Function: Human Capital
AI Roundtable: Tangible Takeaways to Help Leverage Artificial Intelligence
Q2 Snapshot: Key Findings from BluWave’s Private Equity Insights Report
Cici Zheng, ParkerGale Capital | Private Equity Advice on Pricing, Human Capital and More
Professional Healthcare Recruiters: Specialized Human Capital Resources
The healthcare industry is in a constant state of flux. It’s a field that requires a dedicated workforce to manage patient care effectively.
With the growing demand for healthcare services, the need for specialized professional healthcare recruiters has never been higher. Especially in areas such as multi-location healthcare services and chief medical officer searches, both on the clinician and corporate side.
“Specialized recruiters will not only know the subset of candidates really well,” says Scott Bellinger, BluWave’s co-head of research and operations, “but they’ll also understand what candidates are relative for certain size companies.”
We’re going to explore why a people expert with industry experience is essential for health and medical organizations.
Benefits of Working with a Professional Healthcare Recruiter
Healthcare providers save time and money when they work with recruitment experts. An experienced talent leader will have access to a large pool of candidates and can quickly identify the most qualified applicants for your specific need.
They know how to guide employers through the hiring process, from defining the job description to negotiating compensation and benefits.
CASE STUDY: Chief Medical Officer Search for a Healthcare Services Firm
“A specialized provider will be able to more quickly identify and recruit candidates,” Bellinger says.
Job seekers also benefit from working with professional healthcare recruiters. They can match their skillset and experience to the ideal opportunity so that both sides feel like they win in the end.
What to Look For
When selecting a specialized recruiter in the healthcare industry, it’s important to consider their experience, expertise and personalized attention to your needs.
Look for a recruiter who has experience in your industry, as well as a deep understanding of the recruitment process. A good recruiter should also have the skills to provide personalized attention to your needs, offering tailored advice and guidance.
CASE STUDY: Maintaining Rapid Healthcare Services Growth with Specialized CFO
It’s also important to work with a recruiter who stays up-to-date with the latest industry trends, compensation and benefits.
“When you work with specialized healthcare recruiters, they’re focused on serving the middle market and their network of candidates reflects that,” Bellinger says.
In today’s labor market, finding the right job or candidate can be a daunting task. That’s why professional healthcare recruiters exist, and why they are such an important resource for both job seekers and healthcare providers.
BluWave has the best specialized recruiting resources in healthcare on standby. Our expertly vetted network has what you need on standby before you even contact us.
Set up a scoping call today with our research and operations team and get presented with two or three best-fit options in less than one business day.
David Hellier, Bertram Capital | Harnessing Data to Innovate, Differentiate and Evolve
Filling a Need: Unraveling the History and Growth of the Private Equity Industry
Human Capital Forum: Navigating the Labor Market, Investing in Talent Development
How do firms and portfolio company leaders manage through current labor market conditions? What are the emerging trends in different roles, industries, and sectors? These were among the pressing topics in the latest BluWave-hosted Human Capital Forum on May 24.
Esteemed panelists Peter Allen of Aegis Ventures, Steven Berman of Accel-KKR, Michelle Nasir of Arsenal Capital Partners, Dan Grosh of Diversis Capital, and Damon Beyer of Warburg Pincus LLC, joined our own Erez Schnaittacher for this insightful virtual event.
Here are some highlights of what was discussed.
Summary Takeaways
- Find a balance in preparing portfolio companies without being overbearing.
- Encourage knowledge sharing and development through forums for functional leaders.
- Invest in developing the next generation of talent within portfolio companies.
- The demand for leadership roles has shifted from growth-centric positions to CFOs.
- Understand candidate priorities and ensure alignment with the company’s goals for higher performance and retention.
- Invest time upfront in C-Level hires, including comprehensive assessments and coaching.
This event was conducted with the Chatham House Rule in place.
Navigating Through Current Labor Market Conditions
Panelists addressed how they are supporting their firms and portfolio company leaders in navigating the current labor market conditions. They discussed various considerations that have both short-term and long-term effects and whether these considerations are complementary or conflict with one another.
Uncharted economic cycles require balance between providing necessary support and respecting the autonomy of portfolio companies. Emphasis was placed on coaching and working with deal teams, managing cash prudently, and hosting functional leadership forums. These strategies ensure a well-prepared and resilient portfolio despite the labor market uncertainties.
The need for a long-term perspective was discussed, with a focus on nurturing talent for future needs and aligning compensation structures to foster loyalty and dedication. Panelists highlighted the importance of creating a conducive environment for growth, where employees feel recognized and challenged.
