business owner, as these taxes would be required to be paid if you would have hired someone for similar work anyway. As a future planning concern in arranging for contributions made to an IRA established for a minor, it is important to keep in mind that once the child reaches the age of majority, he or she will be free to take funds from the IRA as he or she pleases, and can even close the IRA out. With a distribution from a traditional IRA, there will be taxable income to deal with and, most likely a 10 percent additional tax on the amount of the distribution on account of a premature distribution from the IRA. And, if the conditions applicable to a Roth IRA, including the holding requirements, are not met, penalties, in addition to tax on the investment earnings could apply, as well as that 10 percent additional tax on the amount of the distribution. Therefore, in establishing an IRA for a minor, it’s often best going into this strategy with the intention that the child is to maintain his or her IRA intact for a long, long time or that the IRA is to be used for a specific funding purpose. One example of a specific funding purpose involves taking distributions from a traditional or Roth IRA for “adjusted qualified higher education expenses” (AQEE). In such a case, regular income taxes will be due on distributions from a traditional IRA but usually not from a Roth IRA. As to the application of the 10 percent additional premature distribution tax on account of AQEE, if the taxable part of the distribution is less than or equal to the AQEE, none of the distribution from the traditional or Roth IRA would be subject to the additional 10 percent tax; if the taxable part of the distribution is more than the AQEE, only the excess would be subject to the additional 10 percent tax. For purposes of this rule, AQEE include tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Also included are expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. In addition, if the student is at least a half-time student, room and board would also be considered as AQEE. In summary, there are good reasons to consider sheltering a portion of the child’s income in a traditional IRA or making after-tax contributions to a Roth IRA during the child’s minority period when presumably the exemption and the child’s income tax bracket are most favorable. In doing so, the parents/business owners will also want to consider the future strategy of the IRA as a basis for deciding whether to go with a traditional or Roth IRA, and that strategy should be communicated to the child. As a starting point, the strategy should involve steering clear of the application of the 10 percent additional income tax and maximizing any additional tax preference which would apply to a future distribution from the IRA. Doing it the right way When hiring your children, you need to be careful to treat them similarly to any other employee. This might include items such as: Keeping detailed employment records, including timely tracking of weekly hours and wages that correspond to services provided Issuing paychecks as you would a normal employee (e.g., bi-weekly) Documenting that the services are legitimate and considered ordinary and necessary for the business Ensuring the services provided do not include typical household chores If your child is not treated like any other employee in a similar position, the IRS could potentially deem their wages as not ordinary and necessary, and disallow them as a deductible expense. In Patricia D. Ross v. Commissioner, TC Summary Opinion 2014-68, the IRS did exactly that. Mrs. Ross operated several businesses, and hired her three children to perform services. The work performed by the children was mostly legitimate work and timesheets were prepared. Mrs. Ross filed the appropriate employment tax returns and the children’s income tax returns where required. While the above items were a good start, Mrs. Ross did not generally pay her children on a regular basis, but rather she often made payments to third parties for expenditures that her children “directed her to make” (most of which were meals at restaurants). Also, amounts "paid" to the children had no correlation to the amount of hours actually worked and there was no consistent wage rate (hourly rates ranged from $4-$30 per hour depending on the child and year). Based on all the facts and circumstances, the IRS determined that the arrangement between Mrs. Ross and her children was too dissimilar between that of a normal employer/employee relationship, and that all of the wages claimed as an expense were disallowed. In no way should this case discourage a business owner from hiring their children and deducting the child's wages as an ordinary and necessary business expense. Rather, it should serve as a reminder on how to do it correctly. From an overall family tax standpoint, hiring your children is an effective tool in reducing taxes, but business owners should be mindful to treat them as they would other employees. For more information on this topic, or to learn how Baker Tilly tax specialists can help, contact our team. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely.  The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.

Family Business

Hiring your children - tax savings and doing it the right way

Hiring leaders is expensive and risky. When an executive new hire fails, related expenses can multiply and cause collateral damage. Hiring an executive search firm may be the answer. Read the article.

