Recruiting a managing director can be a determining factor in the future of a company or industry. This key professional manages operations and must succeed in increasing profits to satisfy shareholders! They have to justify important investments, develop business strategies, and advise directors so that teams perform to the best of their abilities (team mobilization and coaching). This is what they do to succeed in this role.
The challenges of a managing director
The role of a managing director is complex. Based on achieving financial results, their strategy must also align with company values and foster the retention of top employees. Reporting to the CEO, their mission is to provide strong leadership to directors and project managers.
Among their key functions, managing directors must:
- Manage work methods
87% of employees were working in a hybrid way in 2021, compared to 9% totally in person and 3% totally teleworking.* - Communicate effectively
In 2021, internal communications were focussed on increasing employee motivation and engagement, sharing Covid-19-related information, and providing leadership to teams.* - Share company values
In 2021, the most important company values were leadership, continuous improvement and innovation.* - Implement inclusion and diversity measures
In 2022, business leaders should commit to hiring employees from various ethnic backgrounds; to be unbiased when it comes to evaluations and promotions; and to build a multi-generational workforce.* - Develop a strategy to retain the best talent
In the years to come, leaders should develop new policies and initiatives to improve work/life balance; implement new training programs to stimulate and support employees’ professional development and facilitate mobility within the company and access to key positions.* - Analyse competitor activity
Whether in domestic or international markets, what long-standing or new competitors are doing must be taken into account.
- Know how to anticipate future changes
Anticipating changes that are beyond their control as well as the repercussions of their own strategic orientations are also part of the managing director’s role.
*According to a study by GI COOP conducted in January 2022
Important responsibilities
Specific responsibilities of managing directors include the following:
- Establishing performance goals;
- Supervising managers of various departments;
- Ensuring the overall quality of deliverables;
- Supervising hiring programs and talent development;
- Anticipating investments required for equipment, infrastructure and salaries;
- Communicating the strategy and results to employees;
- Reporting key results to management;
- Planning operation and development strategies with management.
The managing director’s role is varied and complex, while being central to a company’s success. Recruiting this high-level executive therefore must be done carefully, so that the chosen candidate is the one who will steer the ship safely to port!
The skills required for a managing director
Since they are responsible for managing the entire company, the managing director must have training and skills in management, accounting, marketing, communications, client relations and employee management.
They must be very adaptable, since they have to deal with the company’s various departments and support both employees and management! What’s more, they must effectively represent the company to clients and partners.
How to recruit a managing director
For a board of directors, it is not a simple task to find that special person who will be the CEO’s right hand. You need to choose an experienced candidate with proven experience. For this type of executive recruitment, there is no margin for error, so it is best to entrust the search for your future managing director to a specialized firm.
Glasford International Canada offers executive recruitment services to Quebec and Canadian companies, industries and organizations. You can count on the strength of our network of recruiters, who have a bank of qualified, experienced candidates located in Canada and abroad.
Our 400 recruiters are active in more than 25 countries, which enables us to offer the best recruitment service you will find in Canada.
Contact us today at info@glasford.com to leave us your contact information and a description of your managing director or senior executive search needs!
