Business people often have a curious fascination with sports. It is not difficult to see why. Peering past the corporate suits vs. sports jersey attire comparison, there are several parallels between finance executives and elite athletes. In both cases, there is fierce competition to contend with, goals and targets that have to be met, strategies that have to be formulated, and success is contingent on a mix of tactical acumen, hard work, perseverance and patience. However, there are several other lessons that CFOs can extract from the lives of elite athletes. Some of them are presented below:

1 Build a team where each member has specific strengths

Out of all the C-Suite, the CFO has arguably the most diverse job description that can range from strategic planning with the CEO one day to raising capital from institutional investors the next. With such a complex set of responsibilities, it is difficult for one person to handle all parts of the job. This is where the team comes in. By building a team where each member brings in unique skill-sets and/or expertise, the CFO can mobilize and deploy workflows more efficiently. This is comparable to sporting teams where the role of a defender in soccer is vastly different from the role of a forward. Because of this differential, coaches scout for different qualities when recruiting for each position. A CFO would do well to take a leaf out of that book and build a diverse team accordingly to accelerate results.

2 Go beyond the numbers

By definition, finance teams think in numbers. Targets for finance teams tend to be quantitative e.g. achieving cost savings of €x per year or generating return on investment of y%. While this is important from a shareholder value creation perspective, humans by nature tend to have deeper motivational needs. When sports teams embark on a new season, they don’t think in terms of “This year, we are going to win x number of trophies”. Their mindset is more geared towards the processes and work ethic that they would have to maintain to achieve a specific vision. As a CFO, motivating your team in a similar fashion can be equally productive. Instead of simply defining the level of cost savings that need to be delivered organization-wide, encourage employees to come up with new ways to improve processes or bridge organisational gaps. Rather than mundane targets, this could be a way to revitalise your team to scale greater peaks.

3 Engage with your teams

Sports teams have long recognized the value of engagement in rejuvenating a team. That is why you see owners cheering on their teams from the sidelines, particularly in crunch games. In business, most organizations tend to have a more siloed mentality where C-suite executives are tucked away in their corner offices. Nonetheless, studies have shown that executives that engage on a regular basis with subordinates tend to outperform those that follow the archaic boss-subordinate model. The reason for this is simple. When employees are spoken to by senior members of the organisation and/or asked their opinion about key issues, they feel more valued and involved in the team. This then manifests into enhanced output as they feel a stronger sense of accountability to their work.

While business and sports may only seem to intersect at broadcasting deals and large sporting events, there are plenty of lessons that are transferable between top-level athletes and corporate professionals in senior positions. By inculcating the root causes of the winning mentality that these athletes foster, CFOs and other members of the C-suite stand to gain substantial qualitative and quantitative benefits if done right.

As the Apollo 11 descended onto the Moon’s surface, the world collectively held its breath. The seconds ticked by, the tension rose… and yet in the midst of it all, the occupants of the rocket itself commandeered by one Neil Armstrong managed to hold their nerves at bay and execute a successful landing. On the 50th anniversary of the landing, it’s astounding how many leadership parallels can be drawn from it to the modern corporate landscape. While Armstrong never aspired to business leadership, choosing instead to live a more low-key life as an engineering professor, some of his traits are easily comparable to those of modern industry icons.

A humble man is a trusted man

Despite his monumental achievements, Armstrong insisted that they wouldn’t have been possible without a stellar team of co-pilots and engineers. While his Apollo 11 mission will go down in history, he was the first to recognize that it was built on the progress that Missions 1 to 10 had delivered. Each “failed” mission got them closer to success and Armstrong was wise enough to say that he was merely the successful product of a solid foundation. When leaders recognise the efforts of those before them and those with them, they cultivate a higher degree of trust than those who are transparently self-absorbed in their own fame and fortune.

Strategy is nothing without execution

While descending, the spaceship’s intended landing site was already marked out previously. However, upon getting closer to the site, the astronauts realised that it was covered with rocks and debris that would decimate the ship. Jumping into action, Armstrong took manual control of the ship and steered it away onto a safe landing site battling against time as the available fuel ticked down. In today’s environment, shareholders and investors demand intricate long-term strategic planning and roadmaps. However, as important as those are to provide direction to the company, an equally important aspect is adapting to circumstances as they arise. For Apollo 11, it was too late to abort the mission. The stakes were high, and Armstrong stepped up when it counted. Modern leaders would do well to take a page out of the astronaut’s book and steer the ship to safety when adverse circumstances dictate it so.

