Why the A New Focus

Corporate boards are called on to provide guidance on growth and innovation, and talent is key part of that.  A successful people strategy is critical to compete. Talent is a fundamental differentiator for success and has become a primary driver of long-term value creation, not to mention mitigating human capital risk. There is a trend toward the board expanding discussions, but the topic is spread quite evenly regarding who is addressing it – the full board or a specific committee.  Regardless of where the responsibility lies, all board member needs to pay attention to talent. Companies will be tested on whether they are actually putting people first.

The nature of talent of agenda is focused on investments that are being made, employee training and diversity, as well as employee experience. The board will look at the company’s ability to pivot quickly and whether the workforce is flexible enough the handle that pivot. The board must also keep in mind the continued evolution of the workforce. Discussions regarding strategy, operations and talent must be linked together and the discussions should be held further upstream. The board must focus on where value is created in the organization and specifically in areas of innovation and growth.  Where there is a gap, then it needs to be built.

The Priorities

Establishing and ensuring a unique competitive advantage should be focused on culture and leadership. The board needs to think about how talent plays into risk, strategy, innovation and governance. The discussions should happen with CEO in the executive session as well as audit, compensation committees. The board and the CEO need to ensure they have capabilities for today and for tomorrow to compete. In merger and acquisition scenarios, board should screen top leadership of a merger or acquisition target.

Boards can enhance their talent oversight by having a good sense of the culture of the organization and specifically on the way things happen and the way things get done. The board must understand the organization’s ability to flex and pivot when needed. Furthermore, the board must be clear on the employee experience. The board must challenge leadership on where the organization may need to over time bring in news skills. It must be clear to the board that they understand where management is going to address those skills gaps.

The Challenges

The board agenda is already very jammed packed, so it is hindering the amount of attention on the topic. From a board skillset perspective, a majority of corporate boards lack expertise in succession planning, talent management and compensation which is typically found in Chief Human Resources Officers (CHRO’s).  Besides, General Counsels, one of the largest gaps in board composition and skill set is related to the CHRO.

With the aggressive pace of this market, digitization and automation cannot be ignored. New jobs and skill sets will be created, and it is changing at a phenomenal rate. The labor force is changing. Employees are becoming consumers with higher expectations of their employers. To execute on a business strategy, the board must also focus on the workforce strategy. The reason that this is so important is that we now live in a world of innovation.

Investors want to see that there is a focus on customer loyalty and the importance of company purpose. The board should engage by focusing on looking at all three areas – operational performance of the company, strategy and talent. Metrics must be set and driven by the corporate strategy. If anything, the board should engaged on workforce mix and where the supply will come from.  Lastly, adaptability must be built into the organization.

Next … we must turn the talent agenda toward the actual skills sets and composition that are around the boardroom table itself!

Strategy & Research

With research under your belt and a sound strategy for the networking event, all of this is not as hard as it may seem.  Start by reviewing the event ahead of time and take the time to identify people that you want to meet while at the event.  Perhaps you can get an attendee list ahead of time and reach out to those individuals to let them know you will be attending.  You may be surprised by their response and their great interest in seeing you. You might consider asking them to make a few introductions.

Get to the event early – very early.  Take the time to settle in so you are not rushing into the event.  As you get to the registration table, scan the name tags to see if you recognize anyone you already know.  Then, you can seek them out!  Bring a friend or colleague to the event and ideally one who is an extrovert who will make a lot of introductions and bring you into conversations.

Have a plan for what you are going to say when you are asked questions – such as, what brought you here or what do you do?  Have your response practiced, captivating and at the ready.  If there are exhibit tables, browse the area and use that as a platform to start a conversation. People love to talk about themselves, so ask a lot of questions.  Before you know it, you will find yourself past that awkward silence and into in a conversation. Most importantly, have confidence.  Some statistics suggest that almost half of us are introverts.  Who knew!  So, you are not alone, don’t be shy and do step right up!

