It takes a lot more than money to recruit and retain high-caliber executives. They’re like hot items — tough to find and subject to rapid turnover.
"If you have the financial resources, and you truly believe that people are the differentiating factor, why would you let dollars stand in the way?" asked executive search professional Kirk Palmer, who is ceo of the agency that bears his name. During his presentation at the summit, Palmer outlined the "five truths" about companies that succeed in retaining extraordinary executives, and the "five traits" those executives have in common:
Define the qualities, attributes and/or characteristics that are unique and most important to their company. "This sounds like a no-brainer but very few companies actually do it," Palmer said.
Have people who understand and believe the ‘must haves’ of the business and culture. "They drink the Kool-Aid, walk the walk, talk the talk," Palmer said. "How does this happen? It happens when the leader or leaders in the business communicate core values that come to define the culture of the business, and transmit these values down and throughout their organization."
Opportunistically hunt for talent. "It’s not just based on openings," Palmer stressed. "It’s not just lip service, but time spent. CEOs of these companies spend significant portions of their time speaking to prospective candidates from other companies."
Have a continual and conscious process of getting the right people "on the bus and the wrong people off the bus," Palmer, quoting from the book "Good to Great" by Jim Collins.
Pay top dollar for their talent."Frankly, companies that don’t pay often have an unrealistic perception of themselves. If your company makes the statement that you pay at "market averages" in your compensation program, your implied statement is that you have and desire to acquire ‘average’ people."
The five traits that extraordinary executives possess are, as Palmer sees them, great interpersonal skills; a passionate curiosity with a love of learning; they’re proactive; they have unyielding tenacity, and they possess a "purposeful passion" and ability to find the right home to fully exploit their passion.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)