Hiring Executive-Level Managers:
A Critical Decision

Many of our customers tell us they consider the hiring of executive-level managers to be a pressing business challenge. Recruiting experienced, professional executives is a major event, one that can force change within a company on many levels. We offer our own experience in hiring executive-level managers.

Recruit the Right Individuals
As a company grows, the demands placed on sales management, financial management, operations and human resources management increase substantially. A key responsibility of any business leader is to identify when it is time to bring in new talent with the skills and experience needed to run a larger organization.

We have found the best way to find new talent is through the network of relationships we maintain in our industry. We do use recruiters if we want to choose from a large pool of candidates, but invariably, our network of relationships is more productive. To further support this, we have created a referral bonus program for Cole Taylor's staff members to reward them when they introduce talented individuals who are ultimately hired.

We often find the experience and skills we need to support our own growth in individuals who have worked at larger companies. It's likely that they previously have faced many of the same challenges and opportunities we have. A word of caution, however, hiring individuals from larger companies is not always a sure thing. A good cultural fit and understanding of the demands inherent in running a small business are important. This is why we invest the time needed to make the best decision possible.

Usually, the interview process is more intense the higher the level of the position being filled. Interviews with five staff members are not uncommon. We may also include outside advisors and board members. This enables us to get a good 360-degree view of the candidate, and he or she of us.

Additionally, we conduct extensive reference checking. We get a lot out of speaking directly with former colleagues, bosses and employees. Even with this amount of investment in the hiring process, finding that right individual is just the beginning.

Effective Change Takes Trust
Integrating a new executive into the decision-making fold takes time and trust. Most of all, it takes a commitment from all parties to communicate expectations and to be open to new ideas. To start this process, we create an extensive orientation program that incorporates key staff, external advisors and others who will impact or work with the new executive. This is done to allow him or her to learn about our organization, how we do business and relevant details about our company history. If we have made the right decision, communication is free flowing and our mutual confidence grows. We also quickly establish the right balance between involving senior leaders in a decision versus delegating authority.

Good Hiring Equals Good Judgment
As bankers, we have a vested interest in the management teams our clients have developed. Our evaluation of the management group is an important factor in evaluating the companies who bank with us. Companies do not run themselves; people run them. When we see that an owner has hired an experienced executive, we take it as a sign of good judgment, as well as a commitment to the company's long-term growth and profitability.

Hiring decisions are critical decisions. By sharing our insights on this and other key management topics, we hope to maintain an ongoing discussion on the issues you face in business every day. We would like to hear from you about your own business insights or plans. Please don't hesitate to contact us directly.

Jeffrey W. Taylor
(847) 653-7720
[email protected]

Bruce W. Taylor
(847) 653-7710
[email protected]