There are a lot of good qualities found in introverts that can be very helpful in networking.  Introverts are often very good listeners and highly observant of their surroundings.  They don’t know need to be in the limelight so will likely ask more thoughtful questions of the person they are speaking with.  Introverts tend to also be more self-aware, so less likely to make social gaffes.  With that said, introverts can inadvertently appear aloof, when in fact they are not! Whether you are an extrovert or introvert, I still believe that the following basic principles remain for building your network –

Finding the Right Forum

Just because everyone else seem to think that group, forum or conference is the place to network, does not necessarily mean it is the perfect fit for you. I have attended hundreds of “networking” events where I was told “it is the place to be”. In reality, it was a supreme waste of time! The event, forum or group must not only meet you short term objectives, but also your longer-term goals. Of course, in networking etiquette it not all about you, but you have to be smart with time and resources.

You want to swim in blue water and places that have original contacts and value. These places are where there or more of “them” and not hundreds of “you”. Otherwise, you will be in the same room, group or forum that the rest of your peers are working. Essentially it is a bunch of executives that are looking for the same thing you are – your next piece of business, next partnership, or your ideal CSuite, career path forward or independent directorship. Attending a conference where everyone else wants a board seat, does not bring much originality to your objective or long-term goals. One tiny tip and I know it may seem silly, but do not wear your name tag on the left; you must wear it on the right. Given that you shake someone’s hand with your right hand, remember – right hand, right arm, right up to your eyes.

Build a Base

The most effective network is built early and over time. It is something that is carefully nurtured and evolves. People primarily do business with people they know, like and want to help. Building a network takes time and intentional effort. It must be part of your daily activity, just as phone and emails seem to prevail in our way of communicating and building relationships. Ensure that you are establishing a way for this to be a two-way conversation – give and you will receive.

LinkedIn, BoardProspects and other similar online groups are viewed with mixed opinion by many. But, in my opinion these groups are not only effective, but absolutely necessary. If you are not on LinkedIn with a presence that drives value and thought leadership, you may as well not be networking at all. It is that valuable of a platform. Your presence should be professional and definitely not personal to include a professional picture and content that drives interest and value. As for Twitter, just as important – not personal or political, but truly a place where you drive professional thought leadership.

I vividly remember when LinkedIn first came into the marketplace back in my retained search days. My colleagues and I ran from LinkedIn like the plague. We did not want anyone to “connect” with us, we only wanted to connect with “them” on their terms. Interesting how now in current day, LinkedIn has made it so difficult for the executive search world with more companies using the tool directly to find their own talent and bypass search fees and long processes! LinkedIn is truly essential.

Have a Process

Tantamount to networking success is following up – not just when you need your network, but when your network needs you. For each and every conversation, meeting or interaction I have, I typically follow that discussion with an invitation to connect on LinkedIn.   I always enter recipients email and send a personal note and never use an easy category (such as we did business together) or the automatically generated note. I also consider each and every request to connect and more often than not accept the invitation to connect. Once you are connected on LinkedIn, it is also easy to determine their Twitter handle and start following them there as well. This process, done day in and day out, has paid significant dividends to the growth of my firm, business and the future of my network.

Taking it one step further, rather than just asking or talking on social media, use thought leadership to share value with your network. This can be in blog posts, white papers and sharing of other thought leadership pieces already in the market. Many executives sponsor events and conferences just for the purpose of getting their company’s brand in the spotlight. I suggest taking it one step further and leveraging those sponsorships into speaking engagements. I recommend starting with moderating panels, participating as a panelist or facilitating workshop sessions. You will quickly become perceived as an expert in your field and others will want to network with you.

Nurture Relationships

The etiquette in all of this is simple – treat others as you yourself would want to be treated. Return phone calls, online requests, emails and LinkedIn requests/messages promptly, just as you would like yours to be promptly responded to. Always be grateful and appreciative of those in your network. You must ensure that you give back to them. With great care and nurturing, I promise this will all pay off – now and well into the future.

You see, as the daughter of an Army officer, I personally witnessed my own father’s transition from a decorated military career to the commercial sector.  The process of understanding and navigating executive recruitment was daunting for him and his peers.  I hope, through my involvement with MOAA, that I give back in some way to their service.

I can’t help to wonder why individuals still want to know best practices for working with executive recruiters.  No matter how many times we try to figure it out, the bottom line is simple – they do not work for you.  Therefore, with all the insights and best practices shared be me or other thought leaders the issue does not change – they will not return your call unless they need you at the very moment they have the perfect fit that just happens, in some miraculous way, to fit your background.  They work for the company that is paying them – not you.  So, they do not have to return your call.