Seven times when it may make sense to use an executive search firm

Our client’s need A provider of precision metal stampings and fabrication for the medical, aerospace, defense, and automotive industries was looking to increase their manufacturing capacity through upgrading the operational leadership in the plant. The client needed unique operations talent to deliver increased throughput and on time delivery while increasing overall production efficiency. This would increase plant capacity to make room for the growth in orders the organization was forecasting. The Baker Tilly Executive Search solution Our executive search consultants collaborated with the company’s key leaders to understand the nuances of their manufacturing environment. Through this process, we identified constraints and opportunities not only in their processes and workflow, but also with shop floor personnel to identify required attributes and experience required for a successful leader. By understanding the company’s operations and culture, we were able to market our client and their position to find high caliber candidates with experience and success in driving the improvements desired by the client. Results Our search yielded five strong candidates for the company to consider. Ultimately, the client decided to hire two of the five candidates, one as the general manager and the other as the plant manager. Within 90 days of these hires, the client reported measureable and sustainable improvements in order turnaround time, changeover times, first pass quality, and order fulfillment rates. In addition to these operations roles, our search consultants previously helped the firm source a supply chain executive. For more information on this topic, or to learn how Baker Tilly Executive Search specialists can help, contact our team.

New operations talent delivers measurable results for metal stampings and fabrication firm

A strong corporate culture is critical in today’s business environment, but many CEOs find culture creation to be a daunting task. Read the article.

How to leverage a strong company culture for more success

We recently interviewed a number of HR executives to understand the state of talent acquisition and talent management today. These discussions led to striking observations: Firms that haven’t invested in recruiting, employer branding, leadership development, and their people since 2008 (the beginning of the recession) are in for a rude awakening. The War for Talent is back on and it will disrupt employers that are behind the curve with a vengeance. Businesses have to become great at both sourcing and retaining talent. It’s not an either/or proposition. Some firms are re-imagining sourcing in breathtaking ways, including using novel methods and cutting-edge technology to get better qualified individuals. Too many HR technologies were designed for a pre-2008 world and, as a result, are no longer relevant. Old technology doesn’t address digital water coolers, new media, self-curated records, and more. The processes changed but many technology providers didn’t. HR professionals are unhappy with the current state of talent, HR, and related technologies, including fragmented solutions, high costs from solution providers, and the added cost to integrate different technologies. There are now a number of fairly urgent action items that HR and operational executives may need to address in their firms. Businesses may be facing substantial challenges in their ability to attract and retain any talent, let alone great talent. HR technology providers have serious matters to confront as well, including the need to re-imagine HR and Talent Management to be more relevant, flexible, innovative, and less costly.

Talent management: Strategies for a new era

Our client’s need A growing law firm relied on an accounting manager for nearly 20 years to lead their finance team. To support the firm’s ongoing growth initiatives, leadership felt a need to top grade its finance talent but was uncertain of the skill level and experience appropriate for the role. Furthermore, the successful candidate required more than just a great resume, they needed the ability to collaborate well with a diverse partner group and the ability to manage change while honoring the existing corporate culture. Baker Tilly Executive Search solution By engaging with the client early in the decision-making process, we consulted with leadership to evaluate the level of talent needed to meet the firm’s growth objectives. To aid in this process, we provided a slate of candidates with diverse backgrounds, various experience levels, and different income expectations. In the end, the client determined that a CFO with large firm experience would be the right fit to lead the department. To ensure that the successful candidate would work well with the partner group and existing team, we helped arrange social time involving the finalists and key stakeholders at the firm. With two excellent finance executives to choose from, the law firm’s hiring decision did not come easy. Ultimately, the firm’s leadership engaged an industrial/organizational psychologist to help make the final hiring decision. Results Once the successful candidate emerged, Baker Tilly Executive Search assisted in compensation negotiations on the client’s behalf and ultimately helped land the firm’s top choice. For more information on this topic, or to learn how Baker Tilly Executive Search specialists can help, contact our team.

