How To Influence Senior Execs To Pick Your Company When It's Located In A Tier-Two City - Forbes

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Many of the clients I've served over the years tell me that recruiting senior executives is one of their biggest challenges. These organizations often fit a certain type of profile. They are successful companies with established track records. But their headquarters is not located in a well-known city with a reputation for excitement.

Sometimes their headquarters is in a medium-sized Midwestern city without a lot of amenities compared to cities on the East and West coasts. I call these tier-two cities. They're not second-class. They just don't have a big reputation. It can be difficult to convince executives to move their families to these areas.

Some organizations that fit this profile tell me they've run executive recruitment programs that produced interviews with lots of great candidates. But few candidates actually chose to accept the company's offers. This has left members of the executive committee with real concern for the future.

I believe that companies facing this challenge would be well-advised to take a close look at their benefits package and consider adding a benefit that's often overlooked: a personal CFO. If you offer this as part of your executive benefits package, I believe you can create a real competitive advantage for your company — an advantage that can even overcome a somewhat staid city life.

What Is A Personal CFO?

Corporate CFOs oversee and manage a company's financial standing. They don't make all of the financial decisions, but they do advise how to use money to achieve the organization's goals. They also ensure decisions are fully implemented in a timely fashion. Corporate CFOs have the uncanny ability to make order out of chaos and to create financial solutions where other people only see problems.

The same is true of a personal CFO, who serves as an advisor to an executive's family. A personal CFO has a deep understanding of what the family is trying to accomplish. They also know how to make order out of chaos so the executive can focus on their career.

This involves organizing and planning their financial life, as executives can often feel overwhelmed trying to manage all of these details themselves. In my experience, these feelings can have a direct impact on their performance in the office where they struggle to focus on the work at hand.

This is why a personal CFO can be a valuable benefit for executives and help your competitive standing — even if you're located in a tier-two city.

How To Add A Personal CFO To Your Executive Benefits Package

Adding a personal CFO to your executive benefits package might not be intuitive. But the process is actually very similar to how you might rationalize, select and roll out any other type of benefit. After working with several organizations, I've found this process to be the most effective:

• Identify your goals. What are you trying to accomplish, and why does this matter to your organization?

• Establish a budget for this program based on what you are trying to achieve.

• Identify who, among your employee base, to offer this benefit to. Make sure enough people need the benefit to ensure you get a good return on investment.

• Identify what you want a personal CFO to do for your executives. How do your executives want to be served?

• Identify a short list of benefit providers to interview.

• Select a provider.

• Build a promotional program to roll out the personal CFO benefit. I believe this is essential, because most senior executives don't understand what the incentive entails or how it could improve their situation.

• Institute a mechanism to receive feedback from your executives, so you know whether the program is working.

• Promote the benefit on your next executive recruitment campaign, including getting testimonials from current executives about how a personal CFO has helped them.

Being headquartered in a tier-two city can be a challenge when recruiting senior executives. But in my experience, most senior-level people value quality of life over nightlife. A personal CFO can have a meaningful impact on your executives, and this can produce a real competitive advantage for your organization.

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How To Influence Senior Execs To Pick Your Company When It's Located In A Tier-Two City - Forbes
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