Introduction
In the world of investing, Charlie Munger is a legendary figure, celebrated for his sage-like wisdom and insightful aphorisms. As Warren Buffet’s right-hand man, his approach is a testament to the power of effective decision-making and wisdom, which he famously accredits to his ‘multi-disciplinary’ approach—a rich mosaic of insights from various academic disciplines, including applied, organisational, and social psychology.
Munger’s perspective is unique and practical because he harnesses these theories and translates them into real-world applications. His approach forms an interesting amalgamation, merging business acumen with psychological theories—a powerful combination that leads to meaningful, insightful, and profitable decisions.
The power of incentives: An intersection of economics and psychology
Munger emphasises the importance of incentives, an intersection of economics and psychology, in shaping human behaviour. “Show me the incentive, and I will show you the outcome,” he famously said. In applied psychology, the operant conditioning theory by B.F. Skinner aligns with Munger’s philosophy. It suggests that behaviour is learned and maintained through immediate consequences or rewards. In organisations, this theory’s implications are vast. By understanding the impact of incentives—be it financial, social, or psychological—leaders can drive behaviour that aligns with the company’s strategic objectives.
Cognitive biases and decision making: A Mungerian perspective
In his famed address to Harvard University in 1995, Munger laid out 25 standard causes of human misjudgement—a compendium of cognitive biases that he believes significantly impacts decision-making. These biases are psychological tendencies that can cloud our judgment and influence our decision-making processes. They include confirmation bias (favouring information that confirms our pre-existing beliefs), social proof (the tendency to see an action as more appropriate when others are doing it), and availability bias (relying on immediate examples that come to mind when evaluating a specific topic or decision), among others.
In addition, Munger also discussed biases such as over-optimism, anchoring, and the contrast effect, highlighting how these can distort our understanding of reality and lead to erroneous decisions.
In the field of organisational psychology, these cognitive biases are recognised as significant barriers to rational decision-making. They create an environment susceptible to phenomena such as groupthink, where a desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome. These biases can also engender substantial resistance to change, as individuals often favour the familiar and view potential changes with a degree of scepticism and fear.
To mitigate the effects of these cognitive biases, Munger emphasised the importance of cultivating cognitive flexibility and self-awareness in our thinking patterns. Cognitive flexibility involves shifting our thinking and using different thinking strategies in different scenarios. On the other hand, self-awareness is the conscious knowledge of one’s character, feelings, motives, and desires. By being aware of our biases, we can better question our initial judgments and decisions and consider alternatives.
Munger also advocates for the idea of using mental models, drawing from a variety of disciplines, to aid in decision-making. This multidisciplinary approach to thinking helps counteract the narrow-mindedness that can result from over-reliance on a single perspective and encourages a more comprehensive understanding of problems, ultimately leading to better decision-making.
Harnessing social influence: Understanding the psychology of persuasion
Munger often references Robert Cialdini’s principles of persuasion—reciprocity, commitment and consistency, social proof, authority, liking, and scarcity. He asserts that these principles don’t just operate on an individual level but can significantly influence organisational culture and drive business outcomes.
For instance, the principle of commitment and consistency can improve organisational efficiency. When employees commit to a task or goal, they are more likely to follow through. Similarly, the principle of social proof plays a role in shaping corporate cultures. People tend to conform to the behaviours of the majority, which can either drive productive work ethics or create a toxic environment.
Navigating the latticework of mental models
Munger advocates for the latticework of mental models, suggesting that one must understand various disciplines to make effective decisions. This is where the role of interdisciplinary knowledge, specifically a blend of applied, organisational, and social psychology, becomes paramount.
One of the key insights of this approach is the understanding that organisations are not just economic entities but psychological and social entities as well. Leaders who appreciate this complexity are more equipped to drive their organisations towards sustainable success.
Conclusion: The intersection of wisdom and psychology
Munger’s wisdom, grounded in various psychological theories, provides a robust framework for understanding and influencing human behaviour in organisations. By weaving together insights from applied, organisational, and social psychology, he teaches us that wisdom is not just about knowledge but also about understanding human nature and leveraging it for collective progress. His philosophies echo the timeless essence of these psychological theories, reminding us that at the heart of every organisation, the human element counts the most.