Growing law firm needs CFO to lead finance department

Congratulations! You’ve just been promoted to or have accepted a job offer as chief executive officer (CEO) of an organization. During your first 100 days, expectations of your performance will be high. One of your top priorities will be to assess the organization’s strengths, weaknesses, successes, challenges, and opportunities. One of your initial responsibilities is clearly communicating a compelling vision for the company’s future. How do you engage your employees in a dialogue around the direction you’d like to go and the culture you feel is fundamental to success? One effective solution is to master the art of storytelling. Reason alone does not inspire While data points, graphs, spreadsheets, and slide decks may be in your wheelhouse, droning on about your vision using these tactics is the fastest way to transform a boardroom into a “bored room.” Statistics show that only fourteen percent of the workforce retains and understands their company’s vision and strategy.1 Storytelling is one of the most effective ways to connect with employees at all levels within your organization and is an excellent approach to conveying your vision and aligning people behind it. Some of the most successful organizations, including Apple, Microsoft, NASA, Nike, and Starbucks, use storytelling as a tool to introduce new products, set goals, lead change, reach out to the public, and create a mystique around their brands. Storytelling is effective because it kindles passion. Strengths of storytelling The best stories address difficult challenges that may be on the horizon, but also highlight the opportunities these challenges present and the prosperity of the future. Employees relate well with narratives that describe the good and bad of new initiatives, because of the honest nature of the approach. When employees related with your story, they can more easily connect with you as a person and believe in you as a leader. Storytelling also increases the likelihood that people not only listen, but become engaged and inspired. Moreover, well-told stories simplify complexities and make them easier for employees to remember and pass on. Most importantly, stories help create a community and build a company’s culture. Elements of a great story The following elements help leaders create a compelling story: The hook: “Let me tell you a story…” “Imagine this…” “Picture our company as…” The hook ignites people’s imaginations, draws them in, and gets their creative juices flowing. Metaphors and analogies: Metaphors and analogies compare two things in order to explain or entertain. As a CEO, you want to explain and entertain. Using metaphors can help you make the complex simple and the controversial acceptable. They can help you ease into topics in a personal and memorable way. Emotion: Steve Jobs lured John Sculley from Pepsi-Cola to run Apple by posing the following question: “Do you want to spend the rest of your life selling sugared water, or do want a chance to change the world?”1 Challenging people or tapping into their emotions in other ways creates a hard to resist call to action. Relevance: Telling a story relevant to your organization’s current challenges and one that is understandable and relatable to employees is crucial. You want your audience to digest and feel compelled to retell your story so the call to action spreads faster. Drama: An element of drama can also help to make an impact with your audience. Just as Steve Jobs cleverly used the emotions of others to his advantage, he was also a master of surprise. He created a spectacle as he told his stories, using effects like lighting and sound at key moments in the narrative. For elaborate story presentations, you could consider using these tactics as well. For on-the-fly storytelling, gestures that elicit surprise can also be captivating. Watch your audience closely to see how your story is affecting them. Don’t be afraid to turn up the volume with surprise. Storytelling is a vehicle CEOs can use to make connections with their employees. Stories create new possibilities by shifting the business conversation away from metrics and facts and toward personal experiences that engage people at every level, not only with their minds, but with their emotions, values, and imaginations—the true drivers of change. Executive leaders interested in honing storytelling skills can start by picking up a book on the subject. Many CEOs also take classes in storytelling or improvisation. For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team. 1Schoer, Allen. “Mastering the three “I’s” of storytelling.” The Washington Post, July 22, 2012.

Storytelling: The CEO X factor

More than 90 percent of businesses in the US are family owned. Collectively, they employ 62 percent of the nation’s workforce, contribute 64 percent to the US Gross Domestic Product (GDP), and create 78 percent of all new jobs.1 Sometimes family business owners need to hire non-family Chief Executive Officers (CEOs) to lead their companies. While the reasons for this type of change vary, the following best practices are helpful for selecting a non-family CEO: Establish a strategic plan: To prepare for succession, family business owners need a strategic plan. This roadmap for desired growth and initiatives is fundamental to the selection, onboarding, and retention of an effective non-family CEO. After developing the plan, family business owners can identify the qualities and talents needed in future leadership. The strategic plan helps match goals and objectives with both the technical and subjective qualifications needed in a non-family leader. Evaluate your company’s familiness: Take time to identify your company’s distinctive familiness. Distinctive familiness is a combination of the unique cultural dynamics, unwritten values, and systems existing in your business that help generate wealth and profit. During the process of identifying these advantages, families may also recognize some constrictive familiness. These constrictive attributes and behaviors are hindrances to your company’s success caused by the same dynamics, values, and systems that allow it to thrive.2 Families should address these limitations head-on to attract the most talented CEO candidates. Communicate the decision: Clearly communicate—to all vested family members—the decision to look outside the family for the next leader. If this is the first time the company has considered a non-family CEO, there will likely be many questions and concerns. Using your strategic plan and analysis of distinctive and constrictive familiness within your business, keep family members informed about the recruitment process and the reasons behind an external search. This helps set the stage for change and enables the successor to enter a more supportive environment.3 Conduct a thorough search: Executive search firms can assist family-owned companies by providing access to a broad pool of properly qualified candidates. In addition to technical qualifications, search firms can vet candidates for cultural fit. No matter how talented or how successful a candidate may have been elsewhere, if he or she do not share similar values to those present in the family business, recruitment may be unsuccessful. To improve the chances of success, several rounds of interviews and social time spent with key family members are highly recommended. Develop a communication plan: Once you’ve identified a successful candidate, develop a well-framed communication plan. The preceding CEO and successor should collaborate to prepare a joint statement to employees, vendors, and customers that outlines the company’s objectives and strategy and delineates all shifts in responsibility. An announcement about the outgoing leader’s plans for the future should be included, particularly if they plan to play a continuing role in the business. The successor should convey his or her commitment to the business and the family in the statement.3 Trust, but verify: After making the announcement, the work begins. Using the family’s strategic plan as a baseline metric, the board or family council should express clear expectations for the new CEO’s performance. In the first years of the CEO’s tenure, schedule formal and informal performance reviews. Moreover, the non-family CEO should meet periodically with the company patriarch or matriarch to gain a historical perspective. While the process of identifying and recruiting a candidate with the necessary demeanor and qualifications can be an arduous task, often a new leader brings unique skillsets and forward-thinking initiatives to the table. Although it is rare that a successor brings identical talents to the company as the founder or predecessor, CEOs are individuals and businesses develop around their strengths and weaknesses.3 A well thought out candidate selection process helps assure these attributes are properly identified so that the family’s vision for the business is achieved. For more information on this topic, or to learn how Baker Tilly executive search consultants can help, contact our team. 1“Firms Worth Fighting For: Family Businesses Keep Hope Alive.” UConn Business, 2, no. 1 (2010). Accessed January 30, 2015.

