Executive search expertise

Although gauging cultural fit should be a component of any hiring effort, from low-level onboarding to executive recruiting, culture is unique to every organization.

In executive recruiting, culture is key

November 9, 2017 -

When a candidate who looks perfect on paper doesn’t end up working out, executives are often left scratching their heads, especially when they didn’t enlist the help of executive search and recruitment professionals during their search. If someone doesn’t work out despite having a strong background, relevant experience and a good measure of successes and failures under his or her belt, it can be hard to determine what went wrong, but firms that hire based on those qualities alone are overlooking a major piece of the hiring puzzle – cultural fit.



Are your execs on the money?

October 3, 2017 - Nick Scarlett,

How technology-savvy and customer-centric leaders are creating new revenue streams

The term “fin-tech executive” has been coined to describe the type of leader required to drive customer-focused change in financial institutions from banks and insurance companies, to wealth managers. But the answer is not necessarily to recruit technocrats into top roles, or rush to create a panoply of new products from online services to mobile apps. Nor is it a strategy to try and cross-sell as many products and services to clients in the hope of retaining them. < !–more–>

As industry observer and billion-dollar hedge fund Co-Chief Investment Officer Christopher Joye told us: “Many clients are currently immobile, not loyal, and will have no compunction departing… once low-cost switching is enabled by online product processing, real-time payments between banks and government-mandated data sharing.”

Joye, who manages Coolabah Capital Investments in Australia and writes for The Australian Financial Review, says the chief executives he interviews at financial institutions are “scared witless” that they are going to be disintermediated. “They have made it clear in conversations with me that they think massive change is coming.”

This very much aligns with the sentiment of discussions by Caldwell Partners with Australian and New Zealand chief executives. At Caldwell, we are providing client solutions by securing leaders who have the courage to abandon traditional business models, create cultures of agility as customers move to new channels, and prepare for products that don’t exist today, in ways that don’t exist, and in a world where people don’t yet know what they want.

Change favors the bold, but not the foolhardy, and the leaders we recruit know what will work, what may be a niche product, and what to spend on an idea with broader popular appeal.

For example, Barclays in the United Kingdom are exploring cards for teenagers that limit or reject purchases on games, gambling or adult websites, but is analysing data on adult spending habits in order to offer more targeted goods and services in that more lucrative market.

The real disruptor

Is technology the real disruptor? The following has been doing the rounds on social media:

  • Netflix did not kill Blockbuster video rentals. Didn’t high late fees play a part?
  • Uber did not kill the taxi business. Limited taxi access and fare control supported the opportunity for change?
  • Apple did not kill the music industry. Being forced to buy full-length albums didn’t help?
  • Airbnb did not kill the hotel industry. Didn’t limited availability and pricing options contribute to this?
  • Amazon did not kill other retailers. Bad customer service and experience created the need for an alternative?

The global financial crisis disrupted many of the disruptors when the open markets that encouraged securitizers and off-balance sheet funders dried up. As the pendulum swung back to taxpayer-funded banks, innovation slowed. Most home loan markets do not yet have electronic conveyancing, and for numerous managed funds, customers still need to fill out a paper application in order to invest and likewise for mortgage applications.

Most of the cost of processing a mortgage is embedded in manual loops of work and rework, and digitizing these processes will be a multi-year project, according to McKinsey’s report, Cutting Through the Noise Around Financial Technology, published in 2016.

“Digitising a mortgage application would involve creating and manipulating data fields, such as borrower income and liabilities, in a largely automated manner in the cloud . . . and would require the integration of multiple legacy systems and potential re-platforming to enable truly digitised processes. The sooner banks attack these opportunities, the more prepared they will be to compete with fin-tech attackers that have a structurally lower cost base.”

Design thinking consultant Jon Kolko, who specializes in humanizing technology, has also found in working with financial institutions that product processes are arcane and reflect outdated ways of thinking. “The product requirements document (PRD), for example — a leftover artefact of the 1980s — still seems to find its way into product development meetings, and those same meetings seem to spin endlessly around arguments about features, alignment, and time-to-market,” he says in Well Designed: How to Use Empathy to Create Products People Love (Harvard Business Review Press).

