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Friday, December 13, 2019
by julie
Due to the high number of retirements, changes in business structure, and demand on performance and customer satisfaction, there is a need to be more efficient. Companies must navigate multiple challenges as they evolve including tighter budgets, lower unemployment, a wave of new technology, and increased regulations. The key differentiator that most influences productivity gains is the human factor.
The employee life cycle starts with hiring the best talent quickly and onboarding with strong orientation programs and training. Having a proactive plan to recruit, evaluate, and hire talent is essential. Eliminating time and excess steps in the hiring process allows decision makers to move quicker which speeds up talent acquisition as well as leaves a very favorable impression with the new employee. Bohan & Bradstreet has successfully partnered with companies to improve the hiring process by as much as 50% of the time.
- Onboarding is essential to improving productivity:Streamline orientation and form completion. Enable a new employee to spend their first day on the job connecting with their team and making a meaningful contribution to productivity. Establish clear expectations from day one and align employee goals with department and organizational goals.
- Provide continuous learning through mentoring, training, and gaining experience and exposure. Let the employee know how they are doing; complement good performance and address areas for improvement with a plan of action. Frequent feedback on a regular basis will increase productivity and goal attainment. Have the employee contribute on goal setting because the more an employee becomes engaged correlates directly to improvements in performance and productivity. Encourage new ideas and continuous learning.
- Identify the disengaged and investigate reasons. Partner and come up with an action plan that the employee agrees with to turnaround performance. Provide training and create goals. Review progress and measure performance. Recognize and reinforce improvements. Do not become hostage to underperforming employees and encouraged them to move on. It is not unusual for employees to outgrow companies and companies to outpace employees.
- Recognize performance gains. It is infectious. Identify and reward talent with upside potential. Increase their visibility and enable with opportunities to develop new skills and take on additional responsibilities and/or projects. In this competitive business world, most companies do not have the luxury of bench strength and need to be actively engaged in succession planning at all levels. Therefore have a pipeline of candidates for positions of “higher need” is both prudent and proactive. Improving productivity will not happen unless there is a commitment to excellence, a plan of action, and focused effort.
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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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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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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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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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