The three Rs of executive-level recruiting
by: Dan Balough
As an experienced business professional, you are aware of the high cost of recruiting and retaining employees—particularly your senior-level employees. Strong leadership can make or break a company, and as your organization grows, the responsibilities can become too heavy for your shoulders alone, leaving you in the market for a senior-level employee to help you successfully run your business. Being able to share responsibilities with an experienced, knowledgeable, executive-level employee could be the key to your company’s growth and expansion, making executive-level recruiting vital to your business.
You want to be strategic and methodical about your executive-level hiring decisions. After all, hiring the wrong person can be an expense your business may not be able to afford. There are not only monetary costs associated with hiring the wrong person, but non-measurable costs such as time spent recruiting and training, and any negative effect the wrong person may have on your staff and customers. Those expenses increase the higher up in an organization the executive is, making executive-level recruiting even more important. According to a study by the Society for Human Resources Management (SHRM), the cost of a bad hire could cost up to five times their annual salary.
A common phrase that you’ve likely heard is “you have to spend money to make money.” That statement may be true in many business cases, but before you start throwing money at that CEO or CFO candidate that you’re trying to recruit like they’re Lebron James, consider the three R’s of effective key-level employee recruiting.
Recruit
Recruiting talented leadership in today’s business environment can be a challenge. Before you begin your recruiting venture, make sure you know exactly what you’re looking for in the right candidate and have a thorough understanding of your expectations. Knowing what you’re looking for will narrow the search and explaining to the short list of candidates what you expect and require could help further weed out any candidates that don’t feel they are the right fit for the job.
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