Alice Benson, CEO, Benson Executive Search
The future is about hiring and retention. Baby boomers, the largest single sector in our workforce, are retiring, and the labor shortage is only getting keener. “Who helps solve those problems for companies? Human Resources. How do we find talent? How do we upskill talent? We’re going to be hearing more and more about that,” Alice Benson, CEO of Benson Executive Search, told Invest:.
What makes your firm stand out from other players in the market?
I’ve worked in other search firms, and what makes us different is our approach to assessing candidates and positions. We do a deep assessment of our client, their current and future needs for a specific role, and we do a deep assessment of candidates, ensuring it’s a uniquely strong match. Right now, in the search world, most people are doing everything virtually, but we still do some things the old-fashioned way, by going on-site to develop a deeper understanding of our client. For example, we had a new client in Virginia and we’re based in Boston. Most search firms these days would dial or Zoom it in. We were down there for a day and a half. Yes, a lot of time for three on our team but it’s how we really understand them – and not just what skill set they needed, but who would be a good fit there.
We do an equally deep assessment of candidates, understanding where they are going to thrive and where they are not going to fit, regardless of how their resume looks. I think that is our biggest advantage and why we have had such success, not only in placing HR leaders but in them staying with their companies for years.
How are you working to attract good talent?
The cornerstone is building trust. Part of that is being very clear and transparent with candidates in terms of potential employer, the risks, the fit, etc. You need to be honest with them about that. That’s important. Two years ago, no one was looking at that. We’ve seen a sea change in people asking about the longevity and economic health of a company. We answer those questions honestly.
What are the key changes in today’s market?
Given the hybrid work model, there has been a fundamental change in the market. If you could get most CEOs to be publicly honest, they would say they want people back in the office. A lot of people think it’s because the CEO doesn’t trust their employees. Of course, there’s some of that, but I believe just as much or more significantly, CEOs are building something and they get their energy from people, seeing them, brainstorming together, sharing ideas, etc.
The subtle conflict is generally and broadly employees do not want to go back to the office, certainly not five days a week. We have a running joke in the office: The first person who talks to a candidate who wants to go in five days a week — and I’m talking about chief HR officers – rings the bell. It has been virtually crickets for four and counting. People have adjusted their lives, so they’re resistant to going five days a week. It doesn’t mean there are no people out there who will do it, but it’s not most people’s first choice.
As a result, return to office policies and practices vary significantly and with most companies, they’ve changed several times. It’s complicated and nuanced for everyone. There is certainly no single solution for every organization, and there’s not going to be in the foreseeable future.
How do you ensure that the people you are placing in these companies are satisfied and remain happy in their position?
We check in with the candidates we’ve placed and their hiring manager frequently, sometimes past a year since we placed them, to ensure it’s still working. We try to help them if there’s something that’s a mess or they’re not developing the way they want to, or whatever it may be. We act like a career coach.
How is technology impacting your business?
We are actively looking at AI tools. There are numerous AI offerings in all facets of business these days; every technology platform has an AI solution. We are looking at some that are geared specifically toward the executive search industry and specifically ones that make us more efficient, freeing up time to focus on the most substantive aspects of our work. That’s not code for cutting costs. However, we don’t want to just jump on the bandwagon because you really have to unpeel the onion and understand if the AI technology can really help and what are the tradeoffs, vs just hyped. All companies are wrestling with similar big questions about the technology.
What is your outlook for the next two to three years, and what are your top priorities moving forward?
Optimistic. The baby boomers are retiring. We are going to have a keener labor shortage than we felt two years ago, even with turnover slowing down from the wild west pace of 2021-2022. Who helps solve those problems for companies? Human Resources. How do we find talent? How do we upskill talent? We’re going to be hearing more and more about that and our talent solutions will help address those needs for organizations.
Some people are talking about AI and what it’s going to change. It won’t necessarily replace people, but people need to think about their jobs differently. Upskilling and career development are becoming critical to companies and employees. With changing technology, skills needed are rapidly changing. On retaining talent, career development and employees understanding their options will be critical. Younger generations or workers are not going to be satisfied staying in the accounting swim lane or the marketing swim lane or the journalism swim lane for their whole career. They may join as an accountant now, but if they want to become product marketing manager, they will need to know how they will get there.
Companies are going to hold onto their talent harder because there’s going to be an even keener talent shortage.