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How the Process Works
Commercial Finance Consultants has through many years of executive search practice with thousands of client companies in the Asset Based Lending and Factoring industry, developed what we know to be the most efficient and successful process in the search and recruiting field. This process not only works to achieve the desired results for our clients, but also saves them time and gives them the optimal return on their investment.
Unlike hiring candidates for employment who answer ads, submit resumes to our client's HR or personnel department because they are looking for work, or who are referred by employment agencies or ad-running services billing themselves as "recruiters," the bulk of candidates surfaced by CFC fall into one or all of the following categories:
1. Are currently employed and not actively looking to change
2. Are doing the job our clients want done in another commercial finance company and doing it well
3. Are top talent whom our clients must attract, sell and woo to their firms for reasons other than dollars alone
4. Are interviewing our clients as much as the clients are interviewing the candidates
For these and many more reasons, these candidates must be handled differently from those who answer ads, submit resumes or are sourced through more traditional channels of advertising. The process of attracting those highly qualified people to our client's firms requires a well-coordinated joint effort on the part of our client's and CFC.
| CFC's Responsibility To The Process | Return To Top |
We are very sensitive to the many demands on our clients' time and the financial commitment required locating and hiring the right talent. We pursue the optimal return on the client's search investment. Therefore, we will not present a candidate until we have completed the following steps:
Develop Precise Candidate Qualifications - We work with the key management of our clients to clearly define the skills, attributes and talents of the person they seek. We compile a detailed "Candidate Qualification Sheet" which will accurately depict the requirements of the firm. Quantifiable and measurable candidate specifications are vital to the successful completion of any executive search, as are those intangibles like personality, chemistry with your staff, etc. Equally important are those special qualities of our client companies and the opportunity offered which will help us to attract the individual sought.
Research The Industry Thoroughly - Our team will prepare a research plan designed to identify the companies to be targeted and thoroughly analyze the market to assure that we identify the best potential candidates. This will be done utilizing the thousands of hours our search teams have spent over the years becoming industry experts in the finance industry.
Search - CFC will then develop the strategy of the search. We will prepare a research plan designed to identify the target companies most closely matching your profile and thoroughly analyze the geographical market to assure that we identify the best potential candidates.
Interview / Qualify Each Potential Recruit - In-depth interviews will be conducted with each candidate who shows interest in pursuing the client's opportunity in order to determine that particular individual's qualifications, genuine interest and conformity with the client's specification. In addition, Business Development candidates will be required to provide a deal sheet to show the type of deals and size of deals he/she has generated, agented or participation/syndication, and how it was referred to them.
Conduct Preliminary Reference Checks - We will independently verify and reference check all candidates to further determine and define potential candidates' qualifications and lower the risk of hiring.
Evaluate - We will evaluate all recruited candidates based on the client's requirements and specifications: the references; the in-depth analysis of personality; mesh of communication styles; the candidates' requirements and needs; skill set and all other factors uncovered during our extensive interviews. Utilizing our in-depth knowledge of the kinds of motivations needed to make a career move, we will select those top two or three candidates best suited to our client's specifications.
Presentation - We will then present and discuss with those on the client's staff involved in the hiring process, a comprehensive report on each candidate to be considered. This report will include a detailed personal and business history and a minimum of two reference reports as well as CFC's evaluation of the personality traits, candidate's "hot buttons" (his needs and desires as well as career objectives), and any other pertinent information which may be of interest to the client or of assistance in helping them to make their own evaluation. Most important, the candidate's quantifiable qualifications will be highlighted. These will substantially match those qualifications which we have previously agreed are critical for the successful candidate.
Evaluation - After the interviews have taken place, we will assist the client in evaluating the results, giving them feedback from the candidates garnered in our follow-up conversations, discovering any questions either party may have, getting answers, and dealing with any concerns of the client or candidate.
Participate in Interviews - We will participate in any of our client's interview meetings with the candidate and their staff to the degree the client may desire or direct.
| Landing The Candidate | Return To Top |
Our responsibility does not end until we have assisted the client through the negotiation process designed to fully commit the candidate they select and smoothly bring that individual on board in the client's firm. In fact, to the degree that the client desires, we will continue to monitor the new hire for several months after he/she is on board to assure a smooth transition and to assist in heading off any potential problems or misunderstandings.
Negotiations - We will assist our client's staff in negotiating the compensation package and reaching agreement on other areas necessary to successfully complete the search assignment. For many reasons, it is advantageous to let us take the lead in sounding out the candidate on the offer and package prior to formal extension of the written offer. The issuance of a written offer and acceptance by the candidate will, of course, be made directly to the client.
Resignation - We will assist the new hire in withdrawing gracefully but emphatically from his/her current employer in the most expeditious manner. This will include educating and counseling the candidate about the possibility of counter-offers and the long term negative effect of accepting one on their career.
Relocation - We will provide both client and the new hire assistance as needed from our wide network of relocation experts in moving, locating a new home, finding the right realtor to sell the current home, school information, special-needs information for the family, etc.
Follow-up - We will follow up with the client and the candidate hired on a periodic basis to assure a positive and long-term relationship.
| Your Responsibility To The Process | Return To Top |
Communications - The designee from the client's firm needs to be available to fully answer all questions relating to precise candidate specifications, queries potential candidates ask of us and we, in turn, of the client, timing and interview scheduling questions, and all other pertinent questions which may arise during the search.
We let our clients know that it is imperative that our calls be returned within 24 hours from being placed to their staff. We, in turn, reciprocate. This is not only good business practice, but vital to the timeliness of the search process as a potential candidate ignored or delayed is often lost. Procrastination and lack of communication will not cost you every candidate, only the very best ones.
Our clients are asked to understand that if any questions, concerns or changes in specs occur within their firm, we need to know immediately so that we can get the answers they need, and/or change direction as required, thus enabling us to work as an integral member of their team.
Decisions - Timely decisions are vital in persuading the chosen candidate to accept an offer. Our experience in surfacing, recruiting and landing top talent for our clients has shown us that delays reduce interest and lose candidates. We ask, therefore, that at each step in the interviewing process the following decisions be made within 48 hours: "Yes," "No," or "Set another interview."
If the answer is "No", we need to know all the reasons so we can re-target and make the correct fit with the next candidate we present. Again, communication on a timely basis is vital to both our clients and us in our joint effort to fill these critical needs.
Scheduling - As we proceed into the interviewing stage of the process, it is imperative that we schedule multiple candidate interviews as closely together as possible so as to create as few delays in the process as we can. It is also imperative that we schedule subsequent interviews for any candidate under consideration no more than a week after the preceding interview. We do this for two reasons:
a) To insure that our clients have their choice on board as soon as possible, preventing delays in their business or projects
b) To insure that we do not have delay-created decline in the candidate's interest and commitment to the client's firm Even a "no" is preferable to not knowing from a candidate's perspective. Further, your firm's reputation is enhanced with good communication even when the answer is negative.
