Ev Nucci is CEO of Nucci Consulting Group, www.nucciconsultinggroup.com, a retained search firm that specializes in the asset management industry. She spent the last three decades building high performance organizations and interviewing people. She started 5 companies, worked as an executive for Johnson & Johnson where she was part of starting two divisions, then ran 15 operating companies, did a start-up for Baxter, started her own company which she grew to to be an industry leader and she sold five years later to the industry giant. In 1996, she founded NCG and leveraged her talent for building high growth organizations to Wall Street. In 1998, she started working with a small fixed income firm, by the name of BlackRock and spent the next ten years working with founders and they have grown into the largest asset management firm in the world. Most recently she worked as a consultant to Armored Wolf, a global macro hedge fund founded by a PIMCO veteran of twenty years. She has interviewed over 15,000 people over the last three decades. Ev can be reached at evnucci@nucciconsultinggroup.com.
1. Start with a great retained search consultant if you can afford one. Why? They should be plugged into the most talented people, they're objective and they will give you the best ROI. The way to evaluate a retained search consultant is how long have they worked with one client--not how many candidates a firm has placed (says nothing about quality only quantity). Look at the results of the firm--who did they work with, did they grow the company, what's their attrition rate, what's their success rate? Do they place advertisements or do they recruit top notch talent?
2. Finding and marrying great talent doesn't happen over night. So don't expect it to. Start the process as soon as you possibly can. The longer you delay, the greater the chances you will rush to judgment.
3. Take your time to get to know the candidate. Evaluate him/her like you would a potential marriage partner. Expect a great hire to take 3-6 months. Get to know the candidate, and if they are a fit culturally for both of you.
4. By the third or fourth meeting ask for a non-compete, non-solicit, a list of their unvested stock options, life-insurance coverage, current medical benefits, restricted stock, deferred compensation, and bonus schedule.
5. Get a list of references during the third or fourth interview. If they can’t develop a list of five or six references off the top of their head, this is a huge red flag.
6. Ask the consultant if there are any yellow flags. Great consultants will communicate their concerns along with alternative candidates they want you to consider hiring. If they’re only interested in they’re fee, they won’t share with you their concerns. If the consultant doesn't share with you any concerns, don't hire the consultant again. No one is perfect.
7. As the employer if you have a high caliber recruit, you need to "woo" the candidate irrelevant of the economics. People are motivated by different things, some may be motivated by title, recognition or compensation. You need to discover what motivates this candidate and if it's title, and you want him, then give him the title he wants. Some people get too wrapped up in title because they carry with them their own baggage, for example, how long it took them to achieve the Managing Director title. If the MD title is going to motivate and close the candidate, give it to him.
8. There is a huge difference between hiring people who are looking for a job versus recruiting top notch talent. When recruiting top notch talent - those people generally are not looking for a job -- you as the employer need to understand the “woo” factor. Top notch recruits need to be wooed, they want to get to know their potential partner so take them to dinner, have a few meals with them. Top notch recruits see their career as a marriage, not a one night stand and expect to be treated as such, otherwise you lose them.
9. A candidate’s perception is THEIR reality.
10. Hire the most talented people you can afford to hire.
11. Don’t hire friends and relatives. They won't be friends and relatives for long.
12. Listen to the answer to your question.
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