Emerging Market Trends
The discussion shifted toward emerging trends in different roles, industries and sectors across the portfolio companies. The panelists also shared where their focus had been this year.
In 2021, the focus was on revenue and GTM leaders, but the CFO role has recently seen a spike in demand. Companies are looking for CFOs who can manage costs efficiently, so the company can maintain a position of strength.
Panelists highlighted the challenges in filling entry-level jobs and niche roles such as business intelligence and business operations. Also, the current labor market is very competitive, particularly for C-suite roles in the healthcare sector.
In some instances, portfolio turnover is greater than 50 percent for all C-Level roles, indicating the importance of nurturing talent internally and conducting thorough assessments before making C-Level hires. Industrial and Manufacturing businesses are currently experiencing a shortage of mid-level management roles.
When you’re ready to use the same resources as the world’s best PE firms, contact BluWave to set up a scoping call with our research and operations team.
Whether navigating the labor market, investing in talent or any number of other services for business builders, we have an exact-fit solution for you on standby.
HR Carveout Assistance for Lower-Middle Market PE Firm
Service Area: HR Carveout
Client Type: Lower-Middle Market PE Firm
Service Provider Type: Specialized HR Firm
Industry: Financial Consulting
The Need
HR Specialist for TSA
A lower-middle market PE firm required an HR consultant experienced in HR carveouts to support their project. The client needed assistance in negotiating a Transition Services Agreement (TSA) within a three-week timeframe and guidance in managing the interim transitions of insurance, benefits, and payroll.
The Challenge
Complicated Carveout Transition
The client was undergoing an HR carveout involving a tech/SaaS business with upwards of eight figures in ARR. The carveout involved merging two businesses previously combined by another PE firm, with the client acquiring one segment. The client sought an HR consultant to provide expertise in negotiating the TSA and managing the interim transitions.
How BluWave Helped
HR Consultant Connection
BluWave promptly presented the client with several options of specialized HR firms experienced in carveouts. The client engaged a consultant with deep knowledge in their niche. The service provider worked closely with the client to negotiate a robust TSA and provided guidance on managing the interim transitions of insurance, benefits and payroll.
The Result
Seamless Transition
With the HR consultant’s help, the PE firm successfully navigated the HR carveout process. The service provider’s expertise and proactive approach facilitated a seamless transition of insurance, benefits and payroll, while the negotiated TSA provided a solid foundation for post-close operations.
“She was very flexible with the mandate given the carveout nature of the opportunity, and she stepped up to do more when asked. The service provider is very responsive – she always makes time to discuss the company and provide updates.”
-PE Firm Vice President
Technical Recruiter (IT): Find the Right Candidate Fast
What Does a Technical Recruiter Do?
A technical recruiter is in charge of finding, interviewing and selecting qualified candidates for technical roles like software engineering, data analysis and technical writing. They seek candidates who have the necessary skills to fill specialized positions in information technology, data science and engineering.
Technical recruiters work for either a company’s human resources department or a technical recruiting agency to fill open positions within a technology-focused company. Oftentimes, an expert technical recruiter who has experience across your industry can be the best way to find an exact-fit candidate, and fast.
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“Any specialized recruiter is going to have a better network. They’ll also have a much better idea of ‘what good looks like’ and can help a hiring team calibrate the applicant pool more reliably,” says Houston Slatton, BluWave’s head of technology.
The digital revolution has emphasized the necessity for specialized roles within organizations, bringing to the fore the importance of technical recruiters. They possess an intricate knowledge of the necessary skills and experiences required for these roles and are adept at identifying candidates that align seamlessly with the organization’s unique needs.
Benefits of Technical Recruiters
These recruiters bring a nuanced understanding of the rapidly evolving tech industry and the dynamic skills it demands. This expertise allows them to source candidates who are a perfect fit for both the role and your organization’s culture.
Another substantial benefit of partnering with a technical recruiter is their extensive network within the tech industry. This serves as a rich reservoir for discovering both active and passive talent, often making the difference in finding the ideal candidate.
READ MORE: Hire an Interim CHRO
Moreover, IT-focused recruiters can provide significant time and cost savings. The recruitment process, particularly for specialized roles, can be both time-consuming and expensive. By leveraging their experience, technical recruiters can speed up the hiring process, ensuring you secure the best candidate on the market.
“We used a recruiter to hire a data engineer, and that recruiter knows the products in our tech stack, so he can better vet the candidates before we talk to them,” Slatton says. “In addition, he knows what the job entails so he can better ascertain up front whether what’s in a resume will actually be a good fit for us because he’s spent so much time in the data space.”
