Archives for posts with tag: Dining

The Wall Street Journal just had an article about a new staffing trend some companies are using, Blind Hiring. The idea is to remove key information from resumes, like schools, past employers and even prospects’ names. The hope is this will reduce built-in bias that many managers have to favor people from their alma mater, or from a trendy tech firm, or to not chose equally qualified women versus men. These firms, like parts of IBM, are sometimes inserting a mock project into their process to try to focus on people’s real talents not words on a resume.

As many of you know, I have strong feelings about how, in many firms, Human Resource people have taken on too much power and hiring is a good example. So what are some thoughts I have on how to hire people?

  1. The hiring manager should research the job market themselves and write the job description or ad. When this happens the manager knows more about the role, skills required and pay than any HR person would ever know.
  2. My old boss and successful business owner, Don Brown, had some very unique things he would do when hiring people. And since he hated to read, resumes were not a part of his process.
    1. He would sit and talk to someone face to face and alone to get to know them. When I was “interviewed” for a senior financial role we talked about my son joining Indian Guides, Shetland Sheep dogs and family. No technical stuff at all. He was interested in me, as a person, not as a young CPA.
    2. For a critical senior job that I helped on, Don Brown met the prospect 5 times in the office, once over lunch and once with the person’s spouse for dinner. It resulted in a great hire.
    3. When he could, he would watch the job prospect walking back to the parking lot. Did they still seem to have energy and pride in their walk or were they just acting that way in the interview.
    4. Don Brown tried to hire quality people which he knew meant they would probably be quality employees. If you spend the time to get to know someone, the odds of a good fit increase!
  3. When I have followed most of these steps, I ended up with excellent, loyal and long-time employees. It is all about spending time to get the know the person, not being impressed with what is on a resume.

 

Reminder: my book, The Business Zoo by Brad James is now available on Amazon.com as both a paperback and an e book.

The Wall Street Journal has a weekly half page devoted to my former professional as a CFO. In a recent edition, they highlighted a new trend of corporate Board of Directors getting actively involved in their firm’s search and hiring of a new Chief Financial Officer. The reasons cited included the increased importance of the CFO role in everything from regulations such as Sarbanes-Oxley reporting, to  strategy and deal-making. A final reason was that former CFO’s are increasing looked upon as candidates to become a firm’s CEO.

My reaction to all this? Well, it’s about time! Time that CFO’s are getting the respect so many deserve, as they are often quiet and low key, yet are often the second most critical person in a public company. But more importantly, it’s about time that Boards of Directors are actually acknowledging this and getting involved in this hiring activity.

Historically, in many old line firms, the path to CFO was internally determined. Often it was a matter of paying your dues and moving up through various financial roles in treasury or controllership. If a business and its industry remained stagnant over the 20 plus year period it took to groom a CFO, that was a fine strategy. But businesses and their industries are not stagnant. Competition changes, mergers occur and technologies leap ahead. So the perfect internally- grown candidate of the past may not be best suited for a new environment.

The second way CFOs, and most other internal Officers were chosen, was solely by the Chairman or CEO. This was usually decided by the CEO alone who then informed the Board of his choice. The Board then dutifully elected the person to be CFO. Perhaps the Board knew a little about the person from HR succession charts but the Board rarely got involved in the selection or even with a token interview. This, in my mind, is wrong.

All public corporate Officers, including CFOs, are legally “elected by and serve at the pleasure of the Board”. Directors need to perform some due diligence on this critical personnel task. To do this properly, Boards need to spent time, not just in Board meetings or group dinners, with the senior officers. In fact, I would suggest that most of the countless, large, quarterly Board dinners I ever attended were worthless. Private one-on-one dinners between the various Directors and members of senior management would be invaluable to both parties. This would also allow the Board to have a much better of idea of who they were electing to be the next CFO or CEO. And if the current CEO objects because he or she is paranoid of what a Board member could learn in private from one of his team, then the Board better look very hard at that CEO!

Directors of large public company Boards are paid over $200,000 a year. Many of the problems Directors encounter when senior officers, like CFOs or CEOs, either abruptly resign or are fired for cause could be eliminated if they spent more time upfront getting to know these key people. So, Directors, get involved in hiring new, CFOs and, in some cases, other corporate officers. But also spend some quality time with the senior officers you have in place; it will be well worth your while.

