Stanley Herz interview with Lynn Sher on ABC's 20/20
Inc. Magazine, in a cover story described Stanley Herz as a craftsman.
Business Week in a full page profile said Stanley Herz can compete with much larger firms.
The Wall Street Journal has interviewed Stanley Herz for articles on Management and Organization
After over 20 years in retained executive search, we must have a few things to say to both senior level candidates and hiring executives. We were at first going to have two categories, but let’s face it, hiring executives can also be candidates, and vice versa. Most important, it can be beneficial for each to know what the other is thinking. We believe that the following will make it easier for executives to hire quality candidates, and for top candidates to land those openings.
If you have any thoughts, we would like to hear from you. Just email HerzBlog@stanleyherz.com. Please put Herz Blog in the subject line.
These are in completely random order:
Should a company consider under-hiring or over-hiring for a key position? The theory behind under-hiring is that someone slightly new to the responsibilities will be more challenged and more motivated than someone who has "already done it all." The fallacy in this thinking, as it pertains to a senior level position, is that good people make their own jobs. Positions usually call for a higher level of talent than are initially envisioned. Outstanding performers are the ones who anticipate problems before they develop. They identify the means with which to make a business entity more efficient and more profitable in ways that are not readily apparent. Rarely can these intuitive attributes be incorporated into a job description. Companies should think outside the box in making hiring decisions. It is important to have a position description when hiring, but also ask what a person can bring to the table that is not included in a position description. This is how you find a superstar.
Should job candidates rely on search firms? The answer is a resounding no! Retained search firms (such as Stanley Herz & Co.) are under contract to their client companies and do not represent individuals. Contingency search firms will market individuals, but only if they have popular appeal to a large number of companies. That being said, let search firms know you are out there, but simply don’t depend on them to the exclusion of all you should be doing. Otherwise you will retire on social security before getting your first job. More about what does work is below.
Should hiring companies rely on search firms? The answer is of course yes, or we wouldn’t have any business. For exacting positions that require a search firm to target and lure hard-to-find senior level candidates, who are not necessarily even seeking a new position, a retained search is best. For positions with less pressing requirements, contingency search firms may be better. There are excellent firms of both types, but their approaches are completely different.
What do you say in a Thank You letter after an interview? "Thank you," to start, but that is not the objective. Immediately after the interview, write notes on what you should emphasize based on the meeting and where you may have presented yourself weaker than desired. The "Thank You" letter is your second chance to represent yourself. We are of split opinion as whether this should be email or snail mail. The advantage of email is its immediacy, especially if you want to correct an erroneous impression. But it is also easily deleted by the recipient. Snail mail, on the other hand, has a physical presence.
Is a group interview good or bad? This usually ends up being more favorable for the senior level job candidate, but can work to the advantage of both sides if the hiring company is a small company (e.g. a family or closely controlled entity). Where lines of reporting are ambiguous, then it's best to meet everyone and hear what they have to say. After all, you are about to become a member of the family. On the other hand, in a more formal reporting structure, there are often crosscurrents with conflicting agendas. On one hand there is an interview in progress, but the participants are also playing to each other, especially if they are at unequal levels. It's a good way for the candidate to get a taste of the internal politics. You already know that a camel is a horse designed by a committee. Group interviews with conflicting roles rarely result in a strong candidate, just an acceptable one. From the candidate standpoint, pay attention to where the power resides and aim for that individual. It may not be the obvious person.
Is incentive pay a good idea? Where results are measurable, such as in a senior level sales or marketing position, and there is belief in the product or service, the confident candidate will prefer such an arrangement. He or she will thrive on the challenge. They compete with themselves for ever improving performance. But we have seen situations when incentive pay is offered to conceal significant problems within the company. We had visited a potential client looking for a future sales candidate to shoulder the complete risk or reward of his performance with a low base and high incentive. Yet the problem was not sales performance, but rather the product technology which was lagging behind that of competitors. As a hiring company, make sure you have identified the correct issues. As a candidate, make sure there is an adequate support structure for success.
Are there good books for management guidance, or job candidates? There are plenty of books in the Management or Job Hunting sections of book stores, or online. The authors change, but the advice doesn’t. But there is no harm in having the same information reinforced. On the other hand, the best information can come from outside the usual sources. When Lou Gerstner came to IBM and revived the moribund company, he didn’t come from another computer company, but from Nabisco. The most imaginative and visionary people find inspiration in unusual places. For example, one of our favorite management primers is sold as a sports book by a sports writer. In “Boys Will Be Boys,” Jeff Pearlman's New York Times bestseller about the Dallas Cowboys Dynasty, he tells the story behind the building of one of the most successful sports franchises in history, and how a great organization was created and the management moves behind it. There must be a reason that so many sports analogies are used in business. Ideas for success can come from anyplace.
Is Networking effective? Is there something better for seeking a new executive position? Networking came into vogue about 20 years ago with the ascendency of Outplacement Firms. They were looking to push an easy way for candidates to find a new opportunity. It is one effective apporach, but over the past 20 years it has become overworked and somewhat tired. Recipients have become inured to phone calls asking just for another person to contact.
You should certainly first contact everyone you know. But don’t depend on networking alone. We believe that a targeted approach to the top executives at carefully selected companies will be just as effective, if not more so. This is not as easy as it sounds. The first step is to carefully analyze your background and ask yourself: “To what types of companies in what circumstances will it have special appeal?” The second step is to identify those entities and the appropriate executives to contact. And the third step is to write an effective letter. The acid test for that missive is to ask the question: “Will a senior executive want to meet with me even if he or she has no thought of hiring anyone?” To accomplish this, the letter must offer some exchange of knowledge that the executive could use in running the company. It has to be specific. There is no room for vagueness or triteness.
If you have any thoughts, we would like to hear from you. Just email HerzBlog@stanleyherz.com. Please put Herz Blog in the subject line.
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