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Preparation and Execution of the Executive Interview
Citation preview
Communicating Value in
the Executive Interview
Lee Konczak
Olin Business SchoolJuly 8, 2009
Objectives
Re-affirming what you already know
Which executive competencies are most important?
Adding to what you already know
What does the research say?
Preparing for the executive selection process
Interviews
Executive Assessments
Questions and Comments
CONTEXT
4
Aging workforce - mature workers are the fastest
growing age segment
Baby-Boomer retirements will lead to a worker shortage
- 10 million by 2010
Shortage of educated candidates - colleges will graduate
too few candidates to fill the technical, information-
intensive and judgment-intensive jobs 5 years from now
Tightening labor markets - with labor force growth at
2-3% per decade, the competition for talent will
intensify
U.S. Demographic Trends
J. O‟Toole and E. E. Lawler III. The New American Workplace (2006)
Noteworthy Statistics
McKinsey study – “the pipeline for future
leaders is broken”
Only 3% responded affirmatively to the statement,
“We develop people well”
Identifying and preparing future leaders
continues to be an important area of concern
amongst line executives
Bench Strength
Conference Board Research
1997 About half of respondents rated their company‟s
leadership strength as either excellent or good
2001 About 1/3 of respondents rated their company‟s
leadership capacity to meet business challenges or to respond to sudden change as excellent or good
J. Barrett & J. Beeson (2002) Developing Business Leaders for 2010. New York: The Conference Board
Bench Strength
Conference Board Research
Perhaps more concerning:
Companies do not appear prepared to react to the
crisis
Less than half of survey respondents reported that
developing future leaders is a major priority for their
senior leaders
Finding Talent
Selection Forecast Study – 2006-2007
Staffing directors and hiring managers report:
Fewer qualified applicants
62% in ‟06 vs. 44% in ‟04
Increased difficulty finding qualified applicants
50% in ‟06 vs. 40% in „04
A. Howard, S. Erker & N. Bruce (2007). Selection Forecast 2006-2007. Pittsburgh: DDI.
Developing Leadership Talent
Talent Management Study - 2006
Satisfaction with Talent Management
Components of Talent Management
% Satisfied
Executive/High-Potential Programs 44
Coaching and Development 42
Succession Management 18
Early Identification of Leadership Potential 15
Assessing Readiness for Promotion 11
R. S. Wellins & K. Caver (2006). 2006 Talent Management Strategies Conference. Pittsburgh: DDI.
Key Takeaways
Leadership talent will continue to be hard to find . . . despite economic conditions
Retention of top talent is becoming an issue
It‟s a buyer‟s market right now – applicants can expect a more detailed and thorough screening process
Over-qualified applicants – employers are concerned about long-term fit and commitment once the economy recovers
Which executive competencies
are most important?
Take 5 minutes to discuss this question with the
1 or 2 people sitting near you
Be prepared to share your ideas
Research on Executive Success
It‟s all about competencies - “the universal
common denominator”
Multi-rater database – 1994 to present
A sample of 6000 people from > 140 companies
47,000 bosses, peers, direct reports & customers
rated individual contributors, managers &executives
Ratings on 67 competencies and 19 career stallers or
“de-railers”
Criteria: performance ratings, promotions,
terminations
The Five Best Predictors of
Promotion – Managers & Execs
Relationships Learning Motivation &
Energy
•Boss Relationships
•Peer Relationships
•Customer Focus
•Learning on the Fly •Drive for Results
What gets people fired?Relationships & Networks
Managers Executives
Lower ratings in:
•Approachability
•Patience
•Political Savvy
•Integrity & Trust
Lower ratings in:
•Comfort Around Senior
Management
•Listening
•Peer Relationships
Higher ratings in:
•Insensitive to Others
•Lack of Ethics & Values
Higher ratings in:
•Defensiveness
•Political Missteps
•Lack of Ethics & Values
What gets people fired?Not delivering on work
Managers Executives
Lower ratings in:
•Managing & measuring work
•Organizing
Lower ratings in:
•Drive for Results
•Customer Focus
•Functional/Technical Skills
Higher ratings in:
•Poor Administrator
Higher ratings in:
•Poor Administrator
•Failure to Staff Effectively
•Non-strategic
Which competencies matter?
