CFOs, managers and employers in general are changing the way they look at team performance and hiring.
As the pressure of time, complexity of decision making and the need to maintain team performance and momentum becomes higher on the agenda of most leaders, the risk of losing key staff is very high. It has always been high, but the way of dealing with it hasn’t always been particularly proactive.
In fact, traditionally team churn in treated with old, slow and reactive recruitment processes that leave gaps, over worked staff and substandard levels of delivery.
The future exists in building a bench.
CFOs and other people managers are maintaining relationships with talented professionals outside of their company through a mentoring and networking setting to de-risk their critical roles and potential talent gaps. The CFO or manager can build a deep understanding of the mentee, including their motivations, strengths and weaknesses, and support their development plan with advice. At the same time, this trusting relationship gives the CFO or finance leader the confidence of potentially hiring this person into the right role if the opportunity becomes available.
Equally, the mentee can build a similar level of trust.
Yes, it does cost time and no, it doesn’t always mean you will hire the mentee. But it dramatically reduces the length of time to hire, and the quality of hire in the cases it does.
Usually recruiting a key hire can take months to recruit, yet also relies on a basic reference checking process, some testing and is decided upon across a few meetings. This process is floored.
In the future, leaders will build bench teams of mentees. The typical professional will be on the bench for a few companies or mentors. This will help them understand companies and how they work. It will de-risk their own decisions.
We’ve seen a number of companies begin to adopt strategies of this nature. Sometimes structured programs are being created at a corporate level to nurture potential future hires, and in other cases the individual leader is taking a more “entrepreneurial” approach to things, building a network through their own means.
Recently, I’ve consulted to a recruitment and search agency in building their model for talent pipelining. A proactive approach that many of this agency’s clients are excited about.
As a leader, are you building your bench? Do you leverage your experience to mentor others?
The fight for talent is always high on the agenda for nearly every company, yet most are not prioritising and positioning their business or team for success. Is the future of hiring key positions more about nurture and trust, than risky and reactionary recruitment processes. Something to think about.