My CEO clients are always asking me, “How long will this search take, Dave?”
By industry standards, an executive-level search takes between four and five months to complete, on average. This is backed by search industry statistics, as well as data from our project management software provider, Clockwork Recruiting, as noted in a memo they sent their customers last week.
The Clockwork memo stated: “Over the last two years, Clockwork has been growing fast. We’ve signed up a lot of new executive search firms and we’ve migrated over 7,000 search projects from other systems like Bullhorn, Encore, Invenias, and Filefinder. Over that same two-year period, you—our Clockwork users—ran over 7,000 search projects inside Clockwork. This gave us two large, similarly-sized datasets to look at. We looked at “Days to Close,” a top Key Performance Indicator (KPI) in our industry measuring how long it takes to run a search project from start to placement. Thanks to you guys and your great work, the data show that projects run on Clockwork close 48% faster than the other guys.”
Arnold Partners Beats the Clock
We discovered that Arnold Partners is running 30% faster in “Days to Close” than the average Clockwork user. So that puts us at the top of the industry for a key measure that almost every CEO asks me about. So “days to close” is important. By the time most of my clients call me, they are feeling like they should have hired a CFO months, or sometimes years, before. They generally have a strong sense of urgency and want to know that the project will be thorough AND timely.
One major reason we can move more quickly than our competition comes down to focus. We meet CFOs every day. When we are called on to find that needle in the hay stack, we probably know where it is, or only need to move a few straws to find it. It’s never a new search in the sense of having to build an entirely new database of connections every time—it’s really an organic outreach to people we already know, warm calls to people with whom we have influence, who gladly take our call. Even if the role is not for them, they are quick to make referrals. This is why we never outsource candidate calls to associates or third parties. The CFO community wants to hear from Dave. Period.
More Important than Speed: Accuracy
However, I want to emphasize: more important than speed is accuracy. In fact, I don’t really want to be known for being fast or the fastest if people associate that with recklessness, sloppiness or lack of lasting results. What I want to be known for is accuracy. The truth is, over the last 20 years of recruiting experience, we have placed only one CFO that did not work out—far less than 1% of all our placements. And honestly, the reason had nothing to do with our process.
The Bottom Line: Value Creation
Our placed CFOs are extremely well tenured post-placement, creating massive value creation for their companies and stakeholders. Over the last 10 years our placed CFOs have created over $11B in value and counting. (Did you see our client Roblox just raised $92MM?)
So if you want to find the right CFO—the right way—right away, email me at Dave@arnoldpartners.com or call 408-205-7373. I look forward to helping you with a successful, long lasting CFO hire.