Introduction
As the world continues to evolve, so does the way we use technology to improve our lives and workplaces. New York City recently adopted final regulations on the use of AI in hiring and promotion processes marking a significant step in addressing potential biases and ethical concerns surrounding the use of AI in the workplace. The question now is, will other countries follow suit and implement similar regulations?
As AI increasingly moves from automating drudge work to playing a more prominent role in decision-making, it’s vital that we understand the implications and potential risks. The good news is that some countries have already started to take action in this area.
Global progress on regulations
The European Union, for instance, unveiled its proposed AI regulations in April 2021. While these regulations are still in the proposal stage, they represent a comprehensive approach to governing AI use across various sectors, including hiring and promotions. The EU’s proposed rules are designed to ensure that AI systems are transparent, accountable, and respect fundamental rights.
Japan, another key player in AI development, established the AI Technology Strategy Council in 2016. The Council has since released a series of strategic guidelines that consider the ethical, legal, and social issues surrounding AI use. While these guidelines are not legally binding, they provide a framework for companies and the Japanese government to consider as they develop AI systems and technologies.
Ethical challenges
In contrast, countries like China and Russia have prioritised developing and deploying AI for economic and strategic gains, with less emphasis on ethical considerations. However, as AI becomes more integrated into hiring and promotion processes globally, it’s likely that these countries will also have to address the ethical challenges presented by AI.
So, what are the chances of the NYC regulations being successful? It largely depends on how well they are enforced and how willing companies are to adapt their practices. One of the keys to success will be educating employers about the benefits of ethical AI use and the potential risks of non-compliance.
Biases and discrimination
The impact of AI in hiring and promotion goes far beyond automating menial tasks. By leveraging AI’s ability to analyse vast amounts of data, we can make better, more informed decisions in these areas. However, this also raises the risk of perpetuating biases and discrimination.
As we’ve seen in recent years, AI algorithms can sometimes unintentionally reinforce existing biases due to the data they’re trained on. By implementing regulations like those in NYC, we can help ensure that AI is used responsibly and that it truly serves to benefit all members of society.
The key takeaway is that while the use of AI in hiring and promotion can be hugely beneficial, it’s essential to have regulations in place to ensure ethical practices. As New York City has taken this bold step, we’ll see more countries and cities follow in their footsteps.
Conclusion
In conclusion, the adoption of AI regulations in New York City is a significant move towards ensuring the responsible and ethical use of AI in hiring and promotion processes. As AI continues to play an increasingly important role in our lives, it’s crucial that governments and businesses alike prioritise transparency, accountability, and the protection of fundamental rights. By doing so, we can harness the power of AI to create a fairer, more inclusive society – and that’s something worth celebrating.
So, will other countries follow New York City’s lead? I believe they will, and it’s only a matter of time before AI regulations become a global norm. Let’s keep the conversation going, stay informed, and make the best decisions.
Introduction
The UK government caused controversy recently by rolling back its commitments to net zero. Commenting on the backpedalling, Ford’s UK chair Lisa Brankin raised concerns, citing the rampant upheavals Ford (and every company in the automotive sector) have been making in order to act in accordance with the now-reversed ban on the sale of new petrol and diesel cars by 2030.
As well as the UK 2030 target being “a vital catalyst to accelerate Ford into a cleaner future,” Brankin stated that, “Our business needs three things from the UK government: ambition, commitment and consistency. A relaxation of 2030 would undermine all three” [1].
Essentially what the government has done is undermine the trust of Ford and every other leading player in the automotive sector. They said they were committed to something and then showed they were not. They had the whole sector aligned and working at breakneck speed to overhaul old practices only to discover they’d been wasting their time and money.
As the old saying goes, trust is hard to earn and easy to lose. And in business, a loss of trust is catastrophic.
The value of trust
Research published by Harvard Business Review found that workers at companies where trust is high report 106% greater energy in the office, 74% lower stress levels, 76% greater engagement, and 50% more productivity than their peers at low-trust businesses [2].
Meanwhile PwC reports that 91% of business executives say their ability to build and maintain trust improves the bottom line (including 50% who strongly agree), 58% of consumers say they have recommended a company they trust to friends and family, and 64% of employees say they recommended a company as a place to work because they trusted it [3].
Trust pays. It builds relationships – both internally and with clients – and only grows stronger with time. It produces happier, more productive employees and reaps dividends in profit. Evidently, then, it’s something worth investing in. But to do so, we first need to clarify what we mean by trust.
