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VisionSpark CEO, Alec Broadfoot on Helping Entrepreneurial and Growing Companies Find and Hire Key Leaders
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Sep 19, 2023, 8:11 AM ET
CEOCFO and VisionSpark CEO, Alec Broadfoot discuss The Cost of a Bad Hire
WORTHINGTON, OHIO, UNITED STATES, September 19, 2023/EINPresswire.com/ -- CEOCFO Magazine, an independent business and investor publication that highlights important technologies and companies, today announced an interview with Alec Broadfoot, CEO of Worthington, Ohio-based VisionSpark, providing search, recruitment, vetting and hiring services for professional services companies, manufacturing companies, health, diagnostic and medical supply companies, technology companies, hospitality and retail companies.
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During the interview with CEOCFO’s Senior Editor Lynn Fosse, addressing the idea behind VisionSpark, Mr. Broadfoot said, “VisionSpark is a search firm to help entrepreneurial and growing companies find and hire key leaders.”
Describing what is different about a new or growing company when looking for a person to fill a particular spot, Mr. Broadfoot said, “Growing companies have a lot more passion for what they do. They are looking to scale and increase their capabilities, and have a strong focus on culture and core values. They have a tenacity about them that impacts their hiring, their customers, and their culture. They oftentimes have a business operating system such as EOS® (Entrepreneurial Operating System), Scaling Up, or Pinnacle.”
On whether this type of company recognizes they should be looking for specialist like VisionSpark, Mr. Broadfoot shared, “I would say most of the time entrepreneurs have the mindset of “How can I get this done?” and they do not think that there is an expert out there that can do it. They will hire a good accounting firm to help them with their taxes and hire attorneys and legal experts for employment law, for example, or any sort of real estate transactions, but when it comes to hiring, they often believe they can do it themselves. The research shows they cannot. I used to say that our biggest competitor is not another firm like ours but it is our clients wanting to do the work themselves.”
Asked how do you figure out who might be a good fit client, Mr. Broadfoot told Lynn, “The right client is a growing company with an operating system, so there are different operating systems out there. I do not mean something in the technology area, I mean how they run their business. There are ways for companies to grow. The most popular is an operating system called EOS® (Entrepreneurial Operating System). Another popular one is called Scaling Up and the third most popular is Pinnacle Business Guide.”
Mr. Broadfoot continued, “Usually, they have an operating system and they really want someone who not only fits their company, fits their team, fits their culture, but someone who is going to work well with the entrepreneur, or sometimes we call them Visionaries. That is super important that the individual that is going to be running their company, such as COO or general manager, has a good fit with the Visionary and everyone on the leadership team. It’s going to help with that cultural and team fit.”
When asked for their geographic range, Mr. Broadfoot explained, “The United States, anywhere from Maine to Florida and from Washington to California, all over the United States.
On the VisionSpark website it shows, “Companies waste 278 hours on the wrong hire.” Addressing what this means, Mr. Broadfoot offered, “What I do know is this: I used to do a lot of speaking around the country and I would talk about the cost of a bad hire and a poor performer. I would talk about the monetary cost: it is a least three times their salary, and in many cases as much as fourteen times their salary. Business owners would acknowledge the monetary cost but as soon as I told them the other cost was the cost of time — nearly 300 hours of time wasted on a poor performer — that resonated with them more than the dollar amount. You can always make more money but you cannot get back that time.”
For more information:
Lynn Fosse, Senior Editor
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