The NASPP Blog

Our popular “Meet the Speaker” series, featuring interviews with speakers at the 24th Annual NASPP Conference, is great way to get to know our many distinguished speakers and find out a little more about their sessions in advance of the Conference.

For today’s “Meet the Speaker” interview, we feature Andrea Best of Stock & Option Solutions, who will lead the session “Hire Power: Managers Reveal their Hiring Secrets”

Here is what Andrea had to say:

NASPP: Why is now a good time to talk about hiring and recruitment?

Andrea: In a tight hiring market, such as we are seeing today, recruiting top notch, highly skilled equity compensation professionals can be a much more challenging endeavor than expected. Only adding to that challenge is the fact that making the wrong hire can cost you. The Department of Labor estimates the average cost of a bad hire at about 30% of the employee’s first-year salary. In our industry, that can add up to some serious dollars. That is why successful hiring managers employ innovative tools and strategies to both identify the right fit for their organizations and remain competitive. Of course, robust compensation and benefits packages give you a leg up once you get to the negotiation phase; however, there are many things that managers can do, from the point of assessing their needs and writing up a job description all the way through to making an offer and on-boarding their new hires, that increase their odds of being successful.

NASPP: What is a common mistake companies make when hiring new employees and how can they avoid this?

Andrea: Making the right hire is about much more than just identifying the candidate with the hard skills, or specific experience and expertise, required for success in the job. Given the importance of specialized skills in our industry, a common mistake companies make is selecting a hire based solely on technical skills. However, managers who take the time to assess cultural fit, professional philosophy, and interpersonal skills, such as flexibility, communication, and teamwork, have a much greater chance of hiring and retaining the best fit for their teams. Therefore, thorough preparation for recruiting a new employee ought to include assessing your company and departmental culture as well as defining your management style and the soft skills critical for effective integration into you team.

NASPP: What are some keys to hiring the right people?

Andrea:  Though the hiring process is fraught with challenges and risks, managers can avoid the inherent pitfalls by preparing well and educating themselves on the most efficacious approaches for zeroing in on the best candidate for the role.  Some keys to making the right hire are:

1. Proper preparation,
2. Inclusion of key stakeholders and team members,
3. Leveraging your network,
4. In-depth interviews,
5. Cultural fit assessments, and
6. Providing feedback to candidates throughout the process.

NASPP: What is something people don’t know about you?

Andrea: Many are not aware that I studied and write poetry.  I am currently working on a collection of poems inspired by the universe at the micro and macroscopic levels.  I am especially fascinated by cosmic and quantum phenomena as they relate to the beauty and heartache of human relationships.

Don’t miss Andrea ’s session, “Hire Power: Managers Reveal their Hiring Secrets,” at the NASPP Conference!

About the NASPP Conference

The 24th Annual NASPP Conference will be held from October 24-27 in Houston. This year’s program features close to 100 sessions on today’s most timely topics in stock and executive compensation; check out the full agenda and register today!