Arnold Partners in the News
Tailored Brands Stock Is Getting Hammered Because Now Every Day Is Casual Friday
“…Like so many trends these days, the shift to more casual dress codes is led by technology start-ups, said David Arnold, the president of the recruitment firm Arnold Partners. Depending on the workplace, wearing a suit to a Silicon Valley office can make you look like “a square,” he said.
“I think suits are totally out in Silicon Valley,” Arnold said in a phone interview. “Particularly with the latest generation of tech companies from Facebook forward, suits aren’t what they wear.”
At San Francisco start-ups like Lyft and Airbnb, you can even get away with jeans and a sweatshirt, Arnold said.
“You could technically look pretty sharp wearing jeans and a hoodie,” he said. “It’s kind of how you wear it and where you get it. Particularly for execs, it’s important that they be aware of that and dress appropriately and procure nice, casual clothes. You want to look sharp, but you don’t want to look stodgy.”
Intel’s New CEO Advances From CFO Spot a Second Time
Mr. Swan’s experience at General Electric Co., where he advanced through a gamut of different roles and departments, has likely prepared him well for the transition, said Dave Arnold, president and founder of Arnold Partners LLC, an executive search consultant focused on CFO and board searches in the technology sector.
“He moved in GE from role to role to role…and not every CFO gets that exposure,” Mr. Arnold said.
That exposure can help a strong strategic thinker with a solid grip on finance become a trusted leader.
The Dawning of the C-Suite Candidate Scarcity Era
Bt Dave Arnold
Happy Birthday! Happy Birthday to the 10,000 people in the United States who turned 65 today. And tomorrow, too. And the day after that. In fact, according to Pew Research, this will happen every day for the next 18 years. We are seeing the effects of this aging of the workforce already and it’s specifically a concern for the C-suite (and those responsible for filling it) in terms of succession planning. To make matters more challenging, the size of the workforce coming in behind these retiring baby boomers is the smallest workforce demographic. Simply put, there will not be enough talent to go around.
How to Land Your First Executive Job
“It is not the resume that is going to make the big difference [for an executive job search],” says Arnold. “It is having the right mentor who will champion you into the executive suite coupled with demonstrated skills to perform at the executive level. This is a combination of technical know-how and executive presence.”
Arnold asks every CFO he meets how they got their first CFO role. About 80% are “battlefield promotions,” he said, meaning they were not previously in the executive chair.
Experts Explain What Smart Casual Is and How to Wear It in 2018
But, how do experts define “smart casual”?
According to Dave Arnold, President of Arnold Partners, LLC and executive recruiter for the tech industry, dressing “smart casual” is much more about elevating typically casual looks.
“Smart casual is employing finer-quality clothes that are still casual but well-fitted, in-style and of good fabrics. Smart casual does not imply flashy or flamboyant,” Arnold told TheStreet. “Take a look in the mirror before you leave the house and smile. This should never be construed as arrogance or trying to out-dress your peers. It is a matter of looking sharp and in-style. As a recruiter I look for people who have self-confidence and self-awareness – how they dress and how they carry themselves is part of this.”
Help wanted: CFOs in Silicon Valley, particularly ones with IPO experience
David Arnold has a big problem with chief financial officers of late. Namely, he can’t find enough of them.
“There is a big shortage of ‘A’ player CFOs,”said Arnold, a Silicon Valley headhunter who primarily recruits CFOs for tech companies.
Industry surveys, anectodal evidence, and broader macroeconomic trends back up Arnold. The U.S. economy will face a sizable workforce deficit over the next few decades as birth rates slow and millions of Baby Boomers retire.
By 2030, demand for skilled workers will outstrip supply, resulting in a global talent shortage of more than 85.2 million people, especially in financial services and technology firms, according to Korn Ferry executive search firm.
Before popping the question
Prior to meeting with your employer, do your homework. Start by putting yourself in your boss’s shoes.