What is trust?
Writing for Forbes, John Hall, a motivational speaker and co-founder of the time and scheduling management app Calendar, says workplace trust relies on two fundamentals: “First, every team member is making their best effort to further the interests of the company; second, everyone assumes that fact about everyone else on the team unless they see evidence to the contrary” [4].
In lieu of trust falls, office ping pong or other more performative variants of workplace integration, trust boils down to something more fundamental, whether you are doing your best and giving everyone else in your team the courtesy of assuming they’re doing the same.
This second part can prove especially difficult. We can control our own work ethic, not others. And within almost all office environments there’s a sense of competitiveness, the rate and quality of your output exists in constant competition with the rate and output of your colleagues. Who’s in the boss’s good books? Who’s getting the bonus? The promotion?
All these considerations can’t help but cultivate attrition. We may like to think our colleagues aren’t working as hard or to as high a standard as we are out of pride or to build up our own sense of self-worth. This is misguided. We need to bestow trust freely and unsparingly. When considering how best to decide who is trustworthy, Ernest Hemingway put the answer most succinctly: “The best way to find out if you can trust somebody is to trust them” [5].
It’s a leap of faith. That’s what trust is at its core. And until somebody gives you a reason not to trust them, your best bet is to give them the benefit of the doubt.
The science of trust
In an era marred by a seemingly endless carousel of corporate jargon and buzzwords, it’s possible to read about the notion of trust and think it’s more of the same – a benevolent, ultimately abstract notion that holds no quantifiable value but makes for a useful throwaway LinkedIn post or hastily churned out blog. But there is a science to trust, as demonstrated by Paul J. Zak, the founding director of the Center for Neuroeconomics Studies and a professor of economics, psychology, and management at Claremont Graduate University, and the CEO of Immersion Neuroscience.
Having seen in rodents that a rise in the brain’s oxytocin levels signified that another animal was safe to approach, Zak wondered if the same was true for humans. He conducted an experiment following the model of Nobel laureate in economics Vernon Smith [6]. In the experiment, a participant would choose an amount of money to send to a stranger via computer, knowing that the amount they chose to send would triple once they’d sent it. The recipient would then have the option of sharing this tripled amount with the sender or keeping all the cash for themselves. It was a trust exercise made of two parts. First, how much do you send? Second, do you share or steal?
To measure oxytocin levels during the exchange, Zak and his colleagues developed a protocol to draw blood from people’s arms before and immediately after they made decisions to trust others (if they were senders) or to be trustworthy (if they were receivers). The participants were not informed as to the content of the study (and even if they had been, they still would have had no control over the amount of oxytocin their bodies release).
They found that the more money people received (denoting greater trust on the part of senders), the more oxytocin their brains produced. The amount of oxytocin recipients produced then also predicted how trustworthy – that is, how likely to share the money – they would be. To prove that this was not just a result of the brain randomly generating chemicals, they performed further tests, administering doses of synthetic oxytocin into the brain through nasal spray and comparing participants who’d had a dose with those who’d had a placebo. They found that giving people 24 IU of synthetic oxytocin more than doubled the amount of money they sent to a stranger.
To ensure that the oxytocin spray did not cognitively impair the participants – and thus that their actions were actually born of brain fog or psychosis rather than trust – they performed other tests, this time replacing the money test with a gambling model. They found that increased oxytocin led to no rise in risk taking. In other words, the sole and genuine effect of increased oxytocin was to reduce the fear of trusting a stranger.
Over the following ten years, during which he conducted various further tests on oxytocin levels, Zak found that stress is a potent oxytocin inhibitor, as well as learning that oxytocin increases a person’s empathy, which of course is a vital tool for any act that requires collaboration.
How to develop trust
There is a gap in how executives see trust in business and how employees and customers see it. According to PwC, 84% of business executives think that customers highly trust their company, yet only 27% of customers say the same. Similarly 79% of business executives say their employees trust the company, but only 65% of employees agree [7]. Clearly, then, the first step a higher-up can take to improve trust in the company is to be aware that it’s lacking.
Zak’s continued research shows that recognition and attainment of goals are the most proven ways of garnering trust. “The neuroscience shows that recognition has the largest effect on trust when it occurs immediately after a goal has been met, when it comes from peers, and when it’s tangible, unexpected, personal, and public” [8].
