Recruiting leadership talent should be managed like a business operation rather than a staff function within companies. The recruitment of senior talent requires:
- A well thought-out recruiting strategy; including factors such as time, cost and quality
- Understanding of your current business climate and assessing your company’s strengths, threats, and opportunities to attract and recruit the best leaders
- Ensuring there is alignment among all stakeholders about the position requirements and specification, as well as the qualifications and expectations of desired candidates before interviewing occurs
- Determining who on the selection team or committee will assess candidates on the technical and leadership requirements of the role and general fit with your company
- Agreement on the target compensation of the position based on executive compensation market data and other relevant factors such as location, travel, future succession, etc.
- Understanding how succession needs can be achieved with the recruitment of new leadership talent externally
Searches for senior leadership positions need to be linked to the company’s mission and business strategy. What type of executive does the business need to grow the company, complete a turn around, expand into new markets, or complete an IPO?
To execute a successful search, companies should also consider other factors, including:
- Do you have the right internal resources who understand how to manage senior level searches and conduct effective candidate selection interviews?
- When should you engage a search firm, even when your company thinks it may know “good” candidates outside your company?
- Do you know which search firm to use, even if you may have engaged firms on prior searches? There has been significant churn among search consultants during the past few years, so an assessment of the firms may be in order to re-evaluate their capability, reach and blockage to candidates you would like to interview.
- How will you retain internal candidates who are not selected for the role in order to avoid future turnover of valued and critical talent?
Executive Search Advisory Partners works with the business and HR leaders to develop executive recruiting strategies and plans, as well as manage search engagements to ensure the desired results can be achieved. Click on the other OERS offerings to learn how we can support your other executive recruiting needs.