The Challenge
A prestigious educational institution faced a critical recruitment challenge in securing a Director of Finance who could meet their exacting requirements within significant budgetary constraints. The position demanded a rare combination of qualifications: a CPA accreditation, substantial experience within educational environments spanning at least a decade, and the ability to thrive in a highly structured institutional setting. The complexity was compounded by three factors: the institution’s budget limitations meant offering compensation below market rate for such a senior position; the candidate pool was exceptionally narrow given the specific educational sector experience required; and the need for someone with high-level formal financial competency who could navigate the unique financial landscape of academic institutions.
The Solution
Lock Search Group implemented a strategic, multi-tiered approach that began with an in-depth consultation with the Dean to precisely define the ideal candidate profile. The search strategy initially focused on targeted outreach to existing Finance leaders within Canadian and GTA educational institutions, spanning elementary, secondary, post-secondary, and private schools. Recognizing the limitations of the initial search parameters, the firm expanded its scope to include Finance and Accounting professors at post-secondary institutions, extending the geographic reach beyond the GTA to identify candidates willing to relocate. When budget constraints emerged as the primary obstacle, Lock Search Group introduced an innovative solution: proposing a fractional employment model where a highly qualified candidate would work at 60% capacity while receiving compensation at or above market rate on a pro-rata basis. This creative approach allowed the institution to access top-tier talent within their financial constraints while maintaining the quality standards essential for the role.
The Outcome
The comprehensive search process yielded 52 qualified candidates who were thoroughly vetted through email, phone, and video conference interactions, ultimately identifying a top tier of 10 exceptional prospects. Among these, Lock Search Group presented four candidates interested in a 3-4 day work week arrangement and six seeking full-time positions. A detailed compensation analysis was provided to the client, clearly illustrating the financial advantages of the fractional model versus traditional full-time employment at this senior level. The institution embraced the fractional hiring solution, successfully securing an exceptional Director of Finance who committed to three days per week, delivering all required responsibilities while fitting within the budgetary framework. This innovative approach demonstrated how creative recruitment strategies can bridge the gap between organizational needs and financial realities, enabling institutions to access top-tier talent through flexible employment structures.