There is a huge cost every day you wait to hire your business's next leader. If you believe that time is our most precious resource, the thought of not having the right leader in place should hit home. There is a loss in production, possibly significant team distractions, a negative impact on morale and a financial loss to an organization. The total cost is almost impossible to calculate, especially when it’s for a senior leadership role in a company in a critical growth phase. After spending nearly two decades hiring tens of thousands of leaders in almost every industry, I think it’s safe to say that opportunity costs from delaying this hiring decision is in the hundreds of thousands of dollars, at least.
What will hiring the right leader enable you to do that you’re not doing today? This is the million-dollar question. At our firm, for example, the client is usually the president/CEO of the company. Hiring the right leader frees up capacity at the highest level, as the new hire focuses on the stuff that almost always compounds company growth, from raising capital to sales and marketing strategy to coaching up his/her leadership team. In other words, having leaders in place allows executives to work on the business versus in the business.
My greatest piece of advice is to find a retained search partner you can trust. Retained search firms require an upfront retainer to dedicate the necessary resources needed to run an effective hiring process, as opposed to a contingent model where there is only a fee upon successful hire. Hiring is the most important thing you’ll do in growing your business, so invest in outside professional help.
Having worked with some of the top executive search firms in India, I can tell you , finding a retained search partner you need to ask people you trust in your network who they recommend from their direct experience. It would be best if you found two recommendations this way.
Once you have two to compare, find out what their standard processes look like from when you sign a contract to onboarding. Make sure they are capable of helping you define what success looks like in the role. Many times the wrong person is hired because the search team didn't accurately define what you were looking for on the front end. What will the firm do to ensure you know what you're even looking for?
It's also important to understand what the candidate experience will be when working with the firm because the firm will be the first impression candidates have of you and your company. Are you and the firm aligned on this experience? In this day and age, everyone is "findable." How the firm engages with the candidates will ultimately decide the quality they will bring to the table. I recommend talking to someone the firm has previously placed as a reference to get an accurate picture of how they treat candidates during the process.
With that in mind, it's a good idea to verify who will be interacting with you and the candidates throughout the process. It's OK if it's two different people. Just make sure you meet everyone involved. If they are not willing to introduce you to the person who will be hands-on in the search, it's a red flag.
If they confidently describe an effective process, demonstrate the ability to provide an exceptional candidate experience and have relevant experience, I think you've found yourself a good hiring partner.
What will hiring the right leader enable you to do that you’re not doing today? This is the million-dollar question. At our firm, for example, the client is usually the president/CEO of the company. Hiring the right leader frees up capacity at the highest level, as the new hire focuses on the stuff that almost always compounds company growth, from raising capital to sales and marketing strategy to coaching up his/her leadership team. In other words, having leaders in place allows executives to work on the business versus in the business.
My greatest piece of advice is to find a retained search partner you can trust. Retained search firms require an upfront retainer to dedicate the necessary resources needed to run an effective hiring process, as opposed to a contingent model where there is only a fee upon successful hire. Hiring is the most important thing you’ll do in growing your business, so invest in outside professional help.
Having worked with some of the top executive search firms in India, I can tell you , finding a retained search partner you need to ask people you trust in your network who they recommend from their direct experience. It would be best if you found two recommendations this way.
Once you have two to compare, find out what their standard processes look like from when you sign a contract to onboarding. Make sure they are capable of helping you define what success looks like in the role. Many times the wrong person is hired because the search team didn't accurately define what you were looking for on the front end. What will the firm do to ensure you know what you're even looking for?
It's also important to understand what the candidate experience will be when working with the firm because the firm will be the first impression candidates have of you and your company. Are you and the firm aligned on this experience? In this day and age, everyone is "findable." How the firm engages with the candidates will ultimately decide the quality they will bring to the table. I recommend talking to someone the firm has previously placed as a reference to get an accurate picture of how they treat candidates during the process.
With that in mind, it's a good idea to verify who will be interacting with you and the candidates throughout the process. It's OK if it's two different people. Just make sure you meet everyone involved. If they are not willing to introduce you to the person who will be hands-on in the search, it's a red flag.
If they confidently describe an effective process, demonstrate the ability to provide an exceptional candidate experience and have relevant experience, I think you've found yourself a good hiring partner.
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