Don’t make these executive recruitment mistakes
What’s the worst that could happen?
All your good employees quit because your new hire’s leadership style upsets them? Your company goes into liquidation?
Ok, now this is sounding more like your worst nightmare rather than a solution to your executive recruitment – right?
But you should be scared. Executive recruitment is not a decision to be taken lightly, and if you do, it could result in some really bad consequences.
With so much at stake though, how can you ensure you don’t slip up?
Here are 3 of the most common executive recruitment mistakes you definitely don’t want to make (and ways in which to fix them).
1. Letting cost drive your decisions
If employees are the soul of your company, executives, managers and senior appointments are its backbone – so why would you skimp on cost?
When recruiting executives, you’re hiring for business and profit growth – not cost avoidance.
2. Limiting your executive talent pool
Posting a vacancy to a job board and waiting for a response is not proactive executive recruitment, and severely limits your potential talent pool.
In fact, only 10% of candidates relevant for your role are actively looking. The other 90% are what we call the ‘passive’ or ‘hidden job market’, and some argue that this is where the true talent lies.
With this in mind, use a complementary mix of resources like LinkedIn, job boards and senior/executive-level job boards. Attend networking events and talk to lots of people. Even if the person you engage with isn’t your ideal senior appointment, they might know someone who is.
3. If you’re a £10million business, don’t bring in the £10million talent
If you’re looking to recruit an executive, then it’s probably because you want to grow your business and increase profits. So if you’re already a £10million business targeting growth to £20million, then there’s no point bringing in someone with experience of working in a business up to £10million.
Instead, look for someone who will grow your business based on their track record. Someone who knows what a £10million business needs to look like and what it will take to get there.
Along these same lines, learn as much about the potential executive’s performance than what is simply listed on their CV. Find out the opportunities they have had, what actions they took and the impact this had on company results.
Recruiting an executive or senior appointment is vital to the success and growth of your business. After all, a good management team will instantly set a company apart from its competitors. Yet a simple mistake, such as those listed above, could cost you more than you ever bargained for.
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