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| Home - Articles by Sterling-Hoffman - Feb 03 Issue |
What Executives & Tom Cruise will have in common: an Agent
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How do you handle scenarios where two of your clients are qualified for the same position that you happen to have the inside scoop on?
The chances of Canal Street Talent representing two identical executives who have the same background and are interested in the same opportunity are pretty low. When it does happen, just as a Hollywood agent puts his most-appropriate client forward first, we do the same.
Talent Management seems to make sense, but it seems like a brand new concept. Why is it still such a new thing? What are the drivers that you think are going to push it mainstream?
The recruiting and executive career world have changed dramatically in the past five years. The average tenure with a company has decreased to the point where a senior executive will likely not be with his current employer two years from now. Plus, the typical MBA grad will work for something like 10 companies over a career…that never used to happen. Compensation structures have become increasingly complex and require an outside perspective. But overall, I think it’s just that the concept of ‘personal brand management’ is becoming mandatory.
How much does it cost the Executive to retain your services? Are they required to commit to you for a certain amount of time?
Just as in professional sports and Hollywood, clients pay a percentage of their compensation, between 4 and 10 percent based upon what particular services they choose. There is no time commitment…if we don’t deliver, the client is free to walk away. That’s never happened, by the way.
What advice would you have for enterprise software executives that are currently looking a new gig? Are there any common mistakes you see being made?
The first thing to remember is that its twice as hard to find a new role if you’re unemployed, so do everything possible to hang on to your current position even if its on a consulting basis. Companies always prefer those who are currently working….Perception is reality. It also gives you a lot more negotiating leverage. Other frequent mistakes…not having a crisp “elevator speech” …résumés that are more than two pages and violate the “six second skim” rule. A lot of execs will just send a resume cold without even engaging the hiring manager in a conversation…just basic mistakes like that – it’s almost scary how these absolutely awesome business executives can make so many basic mistakes when it comes to their own careers. In short, an executive looking for something new needs to stop and think “How do I solve the problem and make life easier for the recruiter or hiring manager?”
I get a lot of VP-level candidates that ask me why we won’t consider them for CEO positions. The only good answer I have is that our clients want someone who’s done it before. What advice would you have for VP’s that are looking to earn their first CEO role? How do they do it?
The sheer supply and demand right now means there are literally thousands of previous CEO’s available for hire. This makes it very difficult for first-time CEO’s to win the role. So, part of my answer is “patience…your time will come and you’ll be called up to the majors” In the meantime…hone your skills, and build your Rolodex so that when the right CEO role becomes available, your name appears on the shortlist. For those that are impatient, your challenge is to convince the board of directors that your passion puts you above other seasoned candidates. Remember: Avis is second and tries harder. Also, you’re less expensive than a seasoned CEO, and that’s particularly important in early-stage companies. If all else fails, offer to serve for three months as Interim CEO until the right leader is identified, as long as the board agrees that you’ll at least be considered. Then, knock the cover off the ball and show them you’re a future Carly Fiorina, Scott Cook, or John Chambers.
Prior to founding Canal Street Talent, Jeffrey Hyman was formerly Managing Partner with Heidrick & Struggles, one of the world's leading executive search firms. Previously, he was Co-Founder, President and Chief Executive Officer of Career Central (later named Cruel World, Inc.), an internet-based executive search firm that San Jose Mercury News ranked as the Bay Area's #5 fastest-growing company. He holds an MBA from The Kellogg School and a BS from The Wharton School. You can reach Jeff Hyman via email: jeff@canalstreettalent.com.
Angel Mehta is a Managing Director with Sterling-Hoffman, a retained executive search firm focused on enterprise software. He can be reached via email: amehta@sterlinghoffman.net.
 
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