You have been a Partner in Friisberg since 2009. What was the career path you took to get to where you are today?
It all started with my curiosity for understanding people - my willingness to understand what we are made of.
I graduated with Master's degree in Consulting Psychology, exploring for a while a career as psychotherapist, before I realised that I was more interested in exploring the nature of talent and how it could be identified, harnessed and further developed.
My career in the field of HR began when I joined the TGS team at the establishment of its HR consultancy practice, holding consecutively the positions of consultant, senior consultant, Search & Training Department Manager and Executive Director.
From April 2006 - 2008 I was elected as a Management Board Member of the international HR consulting organization PSI (People Solutions International), registered in London with Headquarters in Brussels. From 2009, following the merge between PSI and Friisberg, I became a Partner in Friisberg Bulgaria and was elected as a Management Board Member of the international Executive Search organization FPI (Friisberg & Partners International). I am glad to be part of a great international group that is more and more able to show its unique face and have its special voice heard.
What has been the biggest change in Executive Search over the last years?
The use of technologies is changing the modus operandi of the Search companies, but the very essence of the service and its value proposition remains the same. Executive Search is less and less transactional and more and more a transformational service and the headhunters are growing towards becoming trusted advisors of the client companies.
What qualities do you look for in a new consultant when joining Friisberg in Bulgaria?
What do you enjoy most about being part of Friisberg?
Friisberg is constantly evolving and the enthusiasm of my colleagues is inspiring.
What do you enjoy doing in your spare time when you are not working hard?
I love theatre and I enjoy performing monthly scene performances.
Creative writing is the other activity that makes me feel great – I create poetry, short stories, plays, and scripts. Maybe one day I will dare to share those with the world…
Nevena Nikolova, Partner
Bulgaria
It is what first came to mind, probably because the sun is shining and I am hoping for summer. There is probably an extended metaphor in there somewhere (not judging on appearances / digging beneath the surface…), but here I am actually referring to 3 ways you can find the right Search firm with whom to work.
We know that, due to the pandemic, many companies have been forced to reduce staff and freeze recruitment in an attempt to cut costs, but advertising and crossing your fingers hoping that the right candidate will apply, simply does not work for executive level hiring.
It’s not just about tapping into existing networks either – i.e.. who the exec team or the board might already know – they know who they know, but have no idea who they don’t know.
That's why for companies looking to change or add to their existing leadership team, engaging with a reputable Search consultant really matters.
But who can you trust?
Successful hiring is the most important thing you will do in growing your business, so invest in outside professional help, but make sure you invest in the right professional help.
Lorri Lowe,
Partner, UK
Meltem Ay spoke with Reinhard Pfingsten, CIO Bethmann Bank & Global Head Asset Allocation ABN AMRO Private Banking, about sustainability in the financial world, sustainable banks, regulations and the potential returns on sustainable investments.
What influence does the financial sector have on sustainability?
The range is huge. Money makes the world go round! The financial sector is an intermediary between money and companies and to that extent it plays a very important role.
How long have you been dealing with this topic?
For a long time, because sustainability is not a new topic and sustainable products have been around for decades. What is new, is that it used to be the niche product of a large supplier, but it is now the core product. In the past few years there has been gigantic growth in the institutional sector. Sustainable criteria are moving more and more into focus. What is also new is that private investors have discovered the topic for themselves and are also being steered in this direction by providers. The supply creates the demand. The growth among private investors is now also very strong, but of course it comes from a very low level. On the one hand, this is due to social change, which is certainly also related to generational change, and the political change that is causing companies to set sustainability goals. The Paris Agreement on Climate Change plays a major role here, but also a regulatory change.
What is a sustainable bank?
The EU has recognized that the financial industry is important to move sustainability forward. It takes companies and the financial sector to close ranks. The regulatory pressure ensures that our industry is moving. The first question is whether the institute also offers sustainable products, among other things. If there are only niche products or one product among many, then it is not a sustainable bank. It has to sell First Choice sustainable products and it has to deal adequately with sustainable issues such as corporate social responsibility and being a social employer. Topics such as ecological building management and the company car regulation are just as much a part of this as a corresponding product range.
Can maximum profits be achieved with sustainable funds / stocks?
I am not saying that sustainability can generate additional returns, because there is no reason to do so. Results vary from year to year. It is the same with sustainable products as with all others. But in any case, so much money is now flowing into sustainability that companies take the topic very seriously and better performance can be derived from it. On the other hand, there are studies that suggest that unsustainable investments can generate additional returns. From my point of view, one should not assume a systematic excess or reduced return on sustainable investments. Over the year, however, things can look very different, but for me it is the wrong question because this is about non-financial returns. If you want to be part of the change and help companies reduce CO2 emissions, then invest in sustainable products!