“It may seem as though we’ve collectively mastered the technology game, and that we just generally understand how to produce drop-dead products that tame the chaos of technological advancement. But those of us who build products and services — those who are behind the facade of simplicity in the murky, muddy trenches of corporations, consultancies and start-ups — are reminded of that complexity and confusion every day . . . As the market demands products that are simple to understand, robust in their technical capabilities, and most importantly, delightful to engage with, our legacy processes obviously do not deliver.”

What the new financial services executive looks like

Technology itself may look like the solution — disrupt yourself before someone else does, and use data analytics to understand and predict customer behaviour. The default thinking here is to hire a super tech-savvy leader or to staff up rapidly with digital experts, with an experienced and innovative banking leader at the helm.

It sounds simple, but the fusion of talent and technology in the financial services space calls for a deep understanding of the human capital market globally and locally, which Caldwell Partners offers. Deciding who to entrust with transforming a large, profitable business into a lithe, competitive 21st century player is in itself one of the riskiest decisions a financial services firm’s board can make. And for the chief executive, building a team carries similar threats, and opportunities. The leader of today requires a particularly high aptitude and intellect — it’s no longer just business as usual.

Team-building, in terms of “getting the right people on the bus and then figuring out where to drive it,” to quote Jim Collins in Good to Great, is one of the most important “first 100 days” steps for an incoming leader. It takes a good understanding of the new qualities needed in those who will reinvent the corporation. The key here is to assess for flexibility as well as acumen.

The “personality” of teams in the financial services sector world are becoming more complex and collaborative, with titles such as chief analytics officer, chief data scientist, chief customer experience officer, and chief design officer, among others — all ideally interacting more closely with each other than ever before.

“The fusion of talent and technology in the financial services space calls for a deep understanding of the human capital market globally and locally, which Caldwell Partners offers.”

Analytics will help drive change by crawling through the data of millions of customers, looking at their risk factors and patterns of product usage to anticipate their next moves. Customer empathy will help execute at the design of both product and “customer experience” end points.
The key now is execution, and the leader’s ability to know when even a cherished idea has passed its use-by date, or has been overtaken by yet another twist or turn of the market. The hard choice may then be to abandon the strategy and move on to the next opportunity.

Execution by design

Operational processes are being streamlined with the help of industrial design gurus such as Kolko. In a recent interview, Kolko told us that his consultations with financial services institutions often start with the basics: “The quality of interaction with the customer is so extraordinarily poor that before they even think about product innovation, they need to not only understand the goals that customers have, but step back and look at how the organization itself works. You can see from the appearance of a mobile app, or the homepage of a website, that people are fighting internally for prime real estate.”

Should financial services organizations strive to provide multiple products across different segments, connecting savings and credit accounts, investment accounts, and insurance?

Kolko says that such an arrangement does indeed help to reduce customer confusion, but that many organizations still don’t sufficiently understand the emotions that swirl around money, and the products packaged around people’s lives.

“There’s a level of confusion when you have multiple accounts, which creates anxiety around, ‘Where is my money, and how much do I have?’ Splitting these things up across many providers causes anxiety, and so we see an opportunity to connect these things up. But the experience of, for example, a life insurance payout on the death of a loved one, or simply trying to track their finances, needs to be designed for the emotional response and the anxieties involved.

He adds that “making the products look like one cohesive brand rather than a whole bunch of different business units cobbled together would be a good start.”

At this contradictory time in history, characterized by slow growth meeting fast disruption, execution will separate the winners from the losers. Execution – at its heart – is a people issue, and for leaders at all levels, the over-arching key to success is an ability to achieve buy-in for the idea that people (clients and customers) matter. It’s the killer app in the technology world, and the new competitive advantage for the finance industry

About the author
Nick Scarlett
+64 9 306 6633

Nick Scarlett brings international leadership experience, insights, behaviours and connectivity that he has attained through executive roles at Fortune 500 companies: a career spanning three global organizations – Zurich International, American International Group (AIG) and AXA. As a Partner, Nick is an active member of the financial services, private equity and venture capital practices.

Nick has a broad network of contacts throughout Asia Pacific. He has served on the Financial Services Council of New Zealand (formerly the Investment Savings & Insurance Association); Advicefirst Board; the Quality Advice Network Advisory Board and the Committee for Collective Investment Schemes to the Hong Kong Securities & Futures Commission.

Make sure your next executive hire goes on to become an unforgettable boss.

How to be – and choose – an unforgettable boss

December 1, 2015 -

During the executive search and recruitment process, companies may come upon multiple strong candidates. Choosing the best of the bunch typically requires widening the scope in order for an individual’s on-paper accomplishments and qualities not to be the only aspects taken into consideration.



