As an executive search firm, we often hear interesting stories from our corporate clients. One of our favorite corporate clients has a great track record of building, growing, and leveraging their business. However, they recently came to our office looking particularly distraught after unsuccessfully doing a search for a new COO themselves. In this instance, they were regretting the hire of a friend that they initially believed would be a great addition to their leadership team.
It all started a few years ago when their business was booming and profits were zooming. They were ready to introduce a new service to a large market. All they needed was that perfect, new COO to help blaze the trail. Not long after this perfect, new COO came on board, anxiety began to build and they quickly realized they may have made a terrible mistake.
Signs of concern began almost immediately. Management struggled to get along, disgruntled employees started quitting good jobs, and public relations problems emerged. Before they knew it, this well oiled machine had a $500,000 wrench thrown into it. The realization struck them that this so called perfect COO was not working out. Unless they removed their friend soon, they felt they would spiral out of control. To get the business back on track, they knew they needed an executive search firm. Fortunately, Dinte Global Executive Search got the call.
At Dinte, we know the wrong executive hire can put your business at significant risk. A poor hiring decision at the top management level can easily cost six figures or more. And it’s not just cost you have to worry about. Reputation, employee morale, and productivity can also be damaged – sometimes beyond repair.
Our research shows that lack of compatibility, chemistry, and style accounts for 80% of failed executive appointments. In its simplest form, our corporate clients often know exactly what they need in an executive hire – we just help them find it.
We spent the next few weeks getting to know our client through frequent visits to their offices, speaking to their key employees, and assessing overall strategies and business objectives. We found that our corporate client was all energy. They liked to act quickly and steer the company themselves. While this worked well when the company was small, it became apparent that they needed a leader to help scale their business for growth and focus their energy as they grew. What this company needed was an executive who shared their vision with a demonstrated track record of successful execution. Clearly, they demanded a leadership executive who knew how to navigate pitfalls and lead the workforce to the next level of development. Now all we had to do was find that perfect COO.
After an extensive search, our corporate client was ready to hire a COO with both the chemistry and the expertise to do the job well. Today, the executive we placed is doing fabulously and has fit perfectly into the corporate culture. In fact, we are now working together on a new search and are convinced that we know the compatibility and chemistry recipe that will ensure continued success.