How much do you have to convince the customer to invest here?
In fact, we offer sustainable products as 'First Choice'. It is important to explain the advantages, but also the challenges, of sustainable investing to the customer. But the discussions have changed. In the past, we had to have a lot more fundamental discussions at this point.
When is an investment really sustainable?
The necessary orientation is at least provided by the classification of a product in accordance with Article 8 of the Sustainable Finance Disclosure Regulation (SFDR) of the European Commission. It is important to have a policy that highlights the sustainability risks. That means: which exclusions do I see? What am I not responsible for if a company is active in an area that does not meet the requirements? At Bethmann Bank we also have an advisory board that can anchor sustainability in line with current discussions - they can make policy decisions and impose restrictions.
Do you personally invest your money in sustainable funds?
Partly. Since I only invest in funds, I can answer the question in the affirmative for active funds; for ETFs, these do not yet meet all the requirements of Article 8 of the new regulation.
What investment goals can be pursued with an ESG portfolio?
We offer sustainability reporting for mutual fund customers and asset management customers. There are three blocks of sustainability in which the effects of sustainable products are discussed. We manage best-in-class products and show the best and worst values.
Sustainable products have to be made much more transparent and the purpose of these systems has to be brought closer to people.
Meltem Ay, Principal Consultant
Frankfurt
Why do you want to change your job?
Many candidates primarily consider what they know against the job description. Having the right expertise is an important requirement, but it is not enough. In addition, we must look more closely at what might motivate a candidate. Many of the requirements specified for a candidate can be nuanced in order to provide room for a new employee to grow into a role.
As advisers, we do not force a job opportunity onto candidates. We ask open questions and listen carefully when discussing a possible job change. We listen for answers about why the candidate wants this job. What are their ambitions? Is the candidate driven by 'push' or 'pull' factors?
The right motivation is an important requirement for thriving and making a difference. If you have anything to gain from a change of job, it is easier if you have a commitment, make an extra effort and contribute to good internal collaboration.
Pay is seldom a sufficient motivational factor by itself.
Cultural match is both crucial and under-appreciated.
What can you do yourself?
Enterprises have different purposes and ownership. Organisations vary in culture, size and structure. Some companies have a totally commercial DNA, while other workplaces are more balanced, driven by new insight, or contribute directly to social progress. Being conscious of your own motivation and taking ownership of the process are important success factors when changing jobs. Awareness of 'what triggers and what drives me', combined with an ability to explain why exactly this role could be right for you, will be important. By obtaining information about relevant employers, the candidate also takes personal responsibility for testing their match with a new workplace. This is particularly critical if you have been with the same employer for a long time, because it can then be difficult to assess what you take for granted in today’s job – and which could be lost.
Choose an adviser who understands the significance of motivation.
Where an enterprise is concerned, the value of making the right appointments is considerable. And the choice of employer will be crucial for an employee’s career development. That makes it vital to have good advisers who both understand and can provide input to both sides. Our job is to search out environments and candidates who possess a good baseline for both wanting and contributing to a new role. The ability to think openly around motivation together with relevant candidates is an absolutely central part of the adviser role, and crucial in ensuring that the right choice is made – for both clients and candidates.
Hild Kinder, Partner
Benedikte Stiff, Partner
Norway
In theory it is hard to disagree with the Nolan Principles of:
and the pandemic has demonstrated the overwhelming dedication of so many to a public service ethos, often under intense stress.
I have written about the importance of ethical leadership many times before because there are still far too many holding powerful positions who behave as though rules and social norms only apply to others and not to them. It is of course naïve to think of a halcyon, scandal-free age of British politics and British business, but the pattern of ignoring standards of openness and subverting governance is often the forerunner to corruption to the benefit of those who hold the power.
There is undoubtedly a clear overlap between the principles we expect in public life and those in business because the seventh of the Principles is the important of them all – leadership.
Leaders set the tone and this forms the culture. The tone must come from the top. We always advise that a company's senior leadership should place overt importance on ethical values, they should demonstrate a visible commitment to high standards, and they should be willing to be held accountable for standards within their organisation.
The Nolan principles offer one such checklist of fundamentals to sense-check a Board’s collective decision-making process and approach. Boards are vital to good decision-making. Ethical frameworks, like the Nolan principles, can help boards fulfil their purpose in a way that adds value - especially when all else seems uncertain.
Alastair Campbell said that we live in a ‘post‐shame’ world. I worry that we live in a ‘post-Nolan’ era.
We are entering a new age. Business can be the source of inspirational leadership and an engine of positive progress – but only if it is built on solid ethical foundations.
Lorri Lowe
Partner, UK
Magda works with companies across various industries, guiding them through transformation and change, to build a culture of innovation and creativity.
