It’s an ongoing dilemma. The ideal candidates you want to interview for your high-level position may not be among those who are actively looking for a job. However, many of those same executives would be interested in a new career opportunity if it would increase their skills or professional growth.
The question is: How do you find them?
With an unprecedented number of layoffs nationwide, and the increasing number of baby boomers in the industry who are nearing retirement age, one would think that finding and hiring qualified executives would be as easy as plucking an apple from a tree. But human resource managers should take advice from the old adage that cautions the harvesting of low hanging fruit—taking short cuts may prevent you from reaping the most bountiful harvest.
While budget cuts have caused some credit unions to eliminate staff, most have taken extra measures to keep the truly talented employees they believe can help them weather the current economic storm.
So how does a credit union that is looking for that same level of talent sort through the many candidates who are looking for a place to land, and also attract candidates who are currently employed?
Finding the perfect fit for your organization takes time.
A thorough executive search is intensive and requires ongoing attention to a myriad of details. Unfortunately, most financial institutions do not have a proven process for hiring management personnel. More than likely they have a limited network for recruiting, and will end up interviewing candidates who learn about their opening through a newspaper, online job search or blog.
Instead when you work with an executive search firm, such as CUES® Executive Search in Partnership with JMFA Executive Search Group, you’ll benefit from:
Establishing a relationship now will prepare you for future needs.
- Sourcing techniques that cast a “big net” for high-potential candidates.
- Strategic interviews designed to assess the “fit” with your corporate culture, advancement opportunities, compensation, non-monetary incentives and other factors.
- Contract negotiation, perhaps the most critical and often overlooked phase of executive search.
- Candidate profiles completed by prospects to allow you to learn about their strengths, experiences, interests and relocation needs.
- Personality and cultural profiling; one of the most important keys to longevity. A candidate may have all the technical qualifications but if they do not have the right personality to lead or are not a natural fit into the organization’s culture, it will not last.
- Background checks and reference follow-up.
- Interviewing on your behalf to determine experience, personality, leadership, management style and more.
- Coordinating relocation details for the new appointee.
- And much more.
Attracting a top executive is an investment in your credit union’s future that doesn’t happen overnight. Depending on the specific needs of your credit union and the scope of the search, the process can take between 45-90 days for a non-planned departure and six to 12 months for planned succession with a retiring executive.
Find out more about CUES Executive Search, from the Credit Union Executives Society and John M. Floyd & Associates (JMFA), when you visit www.jmfaesg.com/cues.