What will you leave behind?

October 20, 2015 -

What kind of legacy will you leave behind?

For many, board service is the pinnacle of their career – a reward of sorts for a job well done. Regrettably, few board directors think about the day they retire, let alone their legacy in the boardroom.

The idea of legacy is a deeply powerful way to align one’s current board service to the company’s long term objectives. Asking “what do I want to leave behind?” rather than “what do I need to do to comply?” expands our thinking about board succession. It offers a concrete sense of purpose in choosing how to plan for your succession and who to elect to succeed you. (more…)

In the search for a CIO, some skills are non-negotiable.

4 must-have skills of a modern CIO

September 14, 2015 -

There are a whole host of factors involved in the executive search and recruitment process. Some are relevant across the board, such as solid references, a good reputation and leadership skills, while others are more specific – for instance, expertise in a particular field. This equation is further complicated by the fact that every company comes with its own unique set of needs, and an executive with a high likelihood of thriving at one enterprise has the potential to crash and burn at another. That being said, in spite of the vast number of variables at play, it is still possible to make some generalized assertions to help streamline and optimize the executive recruiting process.


How do individuals in the health care sector climb the ladder to CEO?

Could these 5 health care executive recruiting trends be the antidote for high turnover?

June 11, 2015 -

Changes in the C-suite can have a profound effect on an entire organization, regardless of the industry in which the enterprise operates. If the right selections are made, the overall impact will be positive, but the wrong choices may result in negative fallout. It could be said that the stakes are especially high for organizations in the health sector – after all, for these enterprises, the term “life or death” isn’t just a figure of speech. (more…)


Do you have the right CEO for your current business climate?

June 9, 2015 -

Some private equity firms make investments that span a variety of industries, while others may focus on one specific sector. Each sector has its own defined expansion and contraction periods, and a CEO who excels at managing their companies during one phase of the cycle may not be the best person for the job in a different cycle. (more…)


2015 Talent Plans in the Oil & Gas Industry

May 27, 2015 -

The recent plunge in commodity prices has made business planning a challenge for leaders of oil and gas companies who are unsure what the future holds. At times like these, companies often look to the executive search industry for guidance, so it came as no surprise when a number of our clients approached us with questions about market trends in this age of uncertainty. (more…)


INFOGRAPHIC: The real value of executive search

April 6, 2015 -

Strong senior leadership is an imperative part of a successful company, as C-level executives play a major role in shaping their firm’s strategic vision. Companies determined to find the right executive leaders would be wise to explore the unique value found in an executive search partnership. (more…)

If any of these leadership behaviors sound like you, it might be time to stop and make some changes.

4 leadership behaviors that are executive recruiting turnoffs

March 10, 2015 -

At Caldwell Partners, we are on the lookout for the cream of the crop, and they deploy a diverse range of tactics to ensure the shortlist of candidates they put together is an optimal fit with a company's needs.



Seven tips for strengthening risk management in the boardroom and beyond

February 25, 2015 -

Although every firm in virtually any industry is vulnerable to risk in some shape or form, many organizations don’t have the necessary frameworks in place to identify, manage and mitigate its effects.

Help your company expect the unexpected. (more…)

Under the PE-owned model, CFOs should expect to share metrics they're not generally used to discussing outside the C-suite.

What type of CFO excels within a PE-owned company?

January 13, 2015 -

When companies need an influx of funding, they often turn to private equity firms for help, but they are sometimes unaware of the changes these firms will require them to implement in exchange for a financial boost.



Recruiting the 1st Independent Director: A guide by lifecycle stage from start-up through IPO

November 19, 2014 -

Entrepreneurial CEOs believe what they do and the products they create will change the world. By nature, they are agile, creative and comfortable dealing with uncertainty. Their laser-like focus on how to fix a specific problem allows them to clearly see the solution. Charles Handy wrote in his book The New Alchemists, that entrepreneurs also share two key traits – dedication and doggedness. Combined, these qualities allow entrepreneurs to build businesses with huge potential. (more…)

What is a leader?

To truly bolster executive recruiting, expand the idea of leadership

September 18, 2014 -

What is a leader? A quick Google search brings up pages and pages of quotes, editorials, books and more, all attempting to answer this deceptively simple question, suggesting there’s more to it than meets the eye.


