Three key points you need to consider when hiring new executives
January 5th 2016 | Posted by phil scott
Executive Hiring in 2016 and beyond:
Don’t forget these 3 points when making a senior appointment
The start of the year is the perfect time to reflect on your current senior hiring strategy and to think about how your business can improve the recruitment process.
Recruiting at all levels takes time, requires effort and most of all costs money. This is even more relevant when taking on a new senior member of the team. The risk is bigger – no business wants to spend time and money making a senior hire only to find out they made the wrong decision.
What are the consequences of making the wrong hiring choice? The results of getting it wrong first time span the whole business, with financial costs, time costs and an impact on staff integration, company culture and productivity.
Recruitment + associated costs
Recruitment at any level is never free and securing a new external senior hire often means a fee to an Executive Search agency. This is a truly worthwhile investment for the right candidate and utilising the help of executive search can ensure that recruitment is discreet and as minimally disruptive to business as usual as possible.
It takes time for a new hire to learn the business. While they are getting up to speed with products, services, offerings and inner-workings of the organisation, there is an impact on the way the business exploits new opportunities. This is impossible to avoid, BUT your business should try to prevent from this happening TWICE by making the right hiring decision at the start.
A new senior hire means an individual coming into a position of leadership in your company. They are expected to positively shape and direct the team and wider business. The wrong hire can leave the business lacking in strategic thinking and direction, floundering in a time of change and uncertainty. The longer it takes for the best person to take up post, the longer the gap until leadership and direction is put in place, which can have a tangible impact across the business.
The value of getting it right first time is clear.
What strategies can your business put in place to help make a successful senior appointment?
1 – THINK AHEAD
How can your organisation ensure that the new hire (and as a result YOUR BUSINESS) has the best chance of success?
It is vital to have a smooth transition into a new role and a new company. Review your induction and onboarding programme. Ensure that the tools needed for a success are available, and if not, put them in place as soon as possible. One essential factor in onboarding is ensuring the new hire meets all relevant stakeholders and key people as soon as possible. If the opportunities are there to build successful working relationships at the start, this will help to engender a feeling of partnership, co-working and shared objectives.
It is also valuable to introduce the new hire to the company culture and fully immerse them in the business. Getting them familiar with the company as quickly as possible will enable them to understand the business and make a strong impact, leading from the front.
2 – DON’T OVERSELL
Search and recruitment is a two-way process – the opportunity for the candidate to sell themselves to you, but also for you to sell your company to them. Remember, you are looking to secure the best and need to offer them an excellent opportunity. But, while a business should always make itself as attractive an option as possible to secure a top performing, high calibre senior individual, it’s essential to be transparent about your business and present a real picture. Be clear about your company culture, the duties of the role, the expectations, the opportunities and the challenges and you will be more likely to find the perfect fit first time.
3 – BE OPEN TO NEW THINGS
It is easy to search for an individual similar to the past or current team member – of course you know that an individual with those skills has achieved and your instinct may be to replicate this. However, this could be a short-sighted strategy in the long run. As a business, it’s crucial to consider where you are heading and to hire the best individual to help you achieve your goals and objectives. Try to avoid simply viewing your current business requirements and look to the future. Hiring a senior team member with diverse skills can bring new life, fresh ideas, creativity and strategic direction to your business and could be an even stronger fit with your future plans.
Happy hiring for 2016 and beyond!