READ MORE: Interim CHRO Interviews
Technical Recruiter vs. Regular Recruiter: Differences
While both technical recruiters and regular recruiters play essential roles in the hiring process, their areas of focus differ significantly. A technical recruiter specializes in filling technical roles such as software development, product management and data science. They hold a comprehensive understanding of the tech industry, with responsibilities including interviewing and assessing candidates for specific technical proficiencies.
CASE STUDY: IT Assessment, Leadership Hire for Business Services
On the other hand, regular recruiters manage the hiring process for a variety of job roles not confined to the tech industry. They may work independently or as part of a company’s talent acquisition department, managing the complete recruitment process for various open roles across different industries.
READ MORE: What is Technical Debt in Due Diligence?
Securing the Right Technical Recruiter
Connecting with the ideal technical recruiter often involves multiple approaches. While you may consider seeking recommendations from trusted industry associates, performing online searches for technical recruiting firms, or even attending industry events to meet technical recruiters, these methods can be time-consuming, costly and don’t always yield the desired results.
READ MORE: Tech Stacks of Companies: How To Choose
The most efficient and effective route is to collaborate with an outside resource that can connect you with a tailor-made third party. BluWave’s invite-only network exists for just that purpose.
We offer a bridge to industry-specific, expertly vetted tech recruiters who can guide your recruitment process. By working with our research and operations team, you can focus on running your business.
CFO Executive Search Firms: Financial Executive Specialists
The Importance of Hiring a Strong CFO
The role of a CFO is similar to a treasurer or controller because they are responsible for managing the finance and accounting divisions and for ensuring that the company’s financial reports are accurate and completed in a timely manner. CFOs also manage the company’s financial planning and analysis, risk management and overall financial strategy.
Hiring a strong CFO is essential for an organization to thrive. Some of the benefits include access to years of experience and industry expertise, the ability to predict and forecast instead of reacting, improved processes and internal systems, better data and accurate reporting.
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It’s no wonder that such an important role can often be so difficult (and expensive) to fill.
That’s why it’s pays to work with a tailor-made recruiting firm that’s familiar with your specific industry and situation. The Business Builders’ Network is full of exactly these kind of organizations.
In this article, we will discuss the qualities to look for in a CFO, how to hire the right one for your company, the role of CFO executive search firms in the hiring process and the average CFO salary.
What to Look for in a CFO
Skills and Experience
A strong background in finance and accounting is crucial for a CFO. Their deep understanding of financial concepts and ability to analyze financial data will help them manage the finance and accounting divisions effectively. CFOs should also have experience in leading teams and collaborating with other executives, as they are responsible for ensuring the accuracy and timeliness of the company’s financial reports, financial planning and analysis, risk management, and financial strategy.
READ MORE: How To Analyze Sales Data: Tools, Examples, KPIs
Leadership and Communication Skills
The ability to lead teams and communicate effectively with other executives is essential for a CFO. Possessing strong leadership and communication skills enables them to convey financial information to non-financial stakeholders. Since they are responsible for managing the finance and accounting divisions, CFOs play a critical role in ensuring the company’s financial reports are accurate, completed in a timely manner, and effectively support financial planning, analysis, risk management, and strategy.
Financial Acumen
In addition to having a deep understanding of financial concepts, a CFO should demonstrate strong financial acumen. They need to be able to analyze financial data and communicate their findings to non-financial stakeholders. As the person responsible for managing the finance and accounting divisions, a CFO ensures the accuracy and timeliness of the company’s financial reports while overseeing financial planning and analysis, risk management, and financial strategy.
Strategic Thinking Skills
The ability to think strategically and develop long-term financial plans is another essential quality for a CFO. A strong strategic thinker can communicate financial information to non-financial stakeholders, which is vital for their role in managing the finance and accounting divisions. CFOs are responsible for ensuring the company’s financial reports are accurate and completed in a timely manner, and they play a significant role in financial planning, analysis, risk management, and financial strategy.
Industry Knowledge
Having specific industry knowledge allows a CFO to better understand the context in which the company operates. This knowledge enables them to communicate financial information to non-financial stakeholders effectively. As the manager of the finance and accounting divisions, a CFO must ensure the company’s financial reports are accurate and completed in a timely manner while overseeing financial planning and analysis, risk management, and financial strategy.
Cultural Fit
It’s essential for a CFO to be a good cultural fit within the company. This means they should align with the company’s values, mission, and work environment. A CFO who shares the organization’s vision and can adapt to its culture will foster a positive and collaborative atmosphere, making it easier for them to work effectively with other team members and stakeholders. In addition, a strong cultural fit ensures that the CFO can effectively contribute to the company’s financial planning, analysis, risk management, and financial strategy while maintaining a harmonious working environment.