Adversity can be a great friend…or a woeful enemy

“I think we’re going to the moon because it’s in the nature of the human being to face challenges. It’s by the nature of his deep inner soul,” is a famous saying attributed to Armstrong. Business and political leaders sometimes have a tendency to operate on a short-term view with a myopic “I can’t allow this to happen on my watch” attitude. In doing so, they miss navigating challenges that would elevate their reigns to the next level if done right. In a conducive macro-environment, after evaluating and mitigating risks, taking the leap of faith is much more rewarding than kicking the can down the road for your successor to deal with.

Compartmentalise and conquer

On a day-to-day basis, we are faced with competing tasks and priorities that demand our attention and time. Successful people, however, demonstrate two key traits. The first is the ability to compartmentalise to focus entirely on the task at hand. Armstrong said that in the two years prior to the mission, he was focused on validating and verifying every technical detail to ensure its accuracy. During the mission though, none of that weighed on his mind and his sole objective was to pilot a successful landing. Being weighed down by the “what ifs” at crunch time only serves to distribute your mental resources away from the task at hand. The second trait is focus. How many videos have we seen of athletes celebrating on the cusp of the finish line only to watch in horror as a competitor overtakes them and wins by inches? When completing a project, an “it isn’t over till it’s over mindset” can help prevent this.

Consistent Excellence

I guess we all like to be recognised not for one piece of fireworks, but for the ledger of our daily work.

Neil Armstrong

A “flash in the pan“ story captures your imagination for a while, but to be truly distinguished, a track record of consistent excellence is paramount. Plenty of investors have made 100%+ returns in one year, but Warren Buffett is the guru of investing for a 50+ year track record of delivering outsized returns for investors. Neil Armstrong understood this as well as evidenced by his quote, “I guess we all like to be recognised not for one piece of fireworks, but for the ledger of our daily work.” While celebrating the small successes and milestones is important, having a commitment to the greater cause and not allowing yourself to rest on previous laurels goes a long way in achieving your ultimate objectives.

Finding the right leadership talent is increasingly important in developing competitive advantage. Research published in the Harvard Business Review suggests that those with superior talent strategies will have a greater likelihood of excelling in their sectors. Getting recruitment right is seen as critical to this. These findings are also supported by respected management consultancy firm, McKinsey & Company. McKinsey undertook research identified that, “Superior talent is up to eight times more productive”. What is more, the productivity gap between average performers and high performers is at its greatest when job roles are of very high complexity – such as in the case of executive roles.

Choosing between executive search services in Ireland essential, especially since the right leadership in key roles incfluence the productivity of your teams.

In Ireland, the executive search process has distinct differences from that in other nations. This is due to the culture and importance of local networks. Understanding local company knowledge is key to a successful executive search in Ireland. The information that follows will help with understanding how the executive search process works in Ireland, and how this differs to other places.

A great executive search Ireland is made up of 12 steps, and these are now explained.

Executive search in Ireland – the 12 steps

Step 1: Establish client needs

At the outset, a meeting between the client and the executive search team is required to identify client requirements. These will include an overview of the role and time frame for filling the post. The team will ask questions to find out more about the company. They will also probe the client to gain an understanding of first thoughts about the type of person who might be a good match for the role.

Step 2: Analysis phase

Further analysis is required at this early stage to maximise the search opportunity. The executive search firm will analyse the company culture to ensure the candidate selected will be an appropriate fit. This is one of the most important factors, supported by a study showing that 84% of recruiters believe this to be the case. Other than this, further analysis may also include introductions to others in the executive team to gain a clear understanding of the personality profile needed to succeed.

Step 3: Clarify budget

Understanding the benefit structure for Executive Searches in Ireland is very helpful in developing the right budget. In turn, having the right budget is important so that the role will be compelling for the right candidates. The search firm can help advise the client in this area to ensure the benefit structure is right for the position. Expertise in the Irish recruitment market is very beneficial in this regard.

