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Boyden's New Jersey Office Featured in New Jersey Business Magazine
Boyden Helps Businesses Find the Best Leaders
By Krysta Venturella, Editorial Assistant
One of the most effective moves an organization can make to positively impact its well-being is to bring in a strong leader. This is exactly the service in which Summit-based Boyden Global Executive Search specializes.
Carlyle Newell, a managing partner of the global company, which has 75 offices in 40 countries, and recently celebrated its 60th anniversary, believes that, at the end of the day, it is human capital or talent that always differentiates a company. “With the diverse companies that are in New Jersey and the market, we bring leadership in and can create shareholder value (if it is a publicly-traded company), or we can position a company for growth, if it is privately held,” says Newell.
The key characteristics Jeff Stark, managing director, says clientcompanies are looking for in a top employee are leadership skills and a measurable track record of success. “Leadership is the ability to influence, to see the future and to verbalize it in such a way that gets people excited,” says Stark.
Newell adds that part of leadershipis vision. “We find a lot of companies where the board is looking for a new vision,” says Newell. “They have to grow in different areas, and having an individual that has had experience in transforming businesses does add value.”
Boyden’s team begins the search process by interviewing hiring managers, executives who will work with the employee and others who interact with that employee on a particular job. A detailed profile on what the job is and what skills, experience and background are required for someone to succeed in that company, is developed.
“We see that relationship in a consultancy viewfinder,” says Stark. “Part of our role in that process is to challenge and test out what we hear so that we get to the real core of issues and the core of what we are looking for as opposed to what people sometimes say in their first knee-jerk reaction to a question.”
In order for this to be done, the client company must be honest from the beginning with what the content of the job is and what the internal challenges are.
Boyden associates select four or five candidates from the determined qualifications to present to the client company, which then goes through its own internal validation process to select one candidate. “Our role is to put together a slate of candidates who we believe are highly qualified and highly capable of producing the results that the client is looking for,” says Stark.
With a one-year guarantee, Boyden’s search for a top executive is not over until a candidate is found that is agreeable to the client company. Newell estimates that the average time it takes to match a client company with an employee is three to four months, and Boyden’s fees are based on a percentage of a candidate’s first year total cash compensation. If for any reason, a person leaves the company, Boyden resumes the search. The firm, however, boasts a 98 percent success rate with placed employees remaining an instrumental part of their senior management team for more than a year.
Many of these candidates are selected from a global database of more than 100,000 potential top executives, which was created over the years through networking, discussions with colleagues about who the best people with particular qualifications are, and by studying and identifying the thought leaders in a particular area.
On a larger scale, the top executives that lead a company can have an impact far beyond a company’s walls. Stark says, “When you look at individual organizations, it’s a microcosm, but when you look at lots of organizations, it has an impact on an industry as a whole.”
And the hiring of top executives in the state’s most prominent industries - chemical, pharmaceutical, biotechnology, food and fragrance - is “very hot,” according to Newell. “It is very competitive. Since the economy is doing so well, companies need to really have an attractive opportunity with long-term incentives that will attract individuals.”
New Jersey does pose some challenges for potential employees in terms of the costs of real estate and taxes. “Companies, particularly major employers, are well aware of that impact and mitigate it in one form or another,” says Stark. “Sometimes, client companies have systems in which they supplement earnings in a decreasing value over two- or three-year periods. It allows for adjustment and is really designed to smooth the transition from a lower cost area to a higher cost area.”
Many companies are now assisting the “on-boarding” process by helping the new employee assimilate: they provide coaches and mentor programs to ensure a highly successful employee.
Newell and Stark concur that honesty between both the client company and the candidate is crucial. With the client’s own counselors on its side, and Boyden executives representing the client company, it is sometimes difficult to reach a negotiation. In the end, Stark says, it is about finding a win/win relationship.