You might be surprised to learn that even talent magnets like Google, Yahoo, Facebook, Apple and Twitter are in a war for talent and doing some interesting things in hiring that you may not know about.
The aim of this article is to introduce you to some of these strategies and let you know how an executive search firm like Harrison Stone can help you out.
Aqui-hiring Strategy
One of the most aggressive strategies employed by top companies for recruiting talent is aqui-hiring. This strategy involves acquiring startups by established organizations. The technology industry has practiced this for decades. The acquisition may not be just for a company’s products, but also to quickly get hold of an entire team of talented employees before a competitor.
This hiring strategy was originated by large tech firms, but Cloud technology has made it possible for all organizations to access and hire talent globally.
“Facebook has not once bought a company for the company itself. We buy companies to get excellent people,” Facebook CEO Mark Zuckerberg has been quoted as saying,
Lift-out Strategy
A less aggressive strategy compared to aqui-hiring is the lift-out strategy. A ‘Lift-out’ involves the recruitment of an intact team rather than acquiring the entire organization. This strategy potentially delivers all the benefits that the aqui-hire strategy provides without either the expense or aggression associated with aqui-hiring.
Many growing companies are hiring high-functioning groups of people who have been working together effectively within one company and can rapidly come up to speed in a new environment. These lifted-out teams don’t need to get acquainted with one another or to establish shared values, mutual accountability, or group norms; their long-standing relationships and trust help them make an impact very quickly.
The process is not without risks. A failed lift-out can lead to loss of money, opportunity and credibility. Regardless of industry, nationality, or size of the team, a successful lift out unfolds over four consecutive, interdependent stages that must be perfectly managed.
- In the courtship stage, the hiring company and the leader of the targeted team determine whether the proposed move is a good idea, then define their business goals and discuss strategies. At the same time, the team leader discusses the potential move with the other members of his or her group to assess their level of interest and prepare them for the change.
- The second stage involves the integration of the team leader with the new company’s top leadership. This ensures the team’s access to senior executives – the most important factor in a lift-out’s success.
- The third stage focuses on integrating operations. Teams will start out working with the same or similar clients, vendors, and industry standards.
- The final stage involves full cultural integration. The lifted-out team members must be willing to re-earn credibility by proving their value and winning their new colleagues’ trust.
When a lift-out is planned and executed well, the expertise and experience of the group will give a boost to your company’s bottom line almost immediately.
No matter how a lift-out is executed, it is a disruptive event that a client has to face. A team lift-out can be a far more economical way to enter a business instead of buying a firm. Harrison, Stone & Associates has the expertise to help you in identifying and hiring the right team.
Purple Squirrels
Bagging Purple Squirrels, the “game changers” who are indeed a rare color for a rodent, is another approach to recruiting top notch employees.
Different from an average employee, so-called Purple Squirrels generally never apply for an open position, cannot be contacted through traditional methods, and are known to sit on multiple job offers at one time.
Purple Squirrels are hard to attract, but easy to find, even though they make up less than 1% of the workforce. They’re busy receiving awards, leading seminars, giving the keynote at industry conferences, leading online forums and quoted in trade magazines.
They are motivated by the work they do, not by money or perks!
These outside-the-box thinkers and 24×7 innovators have the next big ideas and the potential to change the course of your organization.
If you are looking to replace or upgrade your staff, please contact Robert Pestreich for a complimentary consultation.
Call Harrison, Stone & Associates at 212.687.3030.
Follow @rpharrisonstone