“They’ll want to know what you’re doing to save the company money, increase sales or make it more efficient,” says Dave Arnold, president of Arnold Partners LLC.
Count on conducting research.
“This means documenting what you’ve done for the company. Indicate how it’s benefited the culture or bottom line,” suggests McLeod.
“Check out HR policies on raises at your company as well. Talk with trusted colleagues who can shed light on how and when raises have been handed out.”
Rehearse what you plan to say to your boss, too.
“Create a script for yourself and practice. Having talking points about why you deserve a raise will help you think through your business case. It will also help get rid of any nervousness,” Pharris says.
When you’re ready, make an appointment to speak with your employer.
More employers resort to making counteroffers to retain highly skilled employees
“Counteroffers are almost always a bad idea,” said Dave Arnold, president of search firm Arnold Partners. “People do not change jobs for money, unless they are grossly underpaid. People change jobs primarily because they do not like their boss, they do not feel challenged, they do not agree with the corporate direction or ethics, or they detest their commute.”
By retaining employees with only a cash counteroffer, “the majority of the time the employee will leave within a year,” Arnold said. “It is not good for the employee, as they lose the trust of their superiors.”
But there can be exceptions. “If you really get to the root of why the person is leaving and fundamentally change the circumstances of employment, it can be a mutually beneficial outcome,” Arnold said. “This is usually not the case, however. Companies are throwing good money out the window if they only counter with cash.”
If You Are Not Improving Then You Are Going to Fail
Podcast: David Arnold Founder and Owner of Arnold Partners LLC
“About 2 months before I started my own business, I purchased a home with my wife and we tripled our mortgage payment and 2 months later I came home and told her I was going to quit my high paying job to start my own business and I think that was a moment of truth, not only for me starting my own business but for my marriage, fortunately my wife has been extremely supportive although she did think I’d lost my mind”…
Dave Arnold is the founder and President of Arnold Partners, the leading independent CFO search firm for technology companies nationwide. Since starting Arnold Partners in 2008 his placed CFO’s have helped clients realize over $11Billion in increased value. Dave’s first foray into self employment was mowing lawns at the age of 8!
It’s never easy to dissolve business partnerships. But discussing how you’d want to end things with your partner before things go bad can help.Trouble may still arise even after careful planning….
Los Gatos, California-based executive recruiter Dave Arnold had a partner from whom he’d grown apart. One summer, the two discussed their diverging interests and agreed on a written plan to amicably split by the end of the year.
“We came up with what I thought was a workable separation agreement,” Arnold recalls. “Then reality set in that this was going to happen and it didn’t go off as smoothly as I’d hoped.”
Just before the agreement’s effective date, his soon-to-be-former partner became concerned about the bookkeeping being used to calculate how financial assets would be distributed. The other partner secretly met with an attorney to draft a different agreement.
Discreetly recruiting top executives is exceedingly difficult, especially in Silicon Valley where everyone seems to know each other, Arnold, the headhunter, said.
“It’s a very slippery slope for anyone, never mind a famous person like Whitman, to look for a new position,” Arnold said. “There are too many sources” who could spill the beans, especially at the board level.
While CEOs are usually pretty good at protecting the confidentiality of candidates, directors don’t care as much about such things, Arnold said; boards are more concerned with their own interests. (That said, Uber’s board managed to woo Khosrowshahi without his name leaking out.)
If you regularly travel for work or host out-of-town clients, you know how quickly business expenses can rack up—and what a pain they are to itemize. Dave Arnold, president of California-based CFO search firm Arnold Partners, recommends downloading Expensify to stay on top of it.
“It tracks all of your spending and creates an expense report for your AP department,” he says. Once you take a picture of your receipt, the app (available for Android and iOS) will automatically record and submit your expenses.
