Bohan and Bradstreet

Staffing Blog

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B&B Numbers

Friday, November 22, 2019  by julie

 

Year to date, the B&B team has successfully placed over 73 bullseye candidates and negotiated over $10 million in base salaries for them.

In the past 18 years, our consultants have placed 2875 talented people within our client companies and negotiated base salaries in excess of $230 million.

Looking forward to seeing the numbers rise as we close out 2019. Our clients are onboarding talent in 4th quarter and making plans for talent acquisition in the new year!

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The B&B Approach

Friday, November 8, 2019  by julie

Three Examples of B&B's Consultative Approach to Recruiting:

1) B&B was approached by a global company with $300M+ in annual revenue and multiple profit centers in Asia, Europe, and the Americas that was carved out of a global parent and purchased by private equity. The finance department had been centralized at the global parent; the carve-out necessitated the creation of a finance department and organization structure. Our team partnered with CFO to create an organization structure, inclusive of roles/responsibilities, reporting structures, compensation structure, and job descriptions. What followed from our consultancy work was an exclusive engagement to find the Treasury Director, Tax Director, Corporate Controller, Corporate Accounting Manager, Compensation & Benefits Director, Financial Consolidation Manager, and 2 Financial Analysts.

2) The business model for a privately-held industry leader was at one time a vertical manufacturer and over the years had outsourced 90% of their machining to contract manufacturers. Over last six months profitability was down and revenues had flat-lined due to challenges on meeting customer expectations and deliverability. B&B met with the CEO. The original thought was to add on a Supply Chain Manager to report to the VP Manufacturing. The goal was to improve purchasing, order management, material deliverability from contract manufacturers, and better accountability to customers. OTD was declining. B&B had a detailed conversation on the business evolution, current business model, existing challenges, going forward strategy, and culture. In a very candid conversation B&B brought to the attention of the CEO that as the company had transitioned from a vertical manufacturer to primarily an assembly operation, the need for strength in leadership shifted from manufacturing to supply chain. B&B looked at the organization chart and discussed the key employees and roles. The VP Manufacturing was under-performing and adverse to change. The manufacturing operation was being run by a manager that upside potential. B&B made the suggestion to promote the Assembly Manager to Manufacturing Director, eliminate the VP Manufacturing role, and create a VP Operations position that would be responsible for all order management, supply chain, and assembly operations. B&B teamed with the CEO to define short and long term goals for the new role, create a search and evaluation process, and establish a fair and attractive compensation package. B&B evaluated 83 local candidates, presented a slate of four, collaborated on the interviewing process, and concluded the search from original conversation to acceptance in 39 days.

3) The business model for a Connecticut OEM had shifted from a vertical manufacturer to more reliance on contract manufacturing and assembly operation with a more demanding supply chain element. Information systems and technology were underutilized and dated. The CEO and CFO initiated a call to B&B to potentially recruit a Project Manager to work for the IT Director. B&B led discussions with the executive team, including the IT Director, to best understand recent evolution, organization structure, business model, personnel, current processes, needs, challenges, and goals. The conversation was interactive, candid and open. The Company viewed IT as under producing rather than as a strategic resource to partner on business evolution. B&B was offered the exclusive to search for a Systems Manager and turned it down. B&B reached out to the CEO and made the recommendation that the biggest road block to success was the IT Director and if IT was to be a true business partner, then new leadership was required. After this conversation, we were retained to source a new IT Director. B&B established a search process with milestones of delivery; identified and introduced four highly qualified candidates; and had a new IT Director aboard within 90 days. The end result is a more interactive IT function that is providing value-based intelligence to both internal and external customers, and active participants in the business planning process.

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Successfully Placed Talent

Friday, October 25, 2019  by julie

RECENTLY COMPLETED SEARCHES:

Chief Financial Officer for a multi-state B2B leader wants to double revenues over next 5 years organically and through acquisitions. 

Northeast Sales Manager for a U.S. division of a European-based global manufacturing and chemicals company that has a strong North American presence and is expanding into new markets and new accounts.  

Marketing Communications Director for an innovative B2B that has sustained revenue growth in domestic and global markets.

Operations Manager for a growing, privately held transportation leader with multiple locations in USA.

Chief of Staff for a national healthcare system with high profile programs and partnerships that is focused on best practices in primary care delivery. 

CISO for a global bank that is investing in new enterprise-wide technology.

SEC Reporting Analyst for a global manufacturer that has 25+ SBUs on 5 continents; several billion ($) in annual sales with 50+ operating locations. 

Human Resources Director for a manufacturer and distributor of consumer products.