Price-of-admission competencies
Competitive-edge competencies
Price-Of-Admission Competencies Strategic
Decision Quality
Functional/Technical
Expertise
Intellectual Horsepower
Learning on the Fly
Problem Solving
Operating
Total Work Systems
Courage
Standing Alone
Energy and Drive
Action Oriented
Perseverance
Drive for Results
Personal and Interpersonal
Skills
Customer Focus
Integrity & Trust
Competitive-Edge Competencies
Strategic
Dealing with Ambiguity
Creativity
Strategic Agility
Innovation Management
Operating
Planning
Personal/Interpersonal
Managing Vision &
Purpose
Motivating Others
Building Effective
Teams
The Punch Line?
Companies are likely to use “competencies” in
their selection processes
Large applicant pools – tests and assessments
may precede an interview
Price-of-admission competencies will get you an
interview
The “competitive-edge competencies” will get
you an offer
Preparing for the selection
process
Interviews
What you can expect and how to prepare?
Executive assessments
Purpose and examples
Talent Assessment Study
Annual Revenue Frequency Percent
$5 billion or less 14 37
Between $5-$10 billion 6 16
Between $10-$20 billion 8 21
Greater than $20 billion 10 26
•40 Fortune 1000 firms
•Broad spectrum of industries including
banking/finance, manufacturing, telecommunications,
utilities, healthcare, and service
Konczak, L. J. & O’Leary, L. R. (2009). Assessing Talent: Current Practices and Future Trends in Screening and Hiring.
Under editorial review., People & Strategy.
Talent Assessment
Tools Individual
Contributor
Supervisors
& Managers
Sr. Managers
& Executives
Structured Interviews 95% 92% 79%
Cognitive Ability Tests 35% 28% 40%
Personality Tests 28% 33% 40%
Work Sample Tests 28% 10% 15%
Job Knowledge Tests 28% 0% 0%
Role Plays 20% 23% 15%
Assessment Centers 23% 8% 13%
Konczak, L. J. & O’Leary, L. R. (2009). Assessing Talent: Current Practices and Future Trends in Screening and Hiring.
Under editorial review., People & Strategy.
Structured Interviews
Based on competencies
Ask about previous experience and performance
“Describe a time when . . . ”
May ask about future situations
“How would you handle . . . ”
Scoring system to facilitate comparisons across
candidates
Structured Interviews Strategic Agility
Future-oriented
Anticipates future consequences and trends accurately
Articulates a clear vision of the future
Creates competitive strategies and plans
“Tell me about a time when you recognized the
need to change your business strategy.”
What was the situation?
What data and information led you to the decision?
What actions did you take? How did you get others on-
board with the change?
What was the outcome?
Structured Interviews Building Effective Teams
Creates a sense of belonging, team spirit and commitment
Fosters open dialogue
Defines success in terms of the whole team
“Tell me about a time when you experienced
difficulty engaging a member of your senior
team.”
What was the situation?
How did the issue surface itself on the team?
What actions did you take? What was the outcome?
In retrospect, what might you have done differently to
address the issue?
General Manager, Distribution
Competency: Building RelationshipsDevelops and maintains positive relationships with others to achieve business objectives
Interview Question
Tell me about actions you have taken to help several departments work together to
solve a business problem.
•What was the business situation?
•What steps did you take?
•What obstacles did you face? How did you overcome them?
•What was the business result, i.e., sales/revenue, cost reduction, customer
satisfaction?
Behavioral Indicators to Watch For
- Builds strategic relationships
- Maintains relationships with other groups within the organization
- Gains support and commitment from key stakeholders when needed
- Understands and manages the organization‟s political environment
- Maintains positive working relationships with supervisor, peers and team
Executive Assessments
Cognitive Ability Tests
Critical thinking and analysis
Pattern recognition and trends
Problem solving capability
Personality Tests
Work style
Relationship management and teaming
Stress tolerance
Leadership tendencies
Executive Assessments
Sample Report
How to prepare
Analyze each job opportunity in terms of
competencies
Price-of-admission and Competitive-edge
Anticipate the process
What types of questions will likely be asked?
Which competencies are most important?
Prepare and practice
Prepare interview responses and rehearse
Be who you are
Know your strengths and liabilities
References on Competencies
The Leadership Machine
Lombardo and Eichinger
For Your Improvement: A Guide for
Development and Improvement
Lombardo and Eichinger
Discussion
Questions and comments?