To be successful in these turbulent times, managers and leaders need to be ready for fast and unpredictable changes - they need to be able to adapt.
There are many things we need to learn to do differently, but I believe that the three most important are:
Ability to think creatively and not be afraid to experiment. Especially in larger organisations, people are not used to thinking out of the box and experimenting is not always welcome. It’s not surprising, as most of the experiments are not successful and some are costly. But if they build a baseline of an inquisitive company culture where people are not afraid to think as entrepreneurs, it is easier to come up with fresh ideas and try new things.
Ability to truly collaborate in a team and the whole organisation. As leaders we need to be able to give much more autonomy and ownership to not only build agile adaptive teams, but also cooperate between different teams much more efficiently, overcoming a silo culture. This means that managers and leaders need to re-evaluate the way they lead their teams, unlearn the command /control approach and learn how to truly empower their people.
Ability to simplify. Excessive bureaucracy is one of the main bottlenecks of efficient work. Without simplifying, a skill of getting rid of processes and procedures that don't make sense, your organisation is going to be heavy, slow and indecisive. Simplifying is a lot of hard work but it pays off - in the process you must focus on the customer and adding value and look for better ways of doing things.
Mary Keane, Partner
Andrea Chladkova, Partner
Czech Republic
Progressive organisations and their leaders are now realizing that the hackneyed excuse of “there just is no qualified diverse talent” is an outdated phrase from before the pandemic.
The question of who will be returning to the physical office and who will remain virtual is a burning issue. In 2020/2021 many organizations operated in a virtual, or hybrid, workplace and there is no doubt that this has influenced how they view their current talent, how they deploy that talent and from where they now look to acquire talent.
We recognise that leaders are becoming more open to looking at how the work gets done irrespective of a specific physical location.
Women and people of colour who might have felt like outsiders in a white male-dominated in-person workforce might find working in a hybrid or purely virtual workplace an attractive way to gain career experience. Talented people who are differently-abled can now become entrants into a job market that was once physically closed to them when all work was done in-person. These are exciting options for everyone.
Long commutes to an office may have dissuaded people from working for a particular company. By casting a wider net for talent to fit new hybrid workplaces means roles can be much more attractive if newly hired talent only had to go into the office two days a week — or even one week a month.
The world has changed.
The workplace has changed.
We have all changed.
Friisberg works with organisations all over the world to help them keep pace with rapid progress and ensure they secure the very best talent.
Lorri Lowe,
Partner UK
You have both been Partners in Friisberg for a few years. What was the career path you took to get to where you are today?
We have been partners in Friisberg since 2018 - although we first started working with the organisation in 2016. Together we bring over 20 years of experience in Executive Search gained from our time with Korn/Ferry, Kienbaum, and Spencer Stuart.
What do you enjoy most about being part of Friisberg?
We are lucky to have observed a significant shift within Friisberg during recent years, not in terms of people because we always considered our colleagues from different countries to be the greatest assets of this Partnership, but the fact that we now cover such a range of different markets.
Our company is growing quickly with increased online visibility for clients and candidates.
The investment in Friisberg's AI diagnostic tool (FNA), is great!
It is a genuine pleasure to work with our Friisberg colleagues - to exchange knowledge and share best practice with those in different geographies.
It is also very refreshing that we cooperate so effectively - we do not suffer from a competitive approach which is all too often observed in other global firms. Our strategy is to be transparent and fair so we are always happy to benefit from each other's experiences.
What advice would you give to someone considering a career in Management Consultancy and or Executive Search?
Although the consulting/executive search industry has changed a lot over recent years, there are always unchangeable factors necessary for success. We operate in a very sensitive marketplace, so to become successful you must have an in-depth knowledge of the market, maturity/gravitas to position yourself as an equal partner while talking to your clients and you must be trustworthy. Besides that, the most important competence in consulting is the ability to convince your client that you can do the job, so one must have the ability to sell projects. Many people who try to succeed in this field forget about selling skills.
What qualities do you look for in a new consultant when joining Friisberg in Poland?
You must be trustworthy, a good communicator (as well as being able to actively listen), a good negotiator, resilient and have great sense of humour.
What has been the biggest change in Management Consultancy and Executive Search over the last 10 years?
The 4.0 revolution has been the most significant impact. The development of social media (e.g. LinkedIn) has made potential candidates available to almost everybody. Also, AI is a more and more significant part of the recruitment processes, but we still believe our human touch is irreplaceable, and we hope it always remains that way.
What do you enjoy doing in your spare time when you are not working hard?
We both have great families and friends. We love our country cottages and enjoy outdoor activities and sport.
Dorota Serwińska, Partner
Anna Rudzinska, Partner
Poland
VUCA: Volatility, Uncertainty, Complexity and Ambiguity – an acronym used in 1987 to describe the unpredictability after end of the Cold War and is increasingly used to describe the unpredictable nature of the world today.
