Brentwood Search

Surviving a Downturn - What Your Company Can Do

Many companies are facing the reality of having to sharply reduce their workforce to cope with the current economic crisis.  Every day the news headlines report companies undergoing significant layoffs.   And department managers are finding that hiring freezes are restricting them from coping with periods of increased activity or deadlines.  What this means for a company is that everyone in the workforce is having to roll up his or her sleeves and committing to longer hours, simply to get the job done.

But what if that is not enough?   With mission critical deadlines looming and severely lightened workforces, many companies turn to hiring temporary consultants to help them deal with the overflow of work.   Often consultants are not officially considered “headcount.”   A department manager may be able to bring a contract consultant on to help with workflow, even during a hiring freeze.

Marcia Basichis, a partner at Brentwood Search, commented, “Though our executive search practice traditionally focuses on senior level retained search, we are seeing an increased volume of requests by many of our clients to hire temporary contract consultants to bridge the gap.  We love our clients and part of our role in tough times is to pitch in and help them weather the difficult times.   So we have expanded our practice to accept these type of engagements.”

Hiring a contract consultant can insure that the project gets done, and in a timely fashion.   A top search firm will work with business leaders to assess their needs and the profile of the professional that will best suit the temporary assignment.   They take the burden off our clients shoulders.  No longer does a busy executive need to take precious time away from critical work to find the right person for the job.   When an executive is shorthanded, as many are in these challenging times, the last thing he or she needs to do is devote precious work hours to rifling through resumes and qualifying candidates.  Sometimes in this situation, an executive who hard pressed, will make an impetuous decision in desperation, only to regret it.  It is no fun, having to undo work done improperly or haphazardly by someone who is not qualified in the first place.   A search firm will qualify candidates before they are presented to you, so you will get the best available consultant to fill your immediate need.

Often the professionals that are placed into consulting roles are simply in between permanent positions.   As the time required to conduct a job search and land a permanent position continues to lengthen, sometimes taking upward to six months,  contract employment can be a lifeline, providing income and stability in unstable times.   Many candidates find that the relationships made during these short term assignments often lead to full time employment - either at the company where they have been placed or through referrals to friends and colleagues of those executives with whom they are working.

Other candidates are finding that the flexibility that comes from contract work is particularly to their liking, or the variety of assignments enable them to develop and or bone up on specific skills.   For many professionals, working while searching for a new position is far preferable to spending the day at Starbucks, trying to look busy.

In either situation, your company will be able to find a top professional at an affordable price to help you through rugged times.   Marcia Basichis added, “We view this as a win-win situation.   Our clients are able to manage their workload and demands of their departments so that the company does not suffer.  Strong and reliable professionals are employed in stressful and difficult times.   And we are delighted to be of service to valued clients.”

In the Economic Meltdown Do You Have the Right CFO?

During the past few years companies have seen unprecedented growth.  Mergers and acquisitions were the word of the day.  Private equity companies acquired nascent companies, built them, and flipped them, realizing great profits.   It was like shooting fish in the barrel for top financial executives as they raked in extraordinary profits.   All was right with the world, and private equity firms received record return on their investments.  That was then.

With the recent economic downturn, the whole game has changed.    Not only are the quick turn profits drying up, but many private equity firms are finding that their portfolio companies are facing extreme challenges.   And a failure of a portfolio company creates real challenges for any private equity firm.   Many firms are reassessing their needs in light of the current climate.

A great “growth” CFO often cannot make the transition and become a CFO that will know how to rein in costs, how to restructure a firm, or how to keep a firm moving forward.   Often in these situations a firm’s best course of action is to replace its CFO.   The specific set of skills that are needed are often found in executives who have experience in knowing where and how to trim, where and how to lay a stronger foundation for future growth.

Marcia Basichis, recruiter with Steinbrun Hughes executive search, has seen an increased demand or executives who are experienced in helping companies weather such rocky times.   “We are now being retained to bring in Chief Financial Officers, who can grow companies organically, bringing real value to the bottom line.   Often restructuring CFOs have learned these skills through hard won experience in other downturns.  Picking the right candidate to guide your financial organization can mean the difference between survival and bankruptcy.”

Basichis added that Steinbrun Hughes is hired to bring in consultants on contract as well.  She noted that this is especially effective when a company needs immediate action.  Such contracting assignments can actually run concurrent with a search for a permanent CFO replacement.

Adaptability in changing times is essential for companies in challenging times   Making sure you have the right personnel in place can lead to difficult choices, but may be a company’s only choice.

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