The world is evolving. Senior executive positions are becoming volatile. Gone are the times when c-suite seats used to go vacant due to bad health, death, or retirement. Today, most executives are fired due to bad performance.
● Around 40 percent of c-suite executives fail in the first 18 months
● 40 to 60 percent of senior-level managers fail in the first 18 months
● According to Gallup, 82% are not able to deliver the expected KPIs
To reduce the failure rate, craft a robust hiring strategy that ensures hiring the ideal executive.
There is no fixed formula to hire the perfect employee. Both candidates and hiring companies need to be thoughtful.
In this article, we will share a few ways you can hire the best fit for the executive position at your company.
How to Hire Executive-Level Employees
Create an outline and strategy
A process and outline are crucial when you are hiring an executive. Executives play key roles in companies as they directly affect market value, profitability, and culture of the company. To prevent any bad thing from happening, you need to have a clear strategy, well-defined job roles, and the necessary skills you want to see in the candidate. You should also write down a few weaknesses you are willing to tolerate since no candidate is going to be perfect.
Also, define your goals. Why are you hiring this person? What you expect him to do? Will he expand the team? Will he take on a new category or product or will be responsible for the growth of the company?
List down all the interpersonal skills, core skills, and other strengths you want the candidate to have. Making a persona of the executive can save you a lot of time and can also save you from hiring the wrong executive.
Look for emotional intelligence
Emotional intelligence is important in leadership roles. If the employees have all the functional skills and industry knowledge but he lacks emotional intelligence, the chances are that he is going to fail. To test their emotional intelligence ask them questions that tell you about their collaborative skills, people management skills, and how accountable they are.
Self-management and social skills are also important. Executives should be aware of their
emotions.
Go beyond the traditional screening
Networking can help you take care of professional relationships and do background checks. You can also evaluate their Linkedin profile and look at their endorsements and testimonials. When you are interviewing the executive, don’t be afraid of asking open-ended questions as these give comprehensive insights about the candidate.
You should be able to evaluate their working style, their personality, their formal and casual behavior. Many companies want to hire executives Employees who have previously worked in a similar industry. However, hiring someone from a different industry who has a positive attitude could be a smart move.
Outsider or Insider
Sometimes, it is a good idea to hire someone from the inside. For many companies including
Nike, FedEx, Colgate, and more, it has worked to promote from within.
● If your company is growing rapidly and you are looking for someone fresh, then it can be
a good choice to hire someone from the outside. But this does not mean, you can just
hire anyone. You to have assured that the hired person has both functional and
interpersonal skills
● If your company has employees who have worked hard and made big contributions to
the company, then they deserve to be promoted to higher ranks. Hiring from within will
also reduce the cost of hiring. If you think that the person lacks leadership skills, you can
give him time to improve or train him.
Conclusion
The process of hiring executives is risky, complicated, and difficult. There are so many factors you need to consider. If you can afford to hire an executive search firm, then don’t hesitate. These firms specialize in executive search UAE and can find you the best candidate for the vacant position.
