Getting Luck On Your Side: How to Encourage “Good Fortune” In Your Next Search
It’s simple: “The harder you work, the luckier you get”. The firms attracting the landmark talent have put in the hard yards. They have invested in their brand and tell their story well. They understand their own culture and, crucially, they take the hiring process as seriously as they do an Investment or Credit Committee meeting.
As private markets bounce back from a slow couple of years firms are getting bigger–-and with this growth, the need and competition for high-quality new recruits is intensifying.
Here’s how you can get luck on your side.
BRAND AND VISION
In the vast sea of private markets investment firms, how do you stand out? And how do you mark yourself out as a firm that knows where it is going (and is sure to get there)?
The best senior executives aren’t just looking for a job—they’re looking for a place of employment that matches their own ambition and can enhance their reputation in the industry. How well known you are and what your brand stands for can have a significant impact on who you are able to hire. Every new hire looks forward to the positive impression the name of their new firm will make. As the old joke goes:
Q: How can you tell if the person you are talking to went to Harvard?
A: They will tell you
Harvard’s reputation is such that it almost guarantees a mention in introductory meetings.
Of course, a firm’s reputation is built on past achievements, but “past returns do not guarantee future performance”. A firm that effectively communicates its vision for the next chapter of its story is at a distinct advantage over one that cannot.
Tips for success:
Make sure to include your “employer brand” as a consideration in wider marketing and communications initiatives–-ensure that HR has a seat at the table
Broadcast your successes widely to ensure that your landmark achievements are understood and can build your reputation
Communicate forwards, as well as backwards—explain your vision for the future of the firm and make promises that you know you can keep
Consider taking professional advice on how to perform better in your market communications (as we have)
CULTURE>COMPENSATION
Being a great place to work takes time, effort and, above all, honesty. A strong employer brand can overcome the challenges posed by overheated compensation packages. Senior executives and leadership talent are usually already paid well. More money is always more money, but, in the words of a recent candidate “nobody likes working with a bunch of jerks”.
To attract top-tier talent, firms must clearly articulate who they are as a firm and what the people who work there are like. And a compelling vision isn’t just about growth; it’s about purpose, innovation, and leadership philosophy. Executives want to know they’ll have the influence, autonomy, and strategic role needed to drive success and that they won’t find bureaucratic systems and hierarchical thinking getting in their way.
Take the time to run periodic employee surveys, ideally preserving anonymity and encouraging honesty by using a third-party specialist firm. Act quickly if any red flags appear.
Ultimately, your staff is your most active communications medium. Juniors and executives alike will tell others how much or how little they enjoy their job and the company where they work.
PROCESS AS PROXY
Candidates are trying to form an impression as to what it will be like working at your firm. Of course, they will typically have gathered some manner of opinion before they enter a process, but the process itself will likely represent the biggest influence on their view of the firm. Firms that do this well stick to the following rules:
Candidates are made clear as to how long the process will take
The structure of the process is likewise transparent (number of interview rounds and other assessments, timeframe for decisions)
Each step in the process feels necessary and is run efficiently
The interviewers are well-prepared and have appropriate seniority
Finally, an interview is never ever cancelled or postponed—there are certain unavoidable situations that can force a change of plans, but if a billionaire fund management founder can keep to a diarized appointment, there is no reason for a mid-market manager not to do the same.
Ideally, your process makes your top candidate feel as welcome and desired as the offer you ultimately make to hire them.
FINAL THOUGHT
Remember – even the best-laid plans can go awry and there will be occasions when even the best executed searches hit a bump in the road. It’s always our target to multiple candidates, each of which you would be delighted to hire. That way, should bad luck strike and something go wrong late on in the process, you have excellent alternatives, ready to go.