Preparing for Board Service - Caldwell Partners

Preparing for Board Service: A Guide for Aspiring Directors

September 16, 2014 -

Thinking about joining a board?

Serving on a corporate board can provide executives with valuable perspective and insight beyond your own company. However, before embarking on a search for a board seat, it is wise to do your homework. (more…)

Professionals with a particular set of qualifications are likely to be the strongest CSO candidates.

Onboarding a CSO – and where to go from there

July 2, 2014 -

So, you’ve decided to onboard a new chief security officer. Whether this involves leveraging the services of an executive placement firm or launching your own internal executive search and recruitment effort, professionals with a particular set of qualifications are likely to be the strongest candidates.


Patient satisfaction should be a major priority for hospitals.

Hospital CXO position could hold solution to patient satisfaction problems

June 3, 2014 -

Patient satisfaction should be a major priority for hospitals, but all too often, the executives charged with improving the patient experience are unable to pay as much attention to this crucial factor as they should. (more…)

One-quarter of businesses are forecast to have CDOs by the end of 2014.

Unclear understanding of CDO role may compromise executive recruiting efforts

May 29, 2014 -

Typically, the first step of an executive search and recruitment initiative involves determining the requirements and parameters of a specific role. What will the executive’s core duties be? What experience should the ideal candidate have, and what skill sets should he or she be equipped with? (more…)

Some companies are taking their onboarding efforts to the next level by focusing on a largely untapped element of executive recruiting - network fit.

Taking executive recruiting beyond cultural fit

April 23, 2014 -

Although it’s important to take culture into consideration when attempting to determine whether a prospective executive candidate will assimilate well into a company, some firms still find that they run into trouble even after factoring cultural fit into their searches.


Companies grappling with low customer satisfaction levels, poor employee engagement or weak leadership might consider partnering with an executive search and recruitment firm to help bring in the perfect leader to turn things around.

Executives identify trio of top priorities for 2014

March 5, 2014 -

Customer experience, employee engagement and leadership enhancement are among executives’ top priorities for the year, according to a recent survey conducted by insights firm Kelton Global on behalf of strategy execution consulting company Root Inc.


The way CEOs respond to adversity sets the tone for the entire workforce and has the power to either galvanize employees into action or strike fear and uncertainty into their hearts.

Leadership in the face of adversity

November 27, 2013 -

When companies’ fortunes are looking up, business is booming and positivity is in the air, leaders have a lot less pressure on them than they do when things aren’t going as swimmingly.


"The proper reason to hire a senior person is to acquire knowledge and experience in a specific area," wrote Horowitz.

Navigating the waters of onboarding seasoned executives at startups

November 8, 2013 -

For many startups with millennials at the helm, it’s not uncommon to see C-level executives beginning their workdays at 11 a.m. – as in the case of 27-year-old Box CEO Aaron Levie, according to an Inc. feature piece published last year – or wandering around the office in hoodies (think Facebook’s Mark Zuckerberg, now 29).

Creating an eye-catching executive resume

Tips for creating an eye-catching executive resume

October 28, 2013 -

Executives searching for jobs in the digital age may find themselves wondering if a resume is still important – after all, sites like LinkedIn can now show potential employers a detailed summary of previous work experience in a convenient, online platform. However, candidates who are seeking management roles still need to be sure that their resumes are pristine, well-organized and clearly show previous leadership experience while helping the applicants stand out from hundreds of others. Here are several ways that high-level executives can ensure their resumes impress executive recruiting firms. 


The majority of CEOs are amenable to the idea of receiving coaching.

Study offers insight into executive coaching, leadership advice

October 16, 2013 -

Those in executive recruiting are generally on the lookout for several core differentiators, including relevant skill sets, copious industry knowledge, a wealth of previous experience and a good cultural fit. Executives who have solicited outside coaching and leadership advice in the past may appear to be particularly strong candidates, as the desire to better oneself and the business processes for which one is responsible can be a powerful positive attribute of those in successful upper management positions.


Businesses in virtually every sector are at risk from hackers, but many aren't well-versed in IT security.

Executive recruiting priorities for the role of CSO

October 11, 2013 -

The information technology (IT) industry is fast-moving and rapidly evolving, so IT security executives need to be able to keep pace while also driving growth and promoting innovation. Recently, a crucial new facet was added to the duties of the Chief Security Officer (CSO): protecting companies from hacking.