Supply Chain Director for a PE backed roll-up of business products.

Sales Engineer for a specialty pump manufacturer.

Mergers & Acquisition Director for a North American engineering testing service.

General Manager for a privately-held manufacturer of specialty seals and fasteners.

IT Director for a privately-held distributor of audio-video equipment.

Marketing Director for a PE funded building services company that expects to double revenue over next two years via acquisitions and organic efforts. 

COO/CFO for a start-up healthcare software business starting commercialization phase.

Senior Accountant for a public accounting firm that recently celebrated it's 100th anniversary in business.

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Forward Thinking = Better Hiring

Friday, October 11, 2019  by julie

 

Hiring talented individuals for your company can be daunting. B&B has ensured successful hiring for our client partners for decades. Here are some problem areas we have identified over the years that can inhibit a talent acquisition that will positively impact your company.

#1 Inadequate Interviewing: Every role is a reflection of the business model and culture. Many companies schmooze candidates or rely on first impressions. Interviewing is an art form and there should be an assessment of hard and soft skills, functional and cultural fit, and evaluation of capabilities, contributions, and accomplishments through a series of situational questions and discussion points. Having a scorecard to measure the various qualifiers for any role is the best way to make comparisons among the applicants. 65% of the time, the best candidate for the role is not the best interviewer.

#2 Avoiding the Problem: About 25% of the searches we manage annually are confidential replacements. The client recognizes that the incumbent is not meeting expectations and needs to be replaced. Often the search comes with an upgrade in responsibilities. However, too many companies camouflage the problem and attempt to hire around it because of loyalty and/or seniority. Sacrificing the wellness of the company by circumventing the problem will create turnover.

#3 Backward Thinking: We call it “Pothole Mentality.” Looking backwards and replacing a role is stale thinking. Don’t replace; rather re-engineer the role for today and tomorrow. Reassess core skills, requirements, and competencies. With all the changes impacting business through technology, outsourcing, and best practices, organizations need to align their staff and resources to both the current and future needs of the business. Hiring to replace yesterday is a mistake.

#4 Not Being Upfront: There is a right way and a wrong way when hiring. Be honest on workforce hours, travel, responsibilities, culture, leadership, and wellness of business. Building trust from the beginning is essential. Over one third of turnover is due to hiring authorities who were not forthcoming and the hired candidate feeling deceived.

Reach out to our team today to learn more about how we can help your company with talent acquisition. B&B search professionals always measure their success by the success of your company and the people we place on your team.

 

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The "Change Quarter"

Friday, October 4, 2019  by julie

 

The 4th quarter is an interesting time for both businesses and employees. This is the quarter for next year planning as well as promotions, rightsizing and reality checks. Will the company meet their revenue targets, metrics, and EBITDA? If not, what changes will be made to correct key drivers? If yes, what new initiatives will be discussed and enacted on as head into 2020? Whether you are a hiring authority or career driven contributor, here are a few of the variables that occur in and around the 4th quarter:

Confidential Replacements: Annually about 30% of the searches that B&B manages are confidential replacements and the largest number occur in the 4th quarter. Leadership recognizes there are internal roadblocks and expectations are not being met. Most often these are tenured employees who are not proactive managers, lack business partnering skills, and/or unable to embrace change and evolution. 

Acquisitions: More acquisitions are completed in the 4th quarter than any other quarter. Depending on whether one is on the “acquiring” vs. “acquired” side, there will be changes in reporting structures, leadership, operations, and culture.

Performance Evaluations: Both the company and the employee will have their performance evaluated. This is the season to encourage best practices, correct inconsistencies, and identify opportunities to achieve business strategies.

Organizational Alignment: Having the right people in the right roles at the right time is difficult to accomplish. Most companies are out of balance. Different functions (e.g. engineering, marketing, finance. supply chain, IT, product development, human resources, and sales) have alternating values even in direct competitors; some are of higher value to the business than others. “A” roles lead and impact strategy; “B” roles lead and impact tactical drivers; and “C” roles are doers. As companies evaluate the correct alignment, do they have “A” and “B” talent in the right roles?

Change Management: The business world is constantly evolving and the 4th quarter is the “Change Quarter.” This is the time that functions can get outsources or outsourced functions can be internalized; reorganizations and rightsizings are announced; movement of internal operations to other geographical locations; promotions and award grants; new leadership from 1st level managers to Board level; and changes in functionality, hours, reporting structure,  benefits, and compensation. 

With a pulse on the current trends, an eye on the talent market, and an ability to put the solution in place before year end, the B&B is ready to partner with you to facilitate positive change for your company. 

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