A lot gets written about the importance for young people in business to work or live abroad for a period of time. Years ago, an international assignment was very unusual and not often a good career move due to the uncertainty of what job might be available when you returned to the U.S. Companies often had trouble reintegrating an expatriate or recognizing the increased value of their employee. This was especially true in large firms with rigid job categories and inflexible pay scales. Fortunately this is changing.

Nowadays many of the young professional I advise are looking forward to and planning on an international assignment. This is very possible in the consulting field but also workable in many businesses. The timing can vary but it is often in your late twenties or early thirties after you have made several moves and/or promotions in the domestic business. I always strongly urge these “clients” of mine to push internally to get an international assignment. The young people I know used to lean to Western Europe but now the focus is on Australia or Asia.

Why is this international experience so important? I wrote earlier in my blogs about developing  “an International frame of mind”. This is much easier for many young people outside the U.S. Other countries study English for years and young people long to visit and be educated in our country. We are still a very U.S. centric focused country. But this is changing. And it better change as we are truly a global marketplace.

I was personally fortunate to spend a lot of my earlier years with Donn Corporation working with our businesses outside the U.S. I was often in both Canada and Europe six times in year and every few years in Asia. Many of the experiences I write about in The Business Zoo relate directly to these international involvements and the great people I was fortunate to get to know. Here are a couple examples and stories from the book.

Dining with Europeans. These are some of the most sophisticated people in the world. They have made the art of dining  an essential and integral aspect of both business and life. Much can be learned by mastering their skills.

Learning the nuance of language and words. From Donn’s European Controllers I learned that the word Yes means different things depending on your country and its culture. To the French, Yes meant I heard you and I will consider (not always do) what you said. To the Germans, it meant Yes, I will follow it in great detail and they would then ask a dozen questions to clarify what i meant. The Asian countries bring their own unique cultures to this.

So if you work for an organization where you can get International work, go for it. If you work for an organization that does not have the kind of International involvements that you want , find another organization!

While I was in the middle of the USG Financial Crisis, I was describing to a lady friend the type of people I was working with and against. As I touched on some of our Adversaries better personal qualities like lying and going back on their word,  etc., I also described some of the meeting room lunches we had. Some of the people had, according to my upbringing at least, unusual eating habits:

-Like picking up and staring at a number of sandwiches before choosing.

-Or better yet smelling several items before choosing.

-And even once someone even took a bite and put it back.

Our very intelligent lady friend was shocked by all this and said  I was working with a pack of Wolves!

Coincidentally, that weekend I was watching TV. As I flipped channels, I came across a program on Wolves. I watched and became fascinated. I bought a number of books and photo essays on Wolves. Friends gave me Wolf books, posters and we started to send out Wolf Holiday cards from the World Wildlife Federation.  So what is the big deal with Wolves?

Much of what I have read has been verified in scientific studies including these fascinating points:

-Wolves have been here over 1 million years

-Wolves are very intelligent, very social and follow rules

-Wolves prefer to live away from humans and there is little evidence that they  attack people

-The female lead in a pack chooses where they live, when they move, can lead the hunt and can assign nursing her pups to someone else; she has power!

-Siblings separated as pups can recognize their brother or sister’s howl for the rest of their often 10 year lifespan

-A pack can travel across a snow covered area and walk in each other’s steps so no one knows how many have passed

Now how many groups of Sports or Business Teams can live up to the level of Wolves? Not very many.

I have also studied Rats. In latin the word Rat means Of unknown origin since they have been around forever. Rats only reside near humans, they eat our waste, only live a year and carry disease including the original plague. Rats can swim under water for a mile and chew through a concrete block.

And Rats eat Anything, often after smelling and touching it!

I went back to our lady friend and told her that No, I did not work with a lot of Wolves but I did work with a lot of Rats!

So why and how should you dine with Adversaries even Rat ones? You should act like a European lone wolf. A great dinner, with proper seating, flow and wine is a perfect way to learn something about the other person. To see if you have any particular views, common ground-or not-on anything-in the deal. Dinner is also the perfect way to make some small progress on a very difficult negotiation or to break up a major log jam. And everyone wants to believe they are important and critical to the process. You can best reinforce this either one-on-one or in a small wolf pack sized group.

Lunches and Dinners are so important in Business and Life, I have a whole section in my book, The Business Zoo, explaining how to do dining right and benefit your career while adding huge enjoyment to your life!