Before you begin your post-retirement job search, take time to self-assess or seek professional assessment services. This process will define your value proposition, strategy, and target market for the private sector. Without this exercise, you might lack clarity, value, and a strategy, which impedes a successful career transition from military service to the private sector. MOAA offers an experienced team of career-management consultants to help with this first step.

Solving The Mystery of Corporate Recruiting Models

Transitioning military officers often need help navigating the executive job-search industry. Most important, 95 percent of the search industry does not work on your behalf; they are compensated by the company, not you. Operating with any other mindset is a mistake. Executive recruiters will only invest their time in you when they have an immediate, open search to fill. There are three main recruiting models:

Retained. There are hundreds of retained search firms, ranging from large global firms to midsize and boutique. They operate as professional-services firms and typically are organized by industry and/ or function. Their fee is compensated completely by the company. Most search professionals handle six to 10 searches at one time, with a completion target of 90 to 120 days. Their fees are not based on success.

Contingent. These firms fill openings at lower- and mid-levels of the private sector and normally do not have exclusive listings. Their fee also is compensated by the company — but only if they place the successful candidate.

Hybrid. There is an array of new, disruptive models, which range from coaching services to those professing to handle the search on the executive’s behalf and those who represent the executive as their agent, similar to how sports agents represent an athlete. With these models, the recruiter typically is compensated by the candidate and a successful placement normally is not guaranteed.

There are important strategies and cautions when working with corporate recruiting models. Most important, it should not be your only strategy. It should be one prong of many in your search. With retained firms, identify those in your area of expertise and the partner(s) and associate(s) in that area. Through their website or LinkedIn profile, find their email address and send an introductory email stating your interest and value proposition, attach your résumé, and request a courtesy interview. After a few days, place a call requesting a meeting. If you don’t receive a response, then move on. Remember, they do not work for you. If a firm contacts you, then promptly respond. If you are a fit, you might become part of their search process — but only for that active search. Visit the Association of Executive Search and Leadership Consultants website, www.aesc.org, regarding the “client bill of rights,” which outlines expectations of service during a search for client companies and job candidates.

Targeting Techniques

There are three market segments: companies, investors, and recruiters. Identify companies where you have an interest and where you deliver a value proposition. Locate contact details of the hiring executive for each company through the company website, LinkedIn, or your network; use these tools to find open positions, apply for them, and follow up with an email to the hiring executive, followed by a phone call. Use your network to help open doors. Ensure your email subject line references the targeted open position.

Investors also might be an important part of your search. Focus on mid-market, private-equity, and growth-equity firms and their portfolio companies. Replicating the process for companies, contact the partner investing in your area of expertise and follow the same research and outreach process.

Leveraging all of these prongs in an efficient, focused, and diligent manner will lead to success. Be patient, move on when it is not the right fit, and maintain self-confidence. And remember: If you do not ask, you do not get.

It is astonishing to me how many executives truly struggle with building their network. In some ways, it is understandable.  As a CSuite executive, you are really busy day in and day out. It is all about performance and outcomes.  So, when do you truly have the time to build your network? With twenty or more years of professional experience behind them many suddenly realize they have done very little to network and build a base to help leverage their next career move or corporate boards. So, the executive either runs through their network very quickly or simply has no idea where to start. They are left wondering why the next CSuite role or independent directorship they desire is not becoming a reality. Following are some essential tips on how to network and how to build your network.

Finding the Right Forum

Just because everyone else seem to think that group, forum or conference is the place to network, does not necessarily mean it is the perfect fit for you. I have attended hundreds of “networking” events where I was told “it is the place to be”. In reality, it was a supreme waste of time! The event, forum or group must not only meet you short term objectives, but also your longer-term goals. Of course, in networking etiquette it not all about you, but you have to be smart with time and resources.

You want to swim in blue water and places that have original contacts and value. These places are where there or more of “them” and not hundreds of “you”.

