Owners of privately-held companies shoulder many responsibilities – from providing strategic direction to managing operations, client service and more.
Like the mythical God Atlas, owners can become over burdened with responsibilities as their business grows. In time, the ‘owner-does-it-all model’ begins to fall apart and the owner realizes the need to recruit new talent and develop the company’s management in order to achieve a higher level of growth.
The two main obstacles that prevent privately-held companies from successfully hiring and retaining executives leaders are: 1) the business owner or top is executive is a busy person who does not have the time or expertise to invest in a complicated, time intensive recruiting process; and 2) the difficulties involved in learning how to work with a new executive and integrating that person into the management team are often ignored, resulting in miscommunication and conflict. Fulcrum’s unique approach to executive recruitment focuses on the executive’s critical first year of employment to ensure their smooth transition into the company’s culture. (Learn more in the Wigder Report.)
What Blocks Successful Hiring in Private Companies?
The two main obstacles that prevent privately-held companies face hiring and retaining executives leaders are: 1) insufficient skills and expertise required to recruit qualified leaders and, 2) difficulty delegating authority to newly hired executives. Fulcrum’s unique approach to executive recruitment focuses on the executive’s critical first year of employment to ensure their smooth transition into the company’s culture. (Learn more in the Wigder Report.)
Successful Hiring Is No Slam Dunk
The failure rate of newly hired executives is high. In the United States, approximately 40% of CEOs recruited for public companies leave within 18 months. The success rate of CEOs recruited for privately-held companies is widely believed to be significantly lower. The Fulcrum Executive Search Model provides client with a 1 year, 100% success guarantee and lays the foundation for the newly hired executive’s success in year two and beyond. (Learn more in the Wigder Report.)