Bosses are likely to face more flak from the White House and the water cooler alike. President Trump’s tendency to say whatever he wants without regard to consequence has emboldened workers to do the same, said David Arnold, president of Arnold Partners, an executive search firm that focuses on Silicon Valley and tech companies.
“It’s getting a little out of control,” Arnold said. “There’s this tone that they are getting from the top, and it’s exacerbating the problem.”
To answer this question, Dr. Tracey Wilen, author of Employed For Life: 21st Century Career Trendsand Dave Arnold, who runs the executive search firm Arnold Partner, LLC were asked to provide their advise. Arnold calls it “a balancing act of tenure and time past.”
What is the turnover in your company, in the executive suite and in the department, I am interviewing for?
Dave Arnold, President at Arnold Partners says as a leading independent CFO search consultant for technology companies, he’s had 100’s of people go out to interview with clients, and he thinks that’s a question worth asking. While people no longer expect to stay at any given job for decades or more, it’s nice to know how long you can expect to stick around if given the opportunity. If the interviewer grows uncomfortable or shares the fact that turnaround at their company is higher than Dancing with the Stars, you might want to think twice before accepting the position.
Dave Arnold, president of Arnold Partners LLC, a CFO search firm, tells GoodCall®, “Even with what was considered ‘blue collar’ jobs where people are working with their hands, the need for technical know-how is a must.” Arnold says these workers must now know how to read and comprehend technical manuals and navigate complex software programs.” As positions become more sophisticated, he says undergraduate degrees are popular because regardless of major, they equip students to solve problems.
“The corollary to this is the need – or competitive reality – for advanced degrees for executive level roles: Most people in the C-suite now have some type of graduate degree, and for many executives, it was earned at a top business school,” Arnold explains.
Dave Arnold weighs in on corporate culture in the GOODCALL article, “In 2017, Employees Will Be Easy to Lose and Hard to Hire,” February 8, 2017.
“A commitment to providing opportunities for advancement and a focus on employee well-being are elements of a positive corporate culture. Dave Arnold, president of Arnold Partners, LLC, and an executive search consultant, believes that job candidates must do their homework to ensure that they are working with companies that share their values.
“Without a good cultural match between a potential employee and the company, a short tenure is almost guaranteed,” Arnold tells GoodCall®. “Companies who really have a true culture that is carried out from top to bottom are much more successful at hiring like-minded people to join them, which reduces turnover.”
One of the worst things staffing pros can do in a panicked situation is offer fluff. Clients aren’t looking for you to hold their hand or make them feel better — they want the truth. Of course, it’s easy to worry the truth will send them running, Dave Arnold, president of Arnold Partners, LLC, believes this information and visibility brings a sense of calm to the process.
“Talent shortage: It is real,” Arnold warned. “There are never enough “A” players to go around in any market, let alone one that we are in now. My approach is to be as transparent with my client as possible and show them the real effort going on to attract talent to their opportunity. Information and visibility to the process calm the nerves and helps align expectations.”
“It’ll definitely turn some heads,” said David Arnold, president of Arnold Partners, a Los Gatos, Calif., executive search firm. He said he placed three Wall Street CFOs in the same roles at tech companies just last year. “There’s something going on.”
Dave Arnold’s expert opinion on “Moving from CFO to finance leader” is featured in HEALTHCARE FINANCE NEWS, Oct. 22, 2014.
“On the one hand my clients are looking for very operationally-oriented CFOs,” says Arnold, principal of Arnold Partners. “That means they are looking for a financial leader that can provide guidance and direction for the entire organization. They are not a backroom accountant. They are not merely a Wall Street-facing investor relations person. They are really integrated into the organization. They are leading by example, and they are leading by providing services to the business.”
“You have to be aware of what’s happening broadly, no matter where you are in the food chain,” said David Arnold, president of Arnold Partners, an executive search firm that works with tech companies. “I think you have to read and understand how the technology landscape at a macro level is changing, and then you need to drill down and think what does that mean for your personal career.”