Feeling pressure for a hasty executive hiring decision?
Recently, I have observed several credit unions make hiring mistakes for key executives, including CEOs. The disruption these “hasty hires” cause is palatable. In one situation, a CEO who lacked the strategic mindset the credit union needed was hired. In another, there was a significant skill gap; they hired a “finance person” when they needed a visionary leader. In yet another, the executive was not a cultural fit, alienating many valuable performers.
The pressure to fill key executive positions quickly is a common challenge for organizations navigating growth, change, or crisis. The urgency is understandable, given executives’ pivotal role in shaping a company’s direction and success. However, haste in decision-making can lead to several critical mistakes. Hiring managers and Board Selection Committees often face pressure to make quick decisions driven by the traditional approach of a thorough executive search and a rapid hiring decision. In this quest for fast solutions, the credit union often overlooks a strategic alternative: fractional executives. Let’s explore the drawbacks of rushing executive hires and the benefits of buying time with fractional executives.
The drawbacks of a hasty hiring decision
Four things are often overlooked when making a hiring decision:
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