January 8, 2018 – Executive search firm Kingsley Gate Partners has announced its new Synchronous Fit framework that leverages scientific cloud-based tools combined with insights from search consultants to provide the best fit between executives and companies.
“Department of Labor statistics show that companies could waste more than 30 percent of an executive’s first year total compensation in making a bad hire,” said Umesh Ramakrishnan, senior partner in the office of the CEO at Kingsley Gate. “From a dollar figure, this could amount to hundreds of thousands of dollars per hire, and that figure doesn’t even begin to account for the disruption and lack of direction that can be attributed to hiring someone that doesn’t match the strategic direction of a company.”
Synchronous Fit is a proprietary framework that matches a company’s strategic hiring needs with each candidate’s values. Built from the ground up using the next generation Athena mobile online structured interview platform, the framework consists of multiple elements, including:
- Synchronous Fit Profile – A predetermined rating system is established through an iterative discovery process between the search consultant and the client to create a Synchronous Fit Profile.
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- Fit Assessment – This offers a synergistic set of methodologies that scientifically measure both the credentials and the compatibility of the candidates against the Synchronous Fit Profile. The assessments are designed to rate the individual desired skills, attributes and values of each candidate to determine the likelihood of his or her ability to succeed in the role.
- Fit Quotient – This uses statistical algorithms to rank each candidate’s overall Fit Quotient score, which combines their experience, their executive attributes and their value system. These scores are arrived at by infusing scientific tools with human insight that extends from the first interview through the final reference. The Fit Quotient is designed to prevent the hiring of qualified candidates that are eventual cultural misfits by presenting a holistic view of every candidate.“While the industry has used personality tests to measure candidate attributes, this is the first time hiring executives are able to quantitatively evaluate a candidate’s holistic value and align them with the strategic hiring needs of their company,” said Mr. Ramakrishnan. “We’re applying proven science to help companies remove individual interview biases and hire their most important executives to ensure long-term success.”
In addition to Synchronous Fit, Kingsley Gate has introduced what it calls its Running Start program, a collaborative consulting process that gives incoming executives a 90-day action plan complete with strategic tools and detailed organizational insights to assist with the onboarding process.
Founded in 2006, Kingsley Gate recruits senior leadership positions for private equity and venture capital portfolio businesses and Fortune 100 companies. Headquartered in Dallas, the firm employs consultants and recruiters with expertise in private equity, life sciences, technology, manufacturing and professional services.
An Inside Look
Mr. Ramakrishnan recently sat down with Hunt Scanlon Media to provide a closer look into Kingsley Gate Partners’ new service. Here are excerpts from that interview.
Umesh, tell us more about the Synchronous Fit framework?
The objective of the methodology is to ensure a lasting fit between client and candidate. Synchronous Fit accomplishes this by ensuring that risks are mitigated in the search process. This is achieved in two ways: first, by splitting the interview process between expert humans and intelligent cloud-based software. Second, by quantitatively and separately scoring the experience, the attributes, the values and the references of the candidate. This framework results in a Fit Quotient (FQ) score for each candidate. The higher the FQ, the higher the probability of a lasting fit between client and candidate.
How was the idea for this technology created?
By bringing together the smartest minds in the fields of executive search, organizational psychology and cloud-based, mobile first software architects. They combined their expertise to architect, build and test internal and external systems that support the Synchronous Fit Framework.
“Ensuring that a new executive fits within the team he or she is joining is critical to the success of the hire. Sometimes, the hiring of the wrong executive results in good executives departing the company.”
Explain the effects of a bad hire for a company?
A bad hire has the obvious consequence of lost dollars. However, the damage is far greater than that. A bad apple can create long-term damage to an entire team. Ensuring that a new executive fits within the team he or she is joining is critical to the success of the hire. Sometimes, the hiring of the wrong executive results in good executives departing the company.
How does this new framework prevent this?
The Synchronous Fit Framework ensures that clients do not hire just the best resume or salesman. Rather, the framework recommends the candidate that has the highest probability of the longest tenure with the candidate. It prevents the hiring of “brilliant jerks” or the “really nice incompetent executive.”
How will this be implemented into the firm’s executive search services?
Synchronous Fit is being rolled out as the framework on which every executive search will be performed around the globe. Internal systems have been redesigned and rebuilt to incorporate the latest cloud-based, mobile first tools to run the framework. Also, a new online structured interview tool named Athena is being rolled out to infuse science with expert human insight. Clients will have the ability to view the progress of every search 24/7 – using ClientSuite on their mobile devices – and will be able to manipulate candidate data by using various “what if” scenarios.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Will Schatz, Managing Editor – Hunt Scanlon Media