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Client Profile
We were approached by a one of the UK’s leading providers of insurance products to vehicle manufacturers. Working with manufacturers, dealer groups and independent retailers, the business has a firmly established brand and hard-earned reputation for providing a range of award-winning products and services. Adopting a partnership-led approach to the market, they develop product portfolios and programmes, which enable their clients to protect thousands of motorists. From product training to integrated, web-based business processing and full FCA compliance, the business has become a trusted brand in their market place, and is well positioned to achieve their goal of becoming market leader.
Requirement
With the business now set to execute the Board’s longer-term strategy, a first-rate Chief Finance & Risk Officer was required to join a small dynamic executive team. Working closely with the CEO, they would ultimately be responsible for leading the Finance & Risk functions as the business grows within a complex risk environment. The successful candidate was required to develop and implement ‘best in class’ financial and risk strategies and processes to meet strategic requirements, extending risk-based decision-making throughout the business. The company had to ensure that Compliance & Risk were at the core of the business’ market-offering, providing competitive advantage through excellence in the provision of cost-effective, compliant processes and practices.
They were looking for an ambitious FD/CFO with a relevant background in Financial Services or similar regulated businesses. Practical risk, compliance & audit management experience were essential and ideally an understanding of the practical and technical requirements of FCA regulation was also critical. This was an exciting opportunity for the right individual seeking a key role in a growing services business with a clear vision of where it wants to be within its chosen market.
The company is part of a larger, international group with which Barron Williams had worked with previously. We were selected due to that previous experience, and strong grounding in the automotive sector. A new CEO had recently joined the organisation and contacted Barron Williams at the suggestion of group colleagues.
Solution
We started the process by working closely with the CEO to define the role brief and spec. Once this was agreed, the position was advertised via leading job boards. However, having worked previously with the wider group, at the start of the search we already had an extensive network of relevant industry contacts to tap into. Our focus was on extending that to not just direct competitors, but to also include clients within the wider industry. The UK automotive insurance sector is a relatively small one, and we felt it would be highly beneficial to broaden that search to those also working in similarly regulated sectors to identify candidates who had the relevant risk experience but who potentially came from outside of the motor industry.
At the start of the search process it is difficult to predict where you will end up. We often start by contacting potential relevant candidates, however, often those early calls will lead you in different directions. One contact will say they’re not looking at this moment, but they’ve worked with such and such who’s ready to make the step up or move to a new role. Barron Williams react to each call individually, our attention to detail is critical in searching for the most appropriate potential candidates from the whole of the market. Throughout the search and recruitment process, we reviewed close to 200 prospects and applications. This was an in-depth search that required us to create and contact a large network, lots of phone calls and emails to help us understand where the right people were.
Challenges
The geographic location of this organisation was also a big stumbling block. Close to London but not London. This brings with it an interesting dilemma. Attracting Board level candidates to this location was a difficult task, and whilst the advertisements for this role garnered much attention, much of that was from London based candidates. Yes, it was a better commute, but not a ‘London salary’. To potentially take a pay cut is not something many of us will consider. Our search had to focus on candidates that lived in the right areas, or who were willing to relocate.
Result
This was a complex and time consuming process, and due to the demanding nature of the brief, resulted in a relatively short list drawn from over 200 considered. Director, Paul Barron and the client CEO met with the selected 5 candidates, and 3 were invited back for final interview. As part of the process, the 3 completed psychometric tests, and the client was briefed on the results prior to the final interviews.
The client was able to select a preferred candidate from a strong field, which included a mix of experiences and backgrounds, but all technically able. The preferred candidate was informed, and Barron Williams worked closely with both client and candidate to conclude a mutually satisfactory package and terms. Also, importantly, the other short-listed candidates had debrief discussions post-interview, and were provided with personal feedback.
Client Testimonial
“We have worked very successfully with Barron Williams for a number of years in recruiting senior management within our portfolio businesses. We would have no hesitation in recommending Barron Williams for their excellent service, and partnership approach to the recruitment process.”