Setting goals that are difficult but achievable is crucial. The moderate stress of the task releases neurochemicals, including oxytocin and adrenocorticotropin, that intensify people’s focus and strengthen social connections. However, the challenges have to be achievable and have a clear endpoint. Research shows that vague goals cause employees to give up before they’ve even started.
Pivotal to trust rates within an organisation are messaging and communication. Internal trust networks are hard to maintain because the flow of communication is so much looser and unrestrained than in a strictly employee-client relationship. Organisations are sending their workers multiple, often contradictory messages every day. Different departments are working towards distinct, sometimes contrasting goals. Maintaining alignment to a clear, single message is extremely difficult and does not happen by accident.
Inconsistent messaging, inconsistent standards and false feedback all contribute to the sense of a company unworthy of trust. If one boss is asking workers to pull one way while another boss asks them to pull the other, employees will lose faith in management. This is even more true when it is just one boss flip-flopping on the direction of travel, unsure of their own wants.
Regarding standards, if a boss sets a line, verbal or written, as to what is acceptable behaviour or what is the demanded standard of work but then fails to live up to this standard themselves then trust will quickly dissipate. The same is true if they allow others to get away with clear or repeated breaches, especially if the boss is thought to be playing favourites. It is for managers to set the tone and take responsibility for their organisation. A leader’s words and actions are ascribed deep meaning by their employees, and will be scrutinised heavily. Trust starts at the top and filters down.
Former Herman Miller CEO Max De Pree once said, “The first responsibility of a leader is to define reality. The last is to say thank you. In between the two, the leader must become a servant” [9]. That ability to humble oneself is pivotal to good management.
One way leaders can achieve this is to be willing to ask for help from their workers rather than just telling others what to do. This forms trust and connection with the employees and shows signs of a secure leader, far more trustworthy than one who pretends to have all the answers. As Steve Jobs said, “It doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do” [10]. Ask questions and show a willingness to learn, you can bet your employees will do the same in turn.
Trust today
Lending employees trust is of greater importance today than ever before due to the prevalence of home and hybrid working. Employers are not able to see and covertly monitor their employees through the day as they can in an office, and so must trust their teams to get the work done in a more autonomous fashion.
People can meet the same standards of in-office productivity from home on their own, less constrained schedule. The numbers back it up [11]. But still some companies are wary. We’ve all seen stories of organisations that want to remotely monitor the usage of their workers’ computers throughout the day to check that they are always at their desk during work hours. This draconian approach shows a total lack of trust. Who would want to work for a company that held them in such low regard? What kind of atmosphere does that cultivate? We talk a lot about company culture. Well, a culture that doesn’t trust its staff is unlikely to get the best out of them, and frankly doesn’t deserve to.
Workers will only grow more remote with time. The traditional 9-5 is unlikely to return. Employers need to bestow the requisite levels of trust to get their employees thriving no matter where they are.
Trust is money
Hall recommends we treat trust like we treat money: “Save it carefully, and spend it wisely. You may not be able to measure it like you can a bank balance, but sooner or later, you’ll see it there, too” [12].
Trust is pivotal to any team endeavour and business is no different. Businesses need to cultivate trust with their consumers. To do so, they must first build it internally, starting from the top. That requires consistent messaging and open communication. It requires humility from leaders, not bullish overconfidence. It requires vulnerability and a willingness to trust someone until they prove you wrong, which inevitably some will. But for companies able to garner a truly trusting environment, one in which every worker is giving their best and working under the assumption that each of their colleagues are doing the same, the rewards are enormous.
References
[3] https://www.pwc.com/us/en/library/trust-in-business-survey-2023.html
[6] https://hbr.org/2017/01/the-neuroscience-of-trust
[7] https://www.pwc.com/us/en/library/trust-in-business-survey-2023.html
[8] https://hbr.org/2017/01/the-neuroscience-of-trust
[9] https://hbr.org/2017/01/the-neuroscience-of-trust
[10] https://businessfitness.biz/hire-smart-people-and-let-them-do-their-jobs/
[11] https://www.businessnewsdaily.com/15259-working-from-home-more-productive.html
Introduction
As the labour market evolves, organisations have been reconsidering the importance and relevance of degree qualifications in their hiring practices. A trend known as “degree inflation,” which saw an increase in job descriptions requiring degrees even when the roles hadn’t changed, was particularly evident in the early 2000s. However, the trend experienced a reset in the aftermath of the 2008-2009 Great Recession, reducing degree requirements across numerous roles.
