How to Hire Business Leaders
One of the biggest challenges for businesses today Is getting the right people and holding onto that talent. With the average monthly churn rate in the US sitting 4% in January 2022. This means businesses need dedicated teams and established partnerships with executive search and recruiting agencies to ensure they maintain their staff levels and can grow their staff effectively with their business growth.
When it comes to business leaders the challenge of sourcing talent becomes significantly harder. Due to the increased costs of a failed hire, and the small pool of top talent available with the experience and qualifications, you require. Given this, there are many established ways people hire new leaders.
The main ways people recruit business leaders
There are 4 ways companies generally recruit executives & leaders:
Executive Recruitment Agencies
Executive search firms are how many established businesses find their new leaders. Click here, to learn what Executive Search firms do.
This is due to the reality that finding new talent is an ongoing challenge and developing a relationship with a reputable Executive search firm can:
- Reduce the risk of new hires
- Cost of new hires
- Reduce the time to find them significantly
- Offload the workload of the search to an external temporary expert consultant
Even though working with executive search firms carries additional costs, risk mitigation, increased search speed, and support easily offset these costs. And even more so as your relationship develops and you learn to work together better.
Furthermore, executive search firms can work confidentially on your behalf, finding replacements for positions that may already currently be filled. This is called a confidential executive search.
Want help with your Executive search? Contact me. With over 25+ yrs in executive search and as a managing partner at Boyden executive search I can connect you to an expert consultant or team of consultants who specializes in your industry and needs.
Can Executive Search Benefit Your Business?
Popular in start-ups and small to medium-sized businesses, Referrals from the company’s own network, albeit a shareholder, director, or stakeholder. Are common, Due to the liability the referrer carries in suggesting the candidate. And their own vested interest in the business’s success.
Commonly done, many leadership positions are publicly listed, alongside all other methods. However, this leaves a large amount of manual work needed to be committed to filtering through candidates.
This can be ideal for finding applicants. But many top talent candidates are not actively job searching, So the top talent you often will be seeking will not be applying, due to the success they are currently having elsewhere keeping them busy and focused. Furthermore, this isn’t a recommended method for replacing currently operating staff.
Internal Promotion is common in established institutions and start-ups alike, due to the amount of relative hands-on experience they have in the company. Depending on your business may be crucial due to the importance of company culture, or expertise which is required for the role. However, for many companies, this can be a nightmare. Due to the chain of replacements, they may need to do to replace the role the candidate previously filled.
For instance, if you promote your world-class sales team lead to CRO, you’re going to need to replace your sales team lead, then if you promote your top salesperson to sales team leader, you will have just lost your top salesperson.
Furthermore, someone who develops inside a business is less likely to have unique experience and ideas from outside experience, Which helps a company innovate due to fresh external experience and thought being added to the leadership team. These are some of the many cons of internal promotions why in the majority of industries a lateral external hire is preferred to an internal promotion.
What leadership do you need for your business right now?
When Hiring Executives, It’s crucial to ask: what exactly your business is trying to achieve? What would success look like for them in the business? What are they going to be measured on?
This all depends on the role, and your business needs. Which we explore below.
Leadership Qualities to Consider for Each Executive Role
When hiring any C-level Executives, Understanding your current industry and your business in it is key. Are you looking for a visionary CEO to lead and capture an emerging market? Or maybe a CEO to Stabilize your business in hard times?