Otherwise, you will be in the same room, group or forum that the rest of your peers are working. Essentially it is a bunch of executives that are looking for the same thing you are – your next piece of business, next partnership, or your ideal CSuite, career path forward or independent directorship. Attending a conference where everyone else wants a board seat, does not bring much originality to your objective or long term goals. One tiny tip and I know it may seem silly, but do not wear your name tag on the left; you must wear it on the right. Given that you shake someone’s hand with your right hand, remember – right hand, right arm, right up to your eyes.

Build a Base

The most effective network is built early and over time. It is something that is carefully nurtured and evolves. People primarily do business with people they know, like and want to help. Building a network takes time and intentional effort. It must be part of your daily activity, just as phone and emails seem to prevail in our way of communicating and building relationships. Ensure that you are establishing a way for this to be a two-way conversation – give and you will receive.

LinkedIn, BoardProspects and other similar online groups are viewed with mixed opinion by many. But, in my opinion these groups are not only effective, but absolutely necessary. If you are not on LinkedIn with a presence that drives value and thought leadership, you may as well not be networking at all. It is that valuable of a platform. Your presence should be professional and definitely not personal to include a professional picture and content that drives interest and value. As for Twitter, just as important – not personal or political, but truly a place where you drive professional thought leadership.

I vividly remember when LinkedIn first came into the marketplace back in my retained search days. My colleagues and I ran from LinkedIn like the plague. We did not want anyone to “connect” with us, we only wanted to connect with “them” on their terms. Interesting how now in current day, LinkedIn has made it so difficult for the executive search world with more companies using the tool directly to find their own talent and bypass search fees and long processes! LinkedIn is truly essential.

Have a Process

Tantamount to networking success is following up – not just when you need your network, but when your network needs you. For each and every conversation, meeting or interaction I have, I typically follow that discussion with an invitation to connect on LinkedIn.   I always enter recipients email and send a personal note and never use an easy category (such as we did business together) or the automatically generated note. I also consider each and every request to connect and more often than not accept the invitation to connect. Once you are connected on LinkedIn, it is also easy to determine their Twitter handle and start following them there as well. This process, done day in and day out, has paid significant dividends to the growth of my firm, business and the future of my network.

Taking it one step further, rather than just asking or talking on social media, use thought leadership to share value with your network. This can be in blog posts, white papers and sharing of other thought leadership pieces already in the market. Many executives sponsor events and conferences just for the purpose of getting their company’s brand in the spotlight. I suggest taking it one step further and leveraging those sponsorships into speaking engagements. I recommend starting with moderating panels, participating as a panelist or facilitating workshop sessions. You will quickly become perceived as an expert in your field and others will want to network with you.

Nurture Relationships

The etiquette in all of this is simple – treat others as you yourself would want to be treated. Return phone calls, online requests, emails and LinkedIn requests/messages promptly, just as you would like yours to be promptly responded to. Always be grateful and appreciative of those in your network. You must ensure that you give back to them. With great care and nurturing, I promise this will all pay off – now and well into the future.

However, the reality of how long the process can actually take and the circuitous routes it can take, you really have to be ready for the marathon and not the sprint. I cannot say that I have seen everything, but one client case in particular comes to mind –

Six years after we had placed one of our executive clients on a middle market, publicly traded corporate board as Audit Committee Chair, he decided it was time to retire.  Afterall, the Audit Committee Chair position on a corporate board is the most time consuming and intense of all of the board committee positions. Knowing we had a portfolio of pre-qualified, talented individuals in our portfolio, he called to see if there were any of our clients that would be a good fit. I asked a few questions about his requirements for the successful candidate and to stack rank the order of importance of those requirements. I knew that I had an immediate fit. 

Our executive client who we presented was the exact same profile of our executive client that we placed six years prior.  One would think it would be a slam dunk, but it wasn’t. I immediately presented our client and he was interviewed shortly after..  Several rounds of meetings and interviews took place over the next month. I thought we were going to set an all-time record of the time it takes to land on a corporate board. But, an incredibly circuitous route was ahead of us.

Suddenly there were several pressing issues the board needed to be addressed. After one issue was addressed, another appeared, it seemed like it wouldn’t end.

Meanwhile, I was keeping our client (the candidate) calm and patient. Interviews and meetings would suddenly start up again and then come to a screeching halt. The current Audit Chair further delayed his retirement.  He implored with me to keep our client patient as they worked through what appeared to be never ending issues.