Step 4: Development of a person specification

Following the analysis the person specification is built. This includes key information that will help with an executive search in Ireland.  This is especially important for leadership positions, as they will influence the culture and productivity of your team. It achieves this by pinpointing the essential and desirable skills and qualifications that are sought. It also describes the role and responsibilities that the successful candidate will perform.

Getting this right is critical as it shapes the whole recruitment process. It also needs to attract optimal candidates and deter those that are unsuitable. When done well, this document helps to define the employer value proposition. A well thought out person specification will provide indicators to potential candidates about the company’s vision, what it values and the type of person that will succeed.

Step 5: Scan networks

Local networks can be a very useful source of information for executive search in Ireland. Through drawing on these, it may be possible to identify suitable targets that would be a good fit. A locally based firm with a strong network has the advantage in knowing where to look. Our services are often more effective because of our well established network of leadership talent. Given that private networking is a key tool that executive recruitment firms use in identifying suitable candidates, it is worth asking some questions about the company’s networks before selecting a firm.

Step 6: Review local and international talent

Both local and international leadership talent opportunities should be reviewed. With a population of just 4.9 million, Ireland has a relatively small pool of leadership talent to draw on, and in some cases “glaring talent shortages. For this reason it is beneficial to consider international talent too. A good executive search team will have a network that includes both local and international leadership talent in a variety of sectors, or in the case of a specialised firm, in the industry they focus on.

If you are using an Executive Search Services Company in Ireland, make sure to ask them about their network.  This is one of the strongest points of working with Lincoln.

 Step 7: Build a short list

Further search strategy techniques are deployed to develop a suitable short list for the client. This requires market analysis and reviewing tools like LinkedIn to find candidates. The firm also scans its database of candidates to pinpoint suitable matches. Important areas of focus include whether the potential candidate is a good cultural fit, and the level of interest and commitment they may have towards this new opportunity. This helps with analysing turnover intentions. Given that the recruitment process is so expensive, this is very important. All of this research, along with the analysis of networks and local and international potential will be utilised to build and refine a short list of the right leadership talent.

Step 8: Candidate qualification and refinement of short list

Candidate qualification is required to narrow down possibilities. Through a meticulous matching process, the candidate list is whittled down to those that are a close fit. This includes interviews with potential candidates to establish capability and interest. A basic referencing process is also performed for any candidates that will be put forward.

Step 9: Handover of short list

One of our core services is to organize the list to make it efficient for you to conduct the next phase of hiring.  A short list is passed on to the client for the recruitment process to continue. By this point, there will be no more than five potential candidates. More detailed referencing checks are performed at this stage. Before the client makes a final decision, the executive search firm can weigh in if needed.

Step 10: Make offer

Once the client selects their candidate, the executive search firm will make an offer to that individual. At this level there is normally some negotiation around the benefits package and start dates, among other factors.  One of the services that your search  team can help with is going over these offer details. Good executive search firms will be experienced with helping the candidate and the company come to an agreement that works for both parties.

Step 11: Onboarding

One of the incremental services that the executive search firm may include is helping with onboarding process of your new leadership talent. This varies depending on the contract agreed with the executive search firm at the outset. Onboarding services are often seen as separate from recruitment, when in fact they are integral to the process. Recent research in Ireland shows that almost 50% of employees leave a job within a year. In a nation that is at near-full employment it is a job-seeker’s market. Getting onboarding right is important to help the candidate feel comfortable in the early days at the new firm, and to pinpoint any issues that arise in the initial period.

Step 12: Follow up

The very best executive search services includes one final step. This is follow up with the client and the candidate to review how it is going. Following up with both helps ensure satisfaction is achieved. Similarly to onboarding, it will help identify issues that might otherwise be hidden, leading to executive turnover if not addressed. Good follow up also allows the executive search firm to take on board any feedback and improve.

Conclusion

Following the 12 steps of executive search Ireland helps to ensure that the right candidate is hired. From having a clear understanding of the job role and person needed from the outset, through to onboarding and follow up, locally based executive search teams in Ireland are well-placed to help.

As a specialists executive search services firm in Ireland, we have the local knowledge that will ensure your executive search in Ireland runs smoothly. We can draw on our extensive local networks to help identify top talent for your executive team, no matter the industry. Get in touch to see how we can add value to your executive search process.