Hiring senior executives is a make-or-break affair. Getting the right person can propel your business into new heights. Contrarily, the wrong hire can significantly derail your growth plans, leaving your company stagnant.
How you approach the hiring process determines the kind of person you get. This article highlights common mistakes you’d want to avoid when recruiting for senior-level roles.
Relying Only on Job Ads
You may think that running an ad on job boards and letting the right candidate come is the right way to go. Undoubtedly, this works pretty well for junior to mid-level roles. But for senior executives, it may not yield results.
The reason is that the candidates you’re targeting may not be actively searching for new jobs. They are generally well-compensated and highly valued, and are most probably working elsewhere. So, they may not see your job advertisement in the first place.
A better approach would be market mapping and proactive outreach through reliable recruitment agencies. These firms have the relevant industry connections that can give you access to the hidden talent pool.
Underestimating Cultural Fit
You may have no doubts regarding the technical capabilities of your new executive hire. But what about cultural fit? Do they fit perfectly into the organizational culture? If they don’t blend well, problems may arise down the hierarchy.
Senior executives typically set the tone for the entire team. So, if they don’t believe in the company ethos, it’d be difficult to marshal the rest of the team into the desired workplace culture.
Therefore, when recruiting, use behavioral assessment tools to gauge what kind of person you’re bringing into your team. You may even want to conduct trial projects to determine a candidate’s cultural compatibility.
Conducting Superficial Background Checks
The history of the senior executive you want to hire can shed light on their work ethic, decision-making capabilities, and negative traits. Senior executives affect the company’s financial health in more ways than one. For example, when you hire an executive with a history of failed ventures or poor judgment in similar roles, your company may suffer the same.
If they aren’t capable of making high-level strategic decisions like mergers, acquisitions, expansions, or major partnerships, your company can lose millions in failed investments. Also, senior executives are public representatives of the company. If they have a controversial past, for instance, legal issues, unethical behavior, or discrimination, the company may get negative media coverage, and customers may lose trust in the brand.
For these reasons, carry out comprehensive background checks when sourcing candidates. This way, the executive’s past won’t adversely affect your company.
Failing to Involve Your Team
Your hired senior executive won’t operate independently. They’ll lead your team from all the different departments. They’ll also be in constant collaboration with other stakeholders of your business. Therefore, you may want to seek the input of these people when bringing on board a new executive.
Your existing team members can share the challenges they’re facing at the moment, which helps you know what qualities to look for in a new leader. Involving your staff also makes them feel a sense of belonging, and they’ll willingly cooperate with the new manager.
Offering Low Remuneration
Top-tier talent is often highly sought after across the industry. When hiring new executives, they must feel that you’re compensating them competitively. Otherwise, they can turn down the offer and be readily hired by another company at better rates.
Don’t just offer a fixed salary and end there. Add extras like health benefits, stock options, opportunities for professional growth, and flexible work hours. Such a wholesome remuneration package makes the new hire feel well taken care of, and they’ll get motivated to drive results.
Not Defining the Role Clearly
Sometimes, you may get into the hype of hiring senior executives like other companies in your industry do, without clearly knowing what they’re coming to do. Without a precise definition of their responsibilities, expectations, and required skills, it becomes challenging to assess their performance.
You’d want to start with a detailed job description. Clearly outline the key responsibilities, desired qualifications, and the leadership attributes you’d want them to portray. With such clear guidelines, it becomes easy for both the recruiters and candidates to know exactly what to expect.
Conclusion
Hiring senior executives may not be as straightforward as hiring your usual workers. They’re highly sought after by many other companies across the industry. Therefore, you must convince them that your company deserves them.
Your approach to the hiring process also determines the kind of person you’ll get. Avoid the common mistakes outlined herein for a better chance of getting the best. Don’t hesitate to seek the help of recruitment agencies. Being experienced, they can help you get the right talent.