How to Hire a CFO
Create a Job Description
Creating a job description is the first step in hiring a CFO. A job description is a document that outlines the responsibilities and qualifications for the position. It should include information about the company, the position, and the qualifications required for the position. The job description should also include information about the salary range and benefits package.
CASE STUDY: Connecting PE Firm with Top Talent for a Vital CFO Role in the Software Sector
The job description is important because it helps you attract the right candidates. It also helps you screen candidates to ensure that they have the necessary skills and experience for the position.
Identify Your Ideal Candidate
This step includes determining what skills and experience are required for the position. You should also consider the company’s culture and values when identifying your ideal candidate.
When identifying your ideal candidate, you should consider the following:
- Skills and experience: You should identify the skills and experience required for the position. This includes technical skills as well as soft skills such as communication and leadership.
- Company culture: You should consider the company’s culture and values when identifying your ideal candidate. This will help ensure that the candidate is a good fit for the company.
Conduct Interviews
Once you have identified your ideal candidate, you should conduct interviews to determine if they are a good fit for the position.
During the interview process, you should ask questions that will help you determine if the candidate has the necessary skills and experience for the position. You should also ask questions that will help you determine if the candidate is a good fit for the company’s culture and values.
Conduct Reference Checks
After conducting interviews, you should conduct reference checks to verify the candidate’s qualifications and experience.
CASE STUDY: Maintaining Rapid Healthcare Services Growth with Specialized CFO
During the reference check process, you should contact the candidate’s previous employers and ask questions about their performance and qualifications. This will help you determine if the candidate is a good fit for the position.
Make an Offer
Once you have completed all of the steps above, you can make an offer to your chosen candidate.
When making an offer, you should consider the candidate’s salary requirements and negotiate a salary that is fair and competitive. You should also consider other benefits such as health insurance, retirement plans, and vacation time.
CFO Executive Search Firms
A CFO executive search firm is a company that specializes in finding and recruiting top-level financial executives for businesses. The process of hiring a CFO executive search firm can be complicated and costly. However, an expertly matched executive recruiting firm can help with this process.
The staff at an executive search firm already has thorough knowledge of the industry and may already know candidates who are qualified for your position. Once you give them a detailed description of what you need in a CFO, they can search their community and find the best candidate. Engage with recruiters and executive search firms to hire the CFO based on your predetermined requirements.
ALSO SEE: Private Equity Recruiting: PortCo Resources
The benefits of hiring a CFO executive search firm include saving time and stress. The challenges of hiring a CFO executive search firm include ensuring that you are working with the correct entity and that your preferred search firm must demonstrate expertise.
CFO Salary
The average yearly salary of a chief financial officer (CFO) can vary based on a number of factors, but the median compensation for a CFO in the U.S. as of May 2021 was nearly $400,000 per year.
The primary factors that impact the median salary of a CFO include geographic location, the size and complexity of the organization and the candidate’s experience and qualifications. Base salary and bonuses make up roughly 80 percent of the total compensation a CFO should receive within a given year. The other areas of compensation are bonuses and benefits, as well as perks.
Hiring a strong CFO is crucial for the financial success and stability of your company. To hire the right person for the job, you must focus on identifying the necessary skills, experience and cultural fit that align with your organization’s needs. By utilizing CFO executive search firms, you can make this process easier and more efficient, ensuring you find the best candidate for your company.
BluWave has the resources and expertise to connect you with the right executive search firms to select your ideal CFO. With a vast network of professionals and deep knowledge of various industries, BluWave can help you streamline the hiring process and ensure you find the perfect match for your organization. Contact our research and operations team today to get started.
Fiber Optics Company Building Out Executive Team for New Division
Service Area: Human Capital: Recruiters
Client Type: Portfolio Company
Service Provider Type: Telecommunications-Focused Recruitment Firm
Industry: Telecommunications: Wireless Internet, Fiber Optics
Need
Recruiters in Telecommunications Industry
The CFO of a telecommunications company that specializes in wireless internet needed help building out its executive team for a new division of its business.
Challenge
Specialized executive search firm needed
Looking to better serve its customers, the CFO sought an executive search firm that specialized in telecom and fiber. They saw a big growth opportunity in their market and wanted to move fast to build out its leadership team.
How BluWave Helped
The Business Builders’ Network
After a scoping call with our research and operations team, we presented multiple executive search firms that were experienced serving fiber optics companies.
Result
Specialized firm engaged to build out executive team
One of our most-used service providers was selected to kick off the process of building out the executive team. They signed on for a three-month engagement to help the telecommunications company hit the ground running with its new telecom ambitions.