Hiring for Success - Nick Cromydas - Not Another CEO Podcast - Episode #8
Sep 10, 2024
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Nick Cromydas, a serial entrepreneur and co-founder of Hunt Club, shares his journey from competitive tennis to tech entrepreneurship. He emphasizes hiring curious and passionate individuals, detailing how his all-hands meetings evolved to foster transparency and celebrate diverse voices. Nick discusses cultivating open communication, using an innovative interview approach called the 'life walk' to assess candidates' backgrounds. The conversation also touches on navigating growth and challenges during COVID-19, emphasizing the importance of relationships in business.
Nick Cromydas emphasizes the significance of hiring candidates who exhibit curiosity and passion to enhance organizational success.
The all-hands meeting format at Hunt Club fosters transparency and celebrates achievements, strengthening company culture and community.
The podcast discusses the importance of adaptability and resilience for entrepreneurs, especially in navigating challenges like the COVID-19 pandemic.
Deep dives
Impact of All-Hands Meetings
The all-hands meeting format has been pivotal to fostering a positive culture within the company. This approach, initiated during the company's early stages, allows team members to reflect on their monthly activities, track performance metrics, and engage in curated discussions that inform future projects. An important aspect of these meetings is the celebration of individual and team achievements, which brings about a sense of community and appreciation among employees. The integration of diverse voices in these meetings encourages participation and maintains transparency, contributing to a strong company identity as it grows.
Fostering Curiosity and Passion in Hiring
When hiring, a focus is placed on two key attributes: curiosity and passion. Curiosity allows employees to ask questions and seek deeper understanding rather than jumping directly to solutions. Passion is seen as a critical driver for performance and impact; candidates who have exhibited passion in other areas of their lives generally bring that intensity into their work, even if it isn't specifically for the company in question. The interview process intentionally includes discussions about past experiences to understand candidates' motivations and potential for growth in the company.
Navigating Challenges During COVID-19
COVID-19 posed significant challenges, leading to a dramatic revenue decline and forcing difficult decisions such as furloughs. The company had to pivot rapidly, leveraging existing client relationships and finding new opportunities, including staffing agreements in the healthcare sector. This scrappy resilience allowed the team to stabilize and eventually exceed their revenue goals by reorganizing their client engagement strategies. Ultimately, the crises highlighted the importance of adaptability and strengthened the company’s operational model for the future.
The Importance of Trust and Relationships
The podcast emphasizes a return to the core business value of trust and relationships in client interactions. As popular avenues for customer acquisition shift away from paid media, building genuine connections has become essential for sustainable growth. The company's network-driven model harnesses technology to enhance relationship-building, enabling effective outcomes for clients. This trend showcases a broader shift in business practices back toward nurturing trust as a fundamental aspect of success.
Embracing Speed to Resiliency
The discussion encourages founders to recognize that not all setbacks are fatal and that resilience is key to overcoming challenges. Entrepreneurs often become emotionally invested in early business challenges, but with experience, they learn to recover more swiftly. This quicker turnaround allows for better focus on long-term goals and strategic vision. The podcast highlights that fostering resilience is an ongoing journey that benefits from open conversations about the difficulties faced in entrepreneurship.
Joining the show this week is a serial entrepreneur and angel investor that has invested in over 40 companies. He is one of the best when it comes to connecting people, this guest is none other than the Co-Founder and CEO of Hunt Club, Nick Cromydas.
Nick joins host David Politis to discuss his journey from a collegiate tennis player to a tech entrepreneur. Nick examines the importance of hiring curious and passionate people, as well as the importance of transparency. He delves into his innovative all-hands meetings and how they evolved over time.
Takeaways:
Entrepreneur from the start. Nick had been an entrepreneur his whole life. He started reselling tennis equipment as a kid, then built an online platform to connect college athletes and alumni, and now is a Co-Founder of one of the largest leadership search firms in the world.
A culture of asking questions. Hunt Club has been able to establish a monthly all-hands meeting dedicated to transparency, allowing the rest of the company to share their successes and perspectives, and open and honest communication within the company.
Leading with curiosity. Nick has found that many in the executive search industry don’t come from a solutions oriented background. When hiring for their team, they prefer to hire someone who is curious and willing to better understand the problem in front of them.
Having a passion outside of work. If an employee was ever passionate about something outside of their work, a good leader should work to recreate that passion for something in the business. Nick actively looks for passions when hiring new employees.
Bouncing back from rejection. The economic effects of the pandemic killed an acquisition deal of Hunt Club and caused an 80% loss in revenue shortly after. They were able to cut leadership compensation, cut costs, and capitalize on the new and unique deals to be exceeding goals a few months later.
Speed to resiliency. The time it takes to get over issues gets shorter as time goes on. What took weeks to get past when you start your business could take minutes to get over in the future.
Quote of the Show:
“If you don’t really build a culture where people are comfortable asking a really hard or direct question, or asking something that they don’t know, it’s impossible to actually close the gap on what you're trying to build together.” - Nick Cromydas