Ten months from the day I introduced our client as a candidate, the skies opened, the issues were all addressed, and they were ready to re-engage in conversations with our client. Twelve months to the day, he was appointed to the board. He still serves on the board, as Audit Chair, today. Although it felt like the process took forever and there were many times when we felt like giving up, it was a real home run!

My message – be patient, stay focused and persevere. If you have the unique value that corporate boards need and want, it will come.  It just takes time.

While the above guidelines for assessment work for all types of boards, dynamics vary between private, private equity and public boards regarding the independence of members and how they go about board recruitment. Given the need for reporting, developing messaging to shareholders, good governance and the overall higher level of scrutiny, public companies’ boards tend to include the most outsiders. With the increase in activist investors moving into the boardroom, however, this composition is changing. Private family-owned company boards are on the other end of the spectrum; they consist mostly of family members or those with very close ties to the family. The remaining private companies include a mix of insiders and outsiders. Finally, private equity firms tend to fill the boards of their portfolio companies with their managing directors and operating partners. When a particular expertise is missing, however, they sometimes make exceptions and bring in an independent director.

Besides the varying dynamics discussed above, if you are an executive who seeks a board seat, it is essential to understand the timing of board recruitment. Since they recruit on regular schedules that ensure candidates have been selected in time for election dates, public companies are most predictable. Private equity companies, on the other hand, recruit at a moment’s notice and are unpredictable in the mix of insiders versus outsiders represented on boards. As a result, private equity portfolio company board recruitment is harder to predict. We do know, however, that private equity firms tend to recruit from their networks. So, it is best for candidates to get in touch with private equity groups’ outside counsel and other advisors and service providers, thus becoming part of the firm’s trusted network and ensuring their name is top of mind when a seat opens. Because private companies can be unpredictable as well, candidates seeking board positions with them should stay on top of the news, looking for trigger events, such as mergers, acquisitions and divestitures that can open the doors to new directors. When the time is right, they should reach out. Whatever type of board interests you, understand your value proposition, establish a strategy to gain a boardroom seat and execute it with persistence.

Given the highly specific needs of boards to meet today’s demands, it is challenging for companies to recruit the right director. So too is it difficult for an executive to find the ideal board seat. Meanwhile, the most common search methodology used today, retained executive search, is not rising to the challenge. With the executive search model candidates have little clout; their calls go unanswered and months pass by with no results. At the same time, hiring companies pay high fees and potentially miss out on skilled candidates who are not on the radar and often face an incomplete search.

Fortunately, there is a tried and true model that works for candidates and companies alike. It is the Executive Agent who helps candidates develop their value proposition, brand it, create a search strategy and locate target organizations. The agent does the hard work, finding the right-fit opportunities, ensuring greater exposure and often cutting the search time in half. Also, because Executive Agents maintain a pool of elite executives who want to advance their careers, hiring companies would be wise to jumpstart their search success by using their services. After all, there is no charge to the hiring organization.

Let’s talk about each of these fundamental qualities in a little more detail.

Diversity Goes Beyond Demographics

When we think about diversity, our minds naturally gravitate towards a melting pot of ethnicities and genders. These demographic differences are proven to help drive growth and profitability. A recent study by a compensation research firm, discovered that the CEOs of gender-diverse boards receive larger paychecks than those dominated by men. Since women are not commonly on compensation committees, these fat checks are likely not courtesy of their generosity but because the companies they guide perform better. To back this up, another study showed that share prices fell by an average of two percent following an unexpected departure of a female director.  When a man departed, however, stock prices remained on an even keel.

So demographic variety is good, but real board diversity goes further, including executives who have a broad range of skills, come from a range of backgrounds and use different thought processes to approach problems. A well-planned assortment of expertise and experiences stimulates creative thinking and ensures directors challenge strategies from all angles. Thus, it has the potential to redefine the course of an organization.

Given the power of diversity, corporations that need to add a board member must determine the skills and backgrounds that they need to help them achieve their strategic objectives. Then they can look for gaps in their board membership and define recruitment goals to fill them.

