Hiring a CEO is obviously very much different from hiring a regular corporate talent. There are lots of procedures and negotiations involved that some hiring process may take months. It should be stringent and properly planned as always.
You are looking for a leader with a vision. You want the best person possible, knowing that a lot of people will also depend on them. So, when it comes to hiring a CEO, you may want to take into account the following:
Create a separate committee
Hiring a CEO is a very specialized task that some corporations actually build an ad hoc committee to make sure that the hiring process will be accurate and high-quality. The committee is usually composed of high-level seniors and stakeholders. When assembling the search team, you need to make sure that there is diversity. Different points of views also have a chance of leading the company to a fruitful decision.
Hire a headhunter.
You may wish to do it on your own, but you can always utilize the services of a headhunter or an executive search firm. Such recruitment agencies specialize in finding people who have senior positions, and their network will surely be valuable. Headhunters operate very much like a relationship matchmaker who will lead you to the right leader and visionary that will lead your business.
Screen thoroughly.
Together with the search committee and the headhunters, you will be screening the possible candidates and eventually come with a shortlist. At this point, you will be looking at the track records and accomplishments of the candidate. Similarly, you may need to look for scandals and issues that they have faced and their methods of dealing with them. As much as possible, you should not find a wide negative coverage, as it may affect the image of the business. You may use your PR network and digital marketing team to learn more about the candidates that you have in mind.
Approach wisely.
When hiring someone for high-level ranks, it is common practice that it is the company who approaches the candidate. But do it with wisdom and caution. During the meeting, you need to find out if the candidate is a good fit for the company and vice-versa. If they are interested, you can invite them to a set of interviews that will help your stakeholders get to know them better. Ask questions on important corporate issues – from handling operational concerns to dealing with negative publicities. Cite hypothetical scenarios to gauge their decision-making skills.
Make the right offer.
Once the interviews are over and you have picked the perfect fit, draft the offer. This is a critical period, as CEOs often have certain arrangements and requests in mind other than the hefty monthly salary. Confer with the finance department and the board when it comes to the negotiation for the compensation package.
Keep things straightforward.
While the process of hiring a CEO could be quite lengthy, that does not mean that everything is complicated. It just happens that the candidates think things through before making a crucial decision. However, keep things as straightforward as possible, knowing that your candidates are busy people, too.