By Charles Shanley
, SPHR, CFS, Executive Vice President, Recruitment Services
As banks and credit unions continue to strive to be successful, the challenges posed by an ever-changing economic and regulatory environment have increased with an uptick in mergers and acquisitions, an increasingly urgent need to upgrade infrastructure to meet growing demands for online banking capabilities and increased security risks. Add to these, the essential tactical and strategic undertakings that often require specialized talent and excellent leadership to complete successfully. With these market conditions, having the right fit for important leadership positions is essential.
Finding the perfect fit requires extended resources
A thorough executive search – whether for long-term C-level responsibilities or specialized, interim executive talent – is intense and requires ongoing attention to myriad details.
However, most community banks and credit unions do not have the resources or an established process for hiring management personnel. Nor do they have access to a reliable source for gaining information on candidates who possess the skills they need; not to mention a way to meet and actively recruit them.
Without the proper time, processes and resources, it is extremely difficult to cast a wide enough recruiting net to capture the attention of the best available candidates. Plus, relying on advertising as your main source of attracting candidates limits your interviews to those who have read your classified ad.
A successful search is heavy on the details
For these reasons, conducting a thorough executive search for top quality management is not to be taken lightly. Contracting with an established recruiting firm will save your institution a tremendous amount of legwork by providing sourcing and recruiting techniques for accessing high-potential candidates. This includes an extensive referral network, a national database of top performers, and recruiters and project managers who are experienced in your specific needs. Additional services include:
• an objective assessment of each candidate’s fit with your corporate culture, compensation and other factors;
• financial impact candidates have made in previous positions;
• interview techniques and processes that uncover how a candidate would respond to certain business situations; and
• more robust personality and profile testing for determining leadership abilities.
When the baton is passed smoothly, your bank or credit union can maintain a competitive lead
In some situations, leadership can be developed from within the organization very successfully. However, when the right experience or management style is not available among current employees, institutions need to have a strategy for looking externally for the right talent to fill any organizational or skill set gaps.
By establishing a relationship with a professional recruiting firm early on, you can develop a partnership with proven professionals who will get to know your organization, its strengths and specific needs, and understand the exact talents and qualities you are looking for in filling key positions – from senior management to contract positions. Then, whenever you need access to the finest talent for any managerial or leadership function – whether for retained executive searches, contingency searches or staff augmentation and project staffing – you can expect a smooth, successful hiring process.
For more information about resources to find the perfect fit contact us.