These types of questions need to be considered in depth role by role. You can find role specific guides below
C-Level Executive Hiring Guides
How to Hire a CEO
The CEO is a hard role to hire. You need to find someone who believes in the business and product or service. Someone who has good ideas for its future, while ensuring the team they build can execute. Let’s learn how to hire the right one for your business. - Read More
How to Hire a CFO
Here, we talk about how to hire a CFO and the special things you need to think about when hiring for this position. Because the CFO has so much power over the business's finances, they can be one of the hardest people to hire. - Read More
How to Hire a CHRO
CHRO is in charge of a company's human capital. They come up with policies and systems to identify, develop and retain top talent. How do you find a world-class human resources leader? Lets learn how to hire a CHRO - Read More
How to Hire CMO
Your CMO must be an expert in your primary marketing channels, as well as understand your industry, niche, and customers, as well as other potential customers. Given this, it is frequently necessary to find someone with a specific set of skills and experience in order to succeed. - Read More
How to Hire a CTO
Hiring the right CTO for your company is critical. You don't want to find someone who only knows how to solve your technology problems, but someone who understands how to do so in the best way possible using the most up-to-date tools available with security as a primary concern. - Read More
How to Hire a CIO
Your next CIO needs to build the systems to capture, manage and proliferate the data from across your business. This means they need to have a deep understanding of your business and industry, as well as the technology which could power it. - Read More
How to Hire CRO
The CRO is often one of the shortest tenured people in a leadership team. With the duty of merging the capabilities of the marketing, sales, and technology team to find synergies to grow revenue and grow it fast! - Read More
How to Hire C-level Executives (10+ guides!)
Here I cover in-depth the steps I would recommend to Hire a C-level executive. This article also includes links to over 10 roles specific guides. such as: CEO,CFO, CTO and more. Read More
Want Professional Executive Search help for any industry globally?
As a Managing Partner at Boyden, I can assist you personally or refer you to a member or group of our global search team who is best suited to assist you and your company's specific executive search needs.
Leadership Qualities to Consider for Each Managerial Role
Finding the right manager with the right fit for your business comes with a wide range of unique considerations. Are you hoping they start a new branch on a new continent? Do you need them to restructure a failing long established branch of your business? Do you need your own rockstar VP of HR to manage your human capital?
Again the need and intention of every new role in a company is highly specific. So I dive deeper into each key role below.
Senior Manager Hiring Guides :
How to Hire A Company President
As the CEO's second in command, the President is in charge of ensuring the CEO's vision is realized. As a result, you must be able to effectively collaborate with your current CEO and lead daily operations. - Read More
How to Hire a Senior General Manager
As an operational/administrative guru, the General Manager needs to be able to juggle a range of mission-critical tasks to ensure the business runs smoothly. Understanding the skill and responsibilities this role will have enables you to hire the best one. - Read More
How to Hire a VP of Marketing
As the main driver in ensuring the campaigns and marketing vision gets executed the VP of marketing. needs to be an effective leader and exceptionally organized and a great communicator. To work best with the diverse team they will lead. - Read More
How to Hire VP of Sales
VP of sales can lead in a range of ways. Will they work with your team right? Do they understand your customer and your product? Taking your time to understand your needs will ensure you will get a VP of sales who will grow your revenue - Read More
How to Hire a VP of Finance
Hiring a VP of Finance is challenging. Finding a person with experience who can help you in your journey through an IPO, merger, or acquisition, or ensure your cashflows are accurate is hard. Here I break down what your need to consider before hiring a VP of Finance. - Read More
How to Hire a VP of HR
Finding, engaging and retaining talent is one of the most important things your need to do. To keep you ahead of your competition. A Great VP of HR can be the main reason you are competitive or ahead because they keep the best talent in your business. - Read More
How to Hire a VP of Engineering
To create a great product, you need great engineers. A leader to inspire and push the team to create something amazing. A VP of Engineering can help bring structure and consistency to your development to help your product win against the competition. - Read More
How to Hire Senior Management (7+ guides!)
Your senior management, the people who execute your executive’s vision. All require a high set of skills depending on their area of expertise. Here we explore how to best hire them and deep dive into key roles. - Read More
Want Professional Executive Search help for any industry globally?
In my capacity as a Managing Partner at Boyden, I can either personally assist you or refer you to a member or group of our international search team who is best suited to meet your company's unique executive search needs.