2Van Wyk, Rene. “Constrictive vs. distinctive familiness and the culturing of familiness capital (FamCap).” African Journal of Business Management, 6, no. 36 (2012): 9892-9900.

3BMO Harris Bank. “The Talent Imperative: The Essential—and Overlooked—Ingredient for Corporate Growth.” Forbes Insights. 2013.

Habbershon, Timothy G., and Mary L. Williams. “A Resource-Based Framework for Assessing the Strategic Advantages of Family Firms.” Family Business Review, 12, no. 1 (1999): 1-25.

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Six best practices for hiring a non-family CEO

There’s nothing new about the concept of emotional intelligence. The term became a part of the standard business lexicon in 1995 when author and psychologist, Daniel Goleman, analyzed jobs at 121 organizations. He found that 67 percent of the 181 competencies that distinguish the best performers at work are emotional competencies. When compared to Intelligence Quotient (IQ) and expertise, emotional intelligence mattered twice as much. Today, with the power of emotional intelligence (EI) now broadly recognized, many companies have incorporated EI assessments into their performance review and succession planning processes. However, few have found a way to incorporate EI assessments into their interviewing and candidate evaluation processes. To increase the chances of making sound hiring decisions, many organizations subject candidates to an extended interview process. According to author and leadership consultant, Adele B. Lynn, conducting more interviews is not the right answer. “What’s needed are better interviews—interviews that measure candidates’ emotional intelligence.” The subjective data obtained from incorporating EI assessments into the interview process for executive roles could give your business a significant competitive edge.
For more information on this topic, or to learn how Baker Tilly executive search consultants can help, contact our team.

Interviewing leadership candidates for emotional intelligence

With the massive exit of retiring Baby Boomers during the next twenty years, retaining and rewarding talent correctly has never been more important. This demographic shift from Baby Boomers to Generation X provides organizations with a predictable timeframe to align compensation strategies and organizational structures with Generation X motivators and corporate objectives. Historically, different generations approach their work and workplaces with different attitudes. Baby Boomers think in terms of ‘paying one’s dues’ and earning the opportunity for promotion and leadership. They sometimes postpone personal fulfilment and dedicate time to their career. In contrast, Generation X tends to desire work/life balance with personal fulfilment as a high priority. Their focus is on working smarter, not working longer. Companies should find ways to properly reward this next leadership generation in a manner consistent with these work attitudes and motivations. Appropriate executive compensation is essential to attracting and retaining this Generation X talent.
For more information on this topic, or to learn how our executive search specialists can help, contact our team.

Generational trends in executive compensation: Survey results and commentary

The right leader can take your company into the future. Yet finding someone with the skills and vision to do it is not easy. At Baker Tilly Executive Search, we aim to simplify and streamline the process. We design your search strategy, use the latest technology and thoroughly research the marketplace to bring you the leadership talent you need to reach your goals.

Recently, we have helped numerous clients prepare for tomorrow’s opportunities by completing searches at the C-suite, vice president, director or general manager level within the following business functions:

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