Not only has Industry 4.0 rapidly changed the business environment (artificial intelligence, nanotechnology, robotics, biotechnology, the Internet of Things, autonomous vehicles, etc.), but it also influences various aspects of our lives; from politics, terrorist attacks or natural disasters, and catastrophes such as COVID-19. We can hardly anticipate what new business realities will face our future leaders.
What kind of leadership will be most effective in VUCA reality?
Facing more and more uncertainly, leaders must be open to change, flexible to deal with ambiguity, creative, fast learners and risk-takers. There is of course one constant element in the VUCA world: PEOPLE.
Leaders must support their team by remaining focused, fast and flexible. Leaders should coach their employees by enhancing their skills in two of the most significant areas: agility and complex thinking. According to the UNC Kenan-Flagler Business School, HR should create leadership development plans on the assumptions based on:
Volatility can be countered with vision, because vision is even more vital in turbulent times. Leaders with a clear vision of where they want their organizations to be in three to five years can better weather volatile environmental changes such as economic downturns or new competition in their markets, for example, by making business decisions to counter the turbulence while keeping the organization’s vision in mind.
Uncertainty can be countered with understanding, the ability of a leader to slow down, look, and listen. To be effective in a VUCA environment, leaders must learn to look and listen beyond their functional areas of expertise in order to make sense of the volatility and to lead with vision. This requires communication with all levels of employees in their organization, development and demonstration of effective teamwork and collaboration skills.
Complexity can be countered with clarity, the deliberative process to make sense of the chaos. In a VUCA world, chaos comes swift and hard. Leaders, who can quickly and clearly tune into all of the minute associated with the chaos, can make better and more informed business decisions.
Finally, ambiguity can be countered with agility, the ability to communicate across the organization and to act quickly to apply solutions (Kinsinger and Walch, 2012). Vision, understanding, clarity, and agility are not mutually exclusive in the VUCA prime. Rather, they are intertwined elements that help managers become stronger VUCA leaders.
In the Harvard Business Review article, The Most Important Leadership Competencies, According to Leaders Around the World, researcher Sunnie Giles shared the results of “the first round of a study of 195 leaders in 15 countries over 30 global organizations.” In the study, “participants were asked to choose the 15 most important leadership competencies from a list of 74.”
The top 10 competencies were then grouped into 5 themes:
On the top of the uncertainty of the business environment, we have overlap of generational exchange. Contrarily to Millennials, who tend to expect quick success and have less propensity to stay put as they grow up in an age of endless options, the Z generation is even more tech-savvy and high expectation seekers, but they search for job security.
Tomorrow’s leaders need to build trust with their teams. Trust will continue to be the currency of the workplace. Being able to create a safe place for their teams will help Millennial leaders’ priorities to build a culture that appreciates both people and results.
Today’s market environment stresses speed, flexibility, and the ability to lead in uncertain situations.
Tomorrow demands high ethical standards, encouraging openness and great communication skills to managing firms successfully.
Dorota Serwinska, Partner
Anna Rudzinska, Partner
Poland
We asked more than 500 senior executives what they were most looking forward to when they return to the office, a staggering 28% of them said “Nothing.” Many said that they simply find their work environment unmotivating and can work better at home.
After a year of WFH, many people are genuinely worried about returning to their offices. They feel a real sense of dread and anxiety about wasting hours in traffic, or on crowded public transport, paying for overpriced lunches and not spending enough quality time with their families.
But for how long will employers remain flexible?
Very soon I suspect many will start to demand that people return - and quickly. David Solomon, the Goldman Sachs CEO, called remote work, “an aberration that we’re going to correct as quickly as possible.” And Amazon told its employees that it expected, “to return to an office-centric culture as our baseline.”. Office-centric – now that is an interesting way to define your culture.
Some employers are actively preaching the gospel of flexibility – being overtly receptive to concerns and appreciating that the free time given by the pandemic is something their employees are simply unwilling to relinquish
Not wanting to lose great people, some companies have spent the past year trying out different models, to figure out which one works best.
Whether that's allowing a hybrid of WFH and in-office work, or treating the office as a clubhouse where you gather for specific reasons, there are lots of innovative ways to approach this transition that keep both employee preferences and productivity in mind.
But most organizations still seem to be struggling with what will actually work best. There is however a rare opportunity to rethink formerly rigid conceptions of what an ‘office-centric’ culture should be.
There is no doubt that for some people, return-to-office anxiety is real.
It is important that businesses take steps to support their staff to feel safe when returning to work.
Avoiding a knee-jerk approach to reopening and strictly dictating when employees come back, and on what terms, might just be the safest option for everyone.
Lorri Lowe
Partner, UK
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