For example, boards are missing someone with expertise in human resources. It’s clear, however, that these skills are needed to help with executive and board assessments as well as the ramifications of strategic moves, such as an acquisition. After all, it is important to have a robust plan for integrating talent.

In another instance, the board of a global transportation company had ten directors. Of those, eight shared the same industry expertise. Also, while there were lawyers, as well as financial and business experts, no one had practical experience in human resources. Because of this gap in expertise, the board did not have the ability to plan for board or CEO succession or compensation. Why not? Perhaps they did not even understand how to assess the board and determine the skills they required to be successful.

While there is an increased focus today on gender and ethnic diversity, especially on public boards, not all leaders in charge of recruiting are taking it to the next level. They often fail to look for a diversity of thinking, experiences and skills sets.  To look for diversity of talent, they need to think outside the box when it comes to recruitment because it’s likely that a traditional tool, retained executive search, may miss the mark. To address the need for a new solution, many human resources leaders are tapping into their networks, including their service providers. Board members are doing the same.

Changes in the approach to board recruitment, however, need to go further if companies are going to make some headway in diversification. Another new option that many may not have tried is the Executive Agent, who works on behalf of professionals who seek board positions. At Summit Executive Resources, we have a stable of pre-vetted candidates on hand who have worked with us to determine where they would fit best and provide the greatest value. When CHROs, general counsels, corporate secretaries and chairs of nominating boards are conducting a search, they simply need to contact these agents. They can quickly find out if the agent is working with an executive who is looking for a seat and might meet their needs. Best of all, it costs the company nothing.

The Increased Importance of Good Governance

While governance has always been an important board responsibility, it is more critical than ever. It encompasses the rules and practices that control the company. Also, it delineates each board member’s role responsibilities and accountabilities. Thus, governance empowers directors to collaborate and work together efficiently and effectively. They can make decisions that help an organization achieve its strategic goals and do so in a way that mitigates risk.

Good governance does not make the headlines, so we rarely hear about it. The opposite is true when it is missing. In response this we have realized the Sarbanes-Oxley Act.

Unfortunately, reckless governance lived on. In fact, the whole global economy fell victim to it in 2008 when the lack of risk management within the too-big-to-fail banks brought on the Great Recession. To prevent future disasters as we saw in 2008,, the federal government introduced the Dodd-Frank Wall Street Reform and Consumer Protection Act, which increases accountability and transparency.

Because corporate meltdowns have brought forth increased scrutiny from the US Securities Exchange Commission (SEC), boards are have on the line to no longer shirk their governance responsibilities. Fast forward to now, with COVID-19, there is an entirely new set of governance issues at hand. As a result, they must scrutinize the CEO’s decisions to ensure they do not threaten the organization’s health – figuratively or physically. In this way, they protect shareholder and investor interests and build trust with the general public.

The Fundamentals for Effective Boards

In summary, effective boards are diverse. Each director is hand-picked to serve a particular role in furthering the organization’s strategic objectives. At the same time, they form a cohesive team. By making sure governance of the organization is strong, they mitigate risk to investors and stakeholders.

Through twenty years of experience in the world of executive search or as an executive agent, I have witnessed the dot.com bust, the horrid of 9/11, the 2008 financial crisis, and the trials and tribulations of boot strapping and launching a firm that has evangelized and proven a better way to recruit executive talent. Through those times I had to resist the temptation to be afraid and to only look at the present state of things. I could either let it destroy me or I could forge ahead. I chose the later – faith that could tear up and move mountains. I encourage you to choose the later and press on with your search.

There are Positives  

If you have a unique skillset or expertise that plays to times of crisis, now is the time to reassess where your unique value is and elevate your profile to a market in crisis.  This applies to the C-Suite leader and the independent board director.

Now is the time to dig deeper and determine if your expertise lies in areas such as crisis management, risk mitigation, culture impact & transformation, corporate transformation, workforce strategy, remote workforce strategy,  leading organizations through other recessions, cybersecurity, emergency response, corporate turnarounds, financial crisis management, Millennial and Gen Z engagement, digital transformation, disruptive events, aligning strategy and culture, or innovating through times of crisis.

I think you get the idea.

