Without exception, my conversations with executives all begin or end with, “What strange times we are living in at the moment,” or something similar. No one seems to be able to make sense of the big picture right now. From what I have read, it is because we are not conditioned to understand events that have no clear timeline to conclusion. Almost all endeavors we embark on as humans have a delineated end — this pandemic does not. We are cautiously “opening” up while new cases of the virus continue to accelerate in many states, including California. With all of this as a backdrop, it is on the surface hard to think about hiring a new CFO or VP Finance for your company. But this is the exact time you need to think contrary to the pack. Here is why.
Shelter in place creates a unique recruiting opportunity
Since early March we have seen a marked increase in the number of “confidential” searches coming into Arnold Partners. Smart companies are taking advantage of the ability to meet candidates virtually and in complete confidence during this unique moment in time. It works well for the confidential passive candidates most companies want to hire as well. They are in a great position to take meetings without the necessary excuses of where they are going or why they are not in the office. The best recruiters know and target passive candidates, and in this work from home environment, the ability to grab the attention of this passive population is uniquely available right now. The last VP Finance search we completed in 30 days because we know who to tap.
But with a recession going on and companies laying off 1000s?
The focus at Arnold Partners is technology companies of all stripes. This sector has certainly seen a number of verticals hit in the downturn — travel and some med tech companies come to mind. Early stage tech companies without ample funding may not be in the market to add executive talent either. But if you are the CEO or Board Member of a well-funded tech company, now is the time to take inventory of your C-suite and VP-level talent and decide if it is time for an upgrade. How has your CFO done throughout this pandemic? Was the company well-prepared from a cash standpoint? Was the CFO able to tap banking relationships to shore up the balance sheet?
The best time to upgrade is at the start of a recession when executives from other companies may be concerned about the future of their career in-place. Now is the time to pluck from your competitors or near competitors to strengthen your team. But you need the right help.
Partnering with the right search firm and consultant
The best search consultants will truly consult with you and your team to determine how to improve the mix of both talent and diversity in your executive ranks. Search consultants do not just “take job orders.” They help craft the specification by carefully listening to you and by gaining an in-depth understanding of the business you are in and what the road map to success looks like. But then, only the best of the best consultants can reach into the vast pool of talent to pluck out a select list of passive candidates, who will not only take the call from the consultant, but also take the meeting with the prospective new employer. This process is part science, part art, and usually a culmination of many years of hard work, and it is certainly the way Arnold Partners continues to deliver. View my video for a list of questions you may want to use when interviewing an executive search firm:
Setting the right tone for a confidential search
This all may sound a bit cloak and dagger and nefarious — sneaking around your competitors’ home offices to steal their talent away! (Although that is the nature of recruiting.) But this is the key reason why it is so important to partner with the right search firm. The connected firm can quietly target the right people without resorting to any publication of your needs. Because of long-standing, curated relationships Arnold Partners maintains with the top finance professionals, the risk of word getting out that we are working on a confidential search is almost nil. When we make those calls into our network, we set the right tone during the very first call with each prospective candidate. The efforts to upgrade your team can be achieved quickly, quietly, and effectively. It is really important in a confidential search that your company and motivations will be represented in the most ethical and accurate manner by a trusted professional like Arnold Partners.
I invite you to contact me at moc.srentrapdlonra@divad if you would like to talk about your needs and explore upgrading your team.
Stay safe and healthy,
David Arnold
President, Arnold Partners, LLC
Strategic CFO and Board Recruitment