Hiring the right leaders has always been a challenging task for companies. As tempting as it is to cut to a shortlist of candidates with stellar degree qualifications and brand pedigrees, there is more to finding the right leadership “fit”. Companies are now realizing it is critical to invest in visionary, long-term leaders who can help your company adapt to the new future of work.
All firms require strong leadership. They infuse your company with new life and creative ideas. As a result, even if hiring is quite competitive nowadays, companies cannot afford to select the incorrect candidate. In the present climate, the following advice can help you find, attract, and keep the proper leaders:
1. Know your objectives and obstacles:
Knowing where your business is heading is similar to knowing your business. Determine your company’s objectives. Next, think about the difficulties that your sector, industry, and organization may encounter during the next five years. This will assist you in identifying the right level of experience and skill for an executive hiring that will enable your business to reach its goals.
2. Know your business
Be sure you comprehend the culture, values, procedures, and shortcomings of your business before you begin the hiring process. Next, work on your communication skills. A good match must really desire to work for your organization in order to get hired. Accurate expectations must be set for this during the recruiting and interview processes.
3. Make sure your policy on remote work is clear.
A recent poll found that 55% of workers would like to work remotely three days a week or more. Determining how frequently you require your executives to be in the office (and whether it is negotiable) can assist set expectations and guarantee long-term success. A company’s remote work policy is becoming a major criterion for candidates.
4. Rely on partners and networks:
The best hires aren’t always those looking for a new job; sometimes, the ideal applicant comes from inside, through an employee’s network, or through outbound recruiting. Even if the ideal applicant isn’t actively looking, a talent partner with the necessary background, know-how, and connections may assist you in finding them.
5. Keep up the momentum:
Make sure the employment process doesn’t linger on once you’re in it. A sluggish hiring procedure might irritate prospects and cost you a quality recruit. Once the ideal candidate has been identified, move quickly to choose the next course of action. Recruiting is similar to sales in that all transactions are lost due to time.
Some of the consequences of a bad executive hire include:
Decreased valuation:
Effective leaders determine company success and shareholders often react negatively to executive turnover, especially if it’s unexpected.
Loss in productivity:
A bad executive may lead their team down the wrong path in pursuit of goals not aligned with the company as a whole In addition, all the time and money spent recruiting, onboarding, and training an executive hire will have to be reinvested — potentially costing your organization six to nine months of the desired position’s salary.
Tarnished reputation:
In the digital age, a bad hire can quickly tarnish your company’s reputation. They can drop negative reviews on job review websites which can affect your ability to recruit top candidates, regardless of level. A bad executive hire and changes in leadership could also impact customer satisfaction and retention.
Conclusion
Companies need strong leaders to ensure they not only evolve but stay ahead of the competition. With the proper practices and partners in place, you can make the right executive hire to help propel your business forward.
