Lauren Karan, Director of Karan & Co, is a dedicated talent partner for sectors like construction, engineering, and mining. As the host of The Building Doors Podcast, she brings a wealth of expertise to the table.
Karan & Co’s core belief is that people are vital for business growth. Their mission involves comprehensive recruitment and retention services, going beyond hiring to support onboarding and growth pathways. Integrity, authenticity, partnerships, and profitability are their guiding values. Their ethos recognizes quality recruitment as pivotal for business success, contributing to increased profitability. Lauren Karan’s role as a talent partner emphasises her passion for building strong teams that drive growth in crucial industries.
In a series of insightful interviews, Lachlan Grant, CEO of Vital Addition, engages with business leaders and CFOs, diving into the financial intricacies steering their enterprises. In this interview, Lachlan engages with Lauren Karan, Director of Karan & Co, who discusses essential financial dynamics.
What role do you see technology playing in the future of finance, and how are you preparing your team to embrace these changes?
What we are seeing now, especially with the ongoing prevalence of AI, is the need for organisations to look at how they can embrace technology to create seamless transitions between the different finance functions of the business.
Companies are looking to really home in on their current finance systems and technology, to ensure there is a really transparent procure-to-pay process across the business.
It’s long been recognised that you need to know your numbers in business, but organisations are often held back by systems that don’t integrate/communicate, which can lead to lagging invoices and overly onerous procurement systems when engaging new suppliers.
We are looking at automation and technology to really support these changes in our own team, and investigating how we can improve productivity, invoicing timeframes, and the way in which our systems work end-to-end, to provide full visibility of our financial performance.
Can you walk us through what methods you apply when facing a particularly challenging financial decision? What steps do you take to arrive at your decision? What are the key factors you consider? What lessons have you learnt from these experiences?
It is often about bringing it back to the revenue and looking at what the risk is versus the potential financial gains. I often consult other experts in my network to gain a range of differing opinions, and to make sure that I am not making a decision based on my own biases or personal experience.
The key factors I consider are the return on investment and how long I can wait for that to happen. I also look at cash flow and where I may be able to reduce budgets or alter budgets as market conditions change or priorities shift.
I’ve learnt not to make spontaneous decisions in business or to feel like I cannot consult others to ask for insights. You cannot possibly be an expert in every area of business, so it is okay to ask around and utilise your network for balanced and considered decision making, particularly when everyone has their own approach.
As a leader, what key strategies have you implemented or do you plan to implement for navigating through a recession and keeping your organisation afloat, even thriving, during tough economic times?
My approach is to continue to invest in marketing and branding, and to forge forward with the strategy – trusting the process. You can’t panic about what someone tells you the market is doing, because we all know many great companies are born and thrive during a recession.
Key strategies I’ve looked at are coming up with ongoing subscription models for more predictable cash flow, and continuing to deliver over and above the market value of our competitors for loyal clients.
It isn’t about just being smarter or faster at what your competitors are doing, it is about offering double the value, and consistently overperforming with your execution. This will continue to encourage brand loyalty, which will keep you in momentum and keep your clients coming to you despite changing market conditions.
What were the career pathways that led you to the role of Founder/Director at Karan & Co? And what do you consider to be the most important qualities for success in your role, which you would cultivate and develop in your team?
I worked initially for 10 years in the corporate world, which gave me such a solid foundation. Then, I worked freelance in a business for many years, gaining insights and lessons that I could apply or adapt differently in my own enterprise.
When that time came, I founded the business and, through scaling and growth, became its CFO/Director.
I think tenacity, resilience and self belief are really important as a director. You are often making decisions based on calculated risk and you need to be comfortable doing uncomfortable things. I started initially with a degree in psychology and then studied organisational coaching, and I think that foundation also leads to a strong focus on empowering my employees, which I believe has been pivotal in our ability to scale. It’s important to give them the comfort to fail and take risks, to encourage these qualities in your team. Allowing them the freedom to be able to try new things and learn through experience without fear of reprimand is vital.
I create a supporting environment where I encourage team collaboration, and we stand by our values of integrity and candidate care, and partner with clients that share our values. I lead from the front and demonstrate those values, while allowing the team to see my vulnerability and challenges in the process too. They feel safe to learn and grow in their roles.
What do you look for when building a high-performing team?
Values every time. I hire for values and train for skills. I also look for learning agility, and a strong work ethic.
People who have demonstrated drive in previous roles and strong motivation to succeed despite obstacles is really key. Resilience is extremely important in our industry so having someone with that mindset who values quality work, ethical delivery, collaboration, partnership and integrity really shines here.
What are some of the commercial and financial challenges of running a recruitment agency during these times of skills shortages?
Cash flow is always a difficult one to predict and manage. You have long lead times around getting paid from the moment you take on a role, until the person is in the seat or a contract is signed. The market is also tougher so you need to be investing more in your marketing and branding to attract job seekers to your business. You are also often making decisions to hire, and grow, whilst managing the cash flow needed to take your business to the next level.
About Lauren Karan
Lauren Karan, CEO of Karan & Co, is renowned for her human-centric recruitment approach. With over 12 years in technical and engineering recruitment and a psychology background, she’s a certified organisational coach adept in behavioural interviewing and psychometric testing. Proficient in market mapping and strategy sourcing, Lauren excels in client relations. Her team at Karan & Co embodies her dedication to a supportive work culture. Through her “Building Doors” podcast, she guides professionals towards their full potential. Recognised as an AusMumpreneur Awards Finalist in 2023, she’s a sought-after expert, frequently featured in HR Leader, IT Wire, Inside Small Business, and across other media platforms.