Finding the Perfect Executive Fit: Cowen Partners’ Proven Methodology
By Shawn Cole, Executive Recruiter & Cowen Partners Co-Founder — Shawn Cole is a trusted thought leader and premier authority on executive recruitment, culture fit, leadership assessment, executive compensation, and more across all industries. As President & Co-Founder of Cowen Partners, Shawn Cole is a pioneering leader and visionary thinker in C-Suite recruitment, known for sourcing exceptional talent while unearthing all-new insights about today’s executives and industry leaders.
Every executive search committee wants one thing: to find a candidate who has the skills needed to help the company achieve its strategic goals and objectives.
While competency is crucial to executive and organizational performance, it has to be balanced with cultural alignment. When it comes to executive recruitment, hiring for cultural fit is essential.
Finding the right candidate promotes longevity and minimizes friction once the candidate takes the role.
Discover why cultural fit matters and learn how our team at Cowen Partners helps clients successfully (and quickly) hire executives who are both highly skilled and culturally aligned.
The Importance of Hiring for Cultural Fit
The Harvard Business Review estimates that, of the 40% of executives who are hired from outside a business, half of them will fail within 18 months. The researchers attribute these failures to the outside executives’ inability to work well with the people around them.
Further exploration of this research reveals that it isn’t a lack of skills or an inability to communicate well that holds these executives back; they simply don’t fit in with the company’s established culture.
The Harvard Business Review’s study highlights how companies must hire for cultural fit instead of purely for skill or qualifications. Though the latter is important, the former seems to be a more accurate predictor of longevity. However, longevity isn’t the only benefit that organizations can experience when cultural fit is prioritized in hiring.
Improved Retention
An executive who is hired for cultural fit at the outset of their tenure with an organization is likely to report greater job satisfaction and intend to stay longer.
Long-term executive retention supports greater clarity and continuity in the organization’s:
- Vision
- Values
- Goals
- Objectives
This, in turn, creates more stability and can foster increased loyalty at every level.
It can also save organizations hundreds of thousands of dollars on executive turnover, which is money that can be better allocated to other areas.
Better Teamwork
Executives who struggle to fit in with an organizational culture may have a hard time building relationships and exerting their influence on the staff. This disconnect makes it difficult for the executive to inspire and motivate both high-level and base-level personnel — factors that play a key role in maintaining productivity and performance throughout the organization.
If entry-level employees are expected to display behavior consistent with company values, senior leadership should do so as well, as this helps develop trust. Having an executive leader who understands and embodies cultural norms is essential for reinforcing those norms at all levels of the organization.
Higher Performance
Executives who fit in with the culture and develop relationships with those around them will likely find it easier to create buy-in from the team and get things done with minimal opposition. This increased alignment can lead to better overall performance, as the company may be able to work faster than competitors to bring new ideas to fruition.
Understanding Cowen Partners’ Multistage Recruitment Process
Hiring for cultural fit is beneficial, but not every hiring committee knows what attributes to look for in candidates. Fortunately, Cowen Partners has developed a four-step process to help our clients select executive candidates with a proven track record of achievement and values that align with the company’s needs and expectations.
In-Depth Client Interview
At Cowen Partners, our team never takes a cookie-cutter approach to executive search. Realizing that every client has different needs, we take the time to get to know a company, its objectives, and its established culture before beginning the search for any executive.
In our initial meeting, we’ll work together to define the parameters of the executive role you’re hiring for and identify which core competencies will lead to success. We’ll also discuss which personality and behavioral traits would best align with your company’s core values.
Candidate Curation
One of the benefits of working with the experienced executive recruitment team at Cowen Partners is that we have access to a vast network of qualified candidates. Once we understand what your team is looking for, we’ll begin reaching out to that network, taking the time to develop a list of dozens of qualified candidates.
Best of all, we work with you during this search to refine your list of preferred qualifications and traits. This collaboration allows us to identify the right candidate with 90% accuracy in the first 30 days of the search.
Multidimensional Evaluation
Our curated list of prequalified candidates undergoes a careful due diligence process, in which we narrow down the candidates and find the exact right fit. We use a proven set of trusted and proprietary tools to carry out this multidimensional approach:
- Meetings with key stakeholders
- Behavioral and competency-based interviews
- Psychometric and culture assessments
To explore candidates’ core values, Cowen Partners uses DISC profile assessments focusing on key traits like self-awareness, teamwork, and conflict resolution.
We believe that the best approach is both an art and a science. Fit is determined based on the context of your specifications and the entire portfolio of information we gather for each candidate.
Final Candidate Selection
As the process nears completion, your team will look at the data we’ve gathered and select the top two candidates who meet your preferred criteria.
At this time, you can move on to connecting with references and negotiating with the candidates.
This selection process empowers you to reach an agreement with the candidate who has the right mix of competency and cultural fit.
Our approach ensures that you’re able to make highly informed hiring decisions that result in long-term executive success.
Hiring for Executive Fit Requires a Tailored & Nuanced Approach
Hiring for cultural fit is one way to improve executive retention and prevent costly turnover. Strong cultural fit can support better teamwork and camaraderie and increase executive and organizational performance. However, it must be done right.
With Cowen Partners’ multistep, multidimensional vetting process that includes in-depth client interviews, a tailored search, rigorous evaluation, and a smooth final candidate selection, you’ll have greater success in finding the executive who will take your company to the next level.
Top Executive Recruiters Specializing in C-Suite Culture Fit
Cowen Partners is a leading executive search firm dedicated to finding leaders who not only excel in their fields but also align with your company’s culture and values, empowering teams to achieve sustainable success.
Giving clients access to the top 1% of human capital, Cowen Partners is an executive search leader, creating opportunities to accelerate growth and market share while helping companies grow at scale, create value, and drive results with world-class talent.
Cowen Partners serves clients across industries, including small and large, publicly-traded, pre-IPO, private, and non-profit organizations, with placements spanning the entire C-Suite and include visionary CEOs, VP, and director level leadership roles.
At Cowen Partners, we continually innovate in executive search, offering cutting-edge resources that provide deeper insights into recruiting and retaining leaders who fit seamlessly into your company’s culture. Discover why Cowen Partners is a trusted name in executive search nationwide by exploring our premium resources below.
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