Situation: A company wants to add outside members to its Board. They seek individuals with industry knowledge, experience and contacts, among other things – members who can provide high level introductions to potential clients or key players within these organizations. The team is struggling to develop a list of candidates. How do you recruit an outside Board member?
Advice from the CEOs:
Your best bet is to hire a firm with a good track record of Board placements.
Given your other priorities, it is unlikely that you can devote the time required to develop a list of candidates on your own. Ask yourself whether this is how you should be spending your time, and what the value of that time spent would be.
What level of business do your expect from the contacts that the new Board member will provide for you? Calculate a fee that you would be willing to pay a recruiter as a percentage of future business. A fee of $25,000 or more for a good member is not out of line.
Network with significant players in your industry, and also look at who is serving on their Boards.
Investigate LinkedIn Groups – Groups that focus on Board members. These can be helpful in learning who might be available and connecting with them through mutual acquaintances. In addition, firms that specialize in Board placement frequent these sites. Also look at LinkSV.com which is more focused on Silicon Valley.
Determine what you will offer as both liability protection and compensation for new Board members. At a minimum you want to have a good directors and officers insurance policy, as well as stock and cash compensation that is competitive for your industry and company size.
Current Top Executives may be too busy to meet your needs. Consider individuals with deep experience who are nearing retirement or recently retired.
Situation: The company has been running very lean for the last few years, with very good people. New opportunities are opening up, and we need to staff up to execute. How do we get the best talent while minimize hiring costs?
Job Posting Boards: You can often find specialized talent on industry specific job boards such as Dice.com, SimplyHired.com, Cybercoders.com, TheLadders.com or similar non-traditional job boards.
Online Interest Groups: There are a wide range of industry and product specific user groups through Google Groups, LinkedIn Groups, and so on. Connecting with relevant groups will not only position your company as a key firm within the segment, but also make you THE place for career progression.
Go Social: Leverage the power or social media to publicize your available positions. Facebook advertisements, LinkedIn job postings and similar sites can build targeted interest in your company, and available positions.
Go Viral: Even if you don’t personally like Twitter or Facebook, these sites can create viral awareness of your company and technology. Tweeting that you are hiring now, with a 140 character job profile.
Be Cool: Create exciting new ways to add in the cool factor. Skilled talent likes to work with fun, exciting, successful companies. Capture photos of company events and add them to a Picasa or Flickr gallery. Positive blog posts build good vibes around your company, your technology and your products.
Ground & Pound: There are many groups that meet on a regular basis to discuss skills, functional interest, best practices, business opportunities or to just mix and mingle. Sites like Meetup.com to find local groups that match the talent you’re seeking. You will often find candidates, people that can pass the opportunity along, or even someone willing to provide an awesome referral.
Attack: Be pre-emptive in your focus. Select a few top-notch recruiters who specialize in your technology, market and/or geography. These professionals already know the talent pool, may accelerate the process, and ultimately provide higher quality candidates.
These are a few thought-starters. What has worked for you to find good candidates at minimal cost?
Interview with Greg Curhan, CEO, Clickworker, Inc.
Situation: Clickworker was founded and has gained nice traction in Europe. Focusing first on Silicon Valley, they want to expand into the US. This means identifying companies that could use their service, as well as appropriate contacts within those companies. What are best practices to open new markets for a product or service?
Start with a set of profiles of possible customers and contacts.
If you have a history of success, look for companies in similar industries, and with similar profiles as your current customers. Build a set of profiles of customer companies, and use these profiles against the lists that you develop to identify and prioritize prospects.
Develop a list of who’s in your addressable market and narrow this list to prospects.
Work with your staff and systematically review past jobs and companies that you’ve been associated with, including vendors and suppliers. Identify a list of possible target customers, and use LinkedIn, Link Silicon Valley and other social networking sites to confirm and develop your contact list.
Also work with companies that develop and update databases of local companies including contact lists, web sites, telephone numbers, revenue data and SIC codes. For example, Rich’s Business Information develops searchable lists of companies Northern and Southern California. Dunn and Bradstreet and others also sell searchable lists of companies and positions.
Subscribe to the locally published Business Journals in your target markets. These Journals generate Books of Lists of local companies and contact information.
Network with those you know and ask who they know. This is more effective once you’ve developed a set of profiles, so that you can clearly characterize what kinds of companies you seek.
This is an initial set of ideas. What has worked for you as you opened new markets?