What You Can & Cannot Control

We can’t control what this virus chooses to do, where it goes, who it impacts or the direction it takes. However, we can control how we chose to personally handle it. Reflect and recall the variety of other circumstances and events that were out of your control and that put you in transition such as an acquisition, merger, sale, consolidation, right-sizing to mention a few. You came through those then and you will come through this now.

The key is to survive this very stressful time is to take control and start on your search. If you have held back on starting, do not waste any more time – get started! Now is a terrific time to reach out to your network. Perhaps there are relationships in your network that you have not given much attention to. I am finding during this time, with so many of us working remotely, people have more time available and are itching to speak with someone outside of their own four walls.  You may be surprised with what you will find!

Tools to Ensure Success

Now that you have picked yourself up and brushed yourself off, there are a number of tools through Summit’s blog that are there to help you –

• How to Build Your Network
• Effective Networking for Introverts
• Interview Preparation –
  • Research
  • How To Be Proactive
  • Practice & Rehearse
  • How To Interview
• How to Negotiate an Offer

Remember, more than often, it is a network and not a resume that gets you the next role. Have a plan, work your plan and make a full-time job out of finding your next role or corporate board seat.

So, do your part, stay home, and work on your search. Time is of the essence – whether with this crisis or your search. So, don’t furl your sail, get out there into the open sea, go and tear up and move mountains!

The advice I give these captains, colonels, generals and admirals is the same advice I give any executive making a career transition. It all starts with a honest assessment of where they are and where they want to be.

Step One—Getting Clear

Before beginning a search for the next great thing in your career, get clear. Getting clear means taking the time to assess the who, what and where of your career change. The assessment—either a self-assessment or a professional assessment—must be objective.

Use any of the analytic tools designed to identify your functional skills, domain expertise, and leadership style. The process will also help you define your value proposition and determine your search strategy and target market. For the officer transitioning to the public sector, it also translates your military successes to likely boardroom successes.

Without this exercise of self-discovery, you will lack clarity, value, and strategy, which impedes a successful transition. It is a difficult first step, so don’t be apprehensive seeking out professional career services. You may be surprised by what you find out about yourself and what skills carry from the battlefield to the boardroom.

Step Two—Understand the Recruiting Models

Military officers usually need a bit of guidance when navigating the executive search industry. The most important thing I tell them is to remember is 95 percent of the search industry does not work on your behalf. Executive search firms are compensated by the company you join, not you.

Recognize that executive recruiters will only invest their time when they have an immediate, open search to fill. Operating with any other mindset is a fallacy.

It also helps to understand the three traditional recruiting models: retained, contingent and hybrid. There are strategies and cautions associated with each corporate recruiting model.

– Retained—The executive search market includes hundreds of retained search firms, ranging from large, global firms to mid-size and boutique. Retained firms operate as a professional services firm and are typically organized by industry or function. Their fee is completely compensated by the company. Most search professionals handle 6 to 10 searches at a time, with a completion target of 90 to 120 days. Their fees are not based on success.

– Contingent—In my opinion, contingent firms are at the lower end of the market. There are thousands of contingent firms in the marketplace. Their fee is also compensated by the company, but only if they successfully place a candidate. Contingent firms typically focus on lower-level positions, which are not often of interest to a transitioning military officer.

– Hybrid—There is an array of new, disruptive models that range from coaching services, to those professing to handle the search on the executive’s behalf, and those who represent the executive as their agent (much like a sports agent represents an athlete). With these hybrid models, the recruiter is typically compensated by the individual executive.

Identify a firm that works in your area of expertise and learn the partners and associates in that area.  Through their website or LinkedIn, capture their email address.  Send an introductory email stating your interest and value proposition, attach your resume, and request a “courtesy interview.” After a few days, place a call requesting a meeting.  If there is no response, then move on.

Remember, they do not work for you.  If a firm contacts you, then promptly respond.  If you are a fit, you may become part of their search process, but only for that active search.  Visit AESC.org regarding the “candidate bill of rights,” which outlines what you should experience in a search.

Given that contingent firms typically work at the lower end of the market, your time is better invested in retained firms. As for the hybrid firms, this greatly depends on the model, the level service and what you may personally require in terms of direct support or representation.
No matter the firm you choose, executive recruiters should be only one prong of many in your overall search.