This shift is particularly noticeable in middle-skill positions, which require some post-secondary education or training but not necessarily a four-year degree. The reset is also evident, though to a lesser extent, in higher-skill positions. Two waves have driven this trend. First, a structural reset that started in 2017 and was characterised by a move away from degree requirements in favour of demonstrated skills and competencies. Second, a cyclical reset that began in 2020, prompted by the Covid-19 pandemic, and involved employers temporarily relaxing degree requirements to find skilled workers during the health crisis.
Impact on equality
In the case of Ireland, the shift away from degree requirements has been particularly impactful in increasing female participation in the workforce. According to the latest Labour Market Pulse published by IDA Ireland in partnership with Microsoft and LinkedIn, skills-based hiring and flexible working conditions are integral to increasing female participation in the Irish labour market. The adoption of a skills-first hiring approach has the potential to increase the overall talent pool in Ireland more than six-fold and 20% more for women than men in traditionally male-dominated occupations.
Hard skills Vs soft skills
Despite the promising trends, it’s important to note that the degree inflation reset is a work in progress. A significant percentage of job descriptions still list degree requirements, effectively walling out a vast number of potential employees from the candidate pool. Additionally, while many companies have announced the removal of degree requirements, they often still exhibit a higher-than-average demand for college degrees in practice. This suggests that, while hard skills can be easily confirmed, degrees are still seen as a proxy for soft skills, which are harder to assess.
However, the shift away from degree-based hiring compels companies to think more carefully about the skills they need. More explicit descriptions of desired capabilities in job postings are increasing awareness among applicants about the importance of developing soft skills. This could influence skills providers to consider how they can update their curricula to include these skills.
Diversified talent pool
The elimination of inflated degree requirements is a critical step towards achieving equity in the labour market. Companies should reassess the assumptions underlying their recruitment strategies, reconsidering the use of blunt and outdated instruments in favour of more nuanced, skills-focused approaches. This shift is already opening attractive career pathways for traditionally overlooked workers due to the lack of a four-year degree. The potential result is a win-win situation: greater equity for job seekers and a more robust, diversified talent pool for companies to draw from.
Skills-first approach
This trend is particularly beneficial in the Irish context, where the government has set ambitious targets for gender equality and equal representation in leadership. A skills-first approach could be instrumental in activating the skills of underrepresented groups, including women, people with disabilities, and those without third-level education. Ireland can pave the way for a more inclusive, equitable future by eliminating barriers to well-paying jobs.
If you wish to introduce skill-based initiatives, it is critical to contextualise these ideas within your company’s unique circumstances, set clear objectives, and develop strategies for implementation. Here are some actionable insights based on the above points:
- Develop a Learning & Development Strategy: Understand your company’s current capabilities and identify the areas where there’s a skill gap. Invest in the creation of learning and development programs that target these gaps. These could be in-house training, online courses, or educational partnerships.
- Empower Employees to Shape Their Career Path: Create platforms or mechanisms that allow employees to share their interests and career goals. This could be an annual employee survey, open discussions, or a tool integrated into your HR system.
- Empower Employees to Shape Their Career Path: Create platforms or mechanisms that allow employees to share their interests and career goals. This could be an annual employee survey, open discussions, or a tool integrated into your HR system.
- Create Cross-functional Opportunities: Make it a point to allow employees to participate in projects or tasks outside their usual scope. This will not only allow them to broaden their skills but also to get a better understanding of the overall company operations.
- Incentivise Learning: Make learning an integral part of your company’s culture. Encourage employees to take time out of their work schedule to engage in training and learning activities. Offer rewards or recognition for those who actively participate in these programs or demonstrate new skills.
- Revamp Your Hiring Process: Transition from a credentials-based hiring approach to a skills-based one. Re-evaluate your job descriptions to focus more on the skills required to perform the job rather than academic or professional credentials.
- Introduce Skills Assessments: Implement mechanisms to measure a candidate’s skills during the hiring process objectively. This could include technical assessments, practical exercises, or situational judgement tests.
- Promote Lifelong Learning During Recruitment: During interviews, discuss the company’s learning and development programs and the opportunities for career growth within the organisation. This can make your company more attractive to potential hires.
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.
