After a brief holiday hiatus, Five Question Friday is back. Every week we will check in with staffing professionals from across the country to find out what’s on their mind, and what’s driving their business.
Today we are joined by Mike Frommelt, a Principal and Co-Founder of KeyStone Search in Minneapolis. Mike has over 20 years of recruiting/search industry experience. He spent six years as Vice President of a leading Twin Cities executive search firm, and prior to that was a Senior HR Generalist with a large Twin Cities-based services company. Mike has conducted numerous senior level assignments in executive/general management, operations, sales/marketing, information technology, engineering and human resources. Mike has particular expertise in working with closely held businesses and employee-owned businesses (ESOPs).
1) What is the biggest growth area in your business right now?
KeyStone Search has a strong niche in the small to midsize business sector. Most of these companies are privately held, either family businesses, employee owned (ESOPs) or otherwise closely held. We are seeing a huge surge in business with these clients. We also have a strong non-profit practice which continues to be steady, but the for-profit side of our business is booming.
2) What is the biggest drag on your business, the bane of your existence at the moment?
Truly at this point it is just bandwith. More hours in the day would be great, but I’m not complaining, as these are great problems to have.
3) How do you define success?
Success for me is knowing that an executive we have placed has helped a company/organization grow, become more profitable, take things to the next level, etc…I love talking with a client 2-3 years after our engagement and hearing them describe how the company has achieved more than they ever thought possible due to having the right talent in place. This is when I know we have done more than simply filled a seat – we’ve solved a business problem.
“I love talking with a client 2-3 years after our engagement and hearing them describe how the company has achieved more than they ever thought possible due to having the right talent in place.”
4) Name one way you have cut costs or increased profits during the recession?
During the recession we really honed in on working with the “right” clients. For us, the right clients are those who truly understand how important cultural fit is to executive success. When we make mistakes and take clients who don’t fit, we are less efficient, and ultimately, less profitable. Also, through the downturn we focused on absolutely delighting the customers we do have. I believe we are starting to reap of the benefits of this now as the economy is turning for the better. The referrals just keep coming.
5) What technology do you find indispensable?
I bought my first iPhone a few months ago, after previously using a BlackBerry, and can’t even imagine how I lived without it for so long. It saves me an incredible amount of time!
Thanks for your time Mike. And best of luck with the continued growth and success of KeyStone Search.
If you know a staffing, HR or recruiting professional who is a good candidate for Five Question Friday, drop us a line and let us know.