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.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews