When COVID-19 started last year, many executives opted to retire early. Others were laid off by their employers due to predicted job redundancy or financial constraints.
The economy is rebounding more than a year later, and businesses (both new and old) are seeking qualified leaders. Unfortunately, we’re also learning that finding the appropriate executive is more difficult than ever. However, now is the time to invest in long-term visionaries who can assist your organization to adapt to the new work environment.
The Ramifications of Making the Wrong Executive Hire
The ramifications of making a poor executive hiring can be felt throughout the organization. The wrong leader, especially in the C-suite, can have long-term consequences that linger long after they’ve departed your organization. Here are a few examples of possible outcomes:
- Lost Productivity — A bad leader might take their staff down the wrong path and pursue goals that aren’t in line with the company’s overall business objectives.
- Low Morale – Bad leadership and a negative attitude can affect the morale and productivity of an entire organization.
- Financial Strain – The expenditures incurred on the executive search will have to be recouped, potentially costing your organization six to nine months’ worth of income.
- Negative Reputation — A bad executive can swiftly destroy your company’s brand in the digital era. They or disgruntled former direct reports can post unfavorable ratings on job review sites, affecting your ability to recruit great applicants at any level.
- Workforce Stability – Anguish and frustration in your workforce are also fostered by executive turnover. As a result, employees may have doubts about your company’s stability and look for work elsewhere in the worst-case scenario.
- Reduced Valuation — Effective leaders are critical to a company’s success. Shareholders frequently respond poorly to CEO turnover and mainly when it occurs unexpectedly.
CEO turnover reduces median overall shareholder investment by 3.5 percent, according to PwC, and in larger organizations, a forced transition can negatively impact the business by upwards of $1.8 billion more than a planned succession. In addition, if your company is service- or project-based, bad executive recruitment or leadership change could harm customer satisfaction and retention.
Some Strategies to Find the Proper Leadership
Executives who are capable of leading a company are essential. They infuse your business with new ideas and vigor, allowing it to thrive. In today’s economy, you can’t afford to hire an unsuitable executive, despite the fierce competition. In the current environment, the following tips can help you recruit, close, and keep the right leaders:
- Understand the Company — Make sure you understand your company’s culture, beliefs, procedures, and shortcomings before beginning the hiring process. Then, practice how you’re going to say it.
Hiring a good fit requires that they desire to work for you. This necessitates precise expectations being set during the interview and employment process.
- Know Your Objectives and Challenges — Just as you should know your business, you should know where it’s going. Determine the objectives of your firm. Then think about the issues your company, industry, or sector will encounter in the next five years.
This can help you figure out what kind of executive prospect has the most experience and expertise to get your firm where it needs to go.
- Make Your Remote Work Policy Clear — According to a recent survey, 55 percent of employees, at least three days a week, want to work from home (and whether or not this is adjustable) will assist set expectations and ensure long-term success.
- Maintain Momentum: Don’t let it drag on if you’re in the middle of a hiring process. Candidates will become frustrated if the process is slow, and you will miss out on an excellent hire.
Be decisive and explicitly identify the following actions once you’ve found the correct person. In this way, recruiting is analogous to sales — time kills all deals.
- Make Use of Your Networks and Partners — The best hires aren’t always people looking for a new position; the appropriate person for the job could be an internal candidate, a referral from a person’s network, or a consequence of outbound hiring.
Even if the perfect applicant isn’t raising their hand, a talented partner with the experience, expertise, and existing relationships can help you find them.
- Maintain Confidentiality — When approaching potential C-level prospects, make sure you maintain the greatest level of professionalism. According to research, 86.9% of executive applicants want to be contacted through a private email address or social media sites (77.9 percent).
Assure your possible executive candidates that you will retain confidentiality and discretion throughout the process by contacting them via their private email or personal social media profile.
- Find What Drives Them — After you’ve made the initial contact with your executive candidates, try to learn more about them. You must figure out what motivates them. However, be smart. If you ask someone what motivates them, they will give you a canned response. Learn to ask the right questions.
- Keep Calm and Be Patient — When it comes to executive recruiting, you must be willing to put in the time and effort necessary to secure the candidate you desire in today’s highly competitive environment.
According to a study, the hiring process for a typical CEO or Executive Director might take anywhere from 4 to 8 months. Executive recruitment is a time-consuming and complex procedure. Top prospects would almost definitely require a great deal of confidence before even considering your offer.
- Provide the Best Candidate Experience — When it comes to recruiting today’s candidates, you must put in a lot of effort to create the greatest possible applicant experience. When it comes to executive recruiting, you should multiply your efforts to improve the candidate experience by a factor of ten.
Remember that many companies are vying for the greatest senior executive talent. This is why you must ensure that your applicants receive the most exceptional executive search experience possible.
- Take that Leap of Faith — When it comes to hiring executives, going the additional mile can make or break your hiring process. These candidates are in high demand and are approached by various firms, they have most likely witnessed and heard it all.
This is why you must be unique in your approach and go above and beyond. Demonstrate your commitment to recruiting them by demonstrating how much your organization has invested in them.
Make an appointment for them to meet with your CEO or director. Demonstrate to your executive candidates that getting to know them is essential to you. Pay attention to what they’re saying and be prepared to meet their needs. Prepare to meet with them after hours or on weekends.
Learn about their preferences and take them to their favorite restaurant or sporting event. Then, make your executive prospects feel special by including personalized touches.
Good People Fuel Success
In the workplace, we’re about to enter a new era. The pandemic is continuing to reshape the labor market, expediting digital transformation and increasing the popularity of remote work. Businesses need strong leaders to not just evolve, but also to stay ahead of the competition.
You can become the perfect executive hire to assist move your organization forward if you have the right practices and partners in place.