Step Three—Targeting Your Search

There are three market segments to consider in your search: companies, investors and recruiters. Target key members of each as you develop your search strategy.

We have already covered recruiters. Now let’s cover the other two.

Companies—Identify companies where you have interest and know you can deliver value.  Capture contact details of the hiring executive for each company through the company website, LinkedIn, or your network. Use these same tools to find open positions, apply for them, and follow-up with an email to the hiring executive, followed by a phone call.  Use your network to help open doors.

Investors—Investors are an important part of your search.  Focus on mid-market private equity and growth equity firms and their portfolio companies. Replicating the process for companies, contact the partner investing in your area of expertise and follow the same research and outreach process.

Leveraging all of three steps in an efficient, focused and diligent manner will lead to success. Be patient, however. And move on when the fit isn’t right. If you feel frustrated, maintain your confidence. Look back to step one to remember the value you are actually bringing to the market. If you stick in there, you will see success on the other side.

Sports agents serve star athletes, literary agents best-selling authors and Hollywood agents top-grossing actors. So, why can’t executives be served by an agent? They can and they now are.  Not all executive agents are created equal, but now seven years later, it is proven there is a better way to match C-Level with career opportunities and independent directorships.

How It Works

When an agent takes the time to work with the executive on getting clear about their skillset, track record, success and value proposition, the executive can be effectively branded in the marketplace and a sound strategy is set for actual market execution to follow.  Assessment tools of varying nature, including subjective and analytic, should be used to ensure the agent and the client is investing in the most efficient and effective plan. On the outset, this must be crystal clear and aligned so that expectations are set and agreed upon. Without this, the search will fail.   There is no magic to this – it is one call after the other, leveraging the network – not carpet bombing or meaningless mail campaigns.  Success comes from optimizing the executive’s value proposition toward market demand and doing the hard work to reach a successful conclusion.

The agent should understand the executives value proposition down to their core, the leading companies and the funding sources in their industry.  The agent must have their own leverageable network to open doors when more traditional methods of cold calling does not bear results.  The client must be in the game as well, collaborating with their agent on where leverageable aspects of their own network lie. With that the team can reach a faster, more fruitful conclusion to the search.

For executives engaged in their current role, but beginning to aspire to something else, they do not have the luxury of time, capacity or resources to personally execute their search.  If their interest is in independent directorships, if handled on their own, the task will be even more arduous.  The executive may also be concerned about confidentiality and need someone who knows how to work very delicately around their situation.

The agent’s process should shorten the hiring cycle and increase the chances of a successful experience for both the executive and the company. While the agent can’t interview on the behalf of the executive, the agent should prepare, practice, support and counsel the executive for the interview.  The agent should have the expertise and be equipped to negotiate and close the offer on the executive’s behalf.  All in all, the agent should get the executive advanced far faster and more efficiently than anyone else.  It must be a boutique, high-touch, high-quality experience.

Today’s Market

Not much, if anything, has changed since I launched our firm in 2009. It was a difficult economy then and it still is now, and now we have the pandemic. It is ever more difficult for C-Level executive to find what interests them next and a proactive way to make it a reality.  Challenges continue with where to find the hidden, more meaningful opportunities.  With companies doing more with less resources, it is difficult to get the attention of hiring executives and board members.  There is less of an appetite for the time it takes to invest in “exploratory” conversations.

C-level executives realize that do-it-yourself or seeking the interest and engagement from retained search firms still doesn’t work.  It is a brutal reality, but they work for the company, not the executive. The model has not change and is not going to change. However, executives need to be realistic about the true value they bring to the marketplace.  The executive may have been a CEO or COO at one time in their career, but that does not mean that they are CEO caliber in today’s market.  Being realistic is a critical ingredient to success.  Without it, the search will be a fallacy.

As on day one, Summit is completely retained by executives (its clients) and unlike a search firm, Summit takes absolutely no fees from the hiring entity. Built upon an initial foundation in the technology industry, by demand Summit has expanded across the country and into a myriad of industries.  We hold a highly selective portfolio of C-Level and Board Director executives.  Summit partners with companies, private equity firms and search firms providing with access to executive talent for their company, portfolio companies or executive searches.  We deliver value to one of the most complex pieces of the value chain – human capital at the executive and board level.