Many growing companies will use the same search process whether they’re hiring entry-level professionals or C-level executives. They will search the job boards, interview top candidates, and then make a decision about who to hire based on experience and an interview. While this might work when hiring entry-level candidates, it doesn’t work when hiring top executives and will often lead to turnover and other hiring costs.
An executive search requires a strategic process with a lot more examination of potential candidates. There are five key steps that should be included in every executive search to make sure you’re hiring the right person the first time around.
Background Check
A background check may seem standard when making a new hire, but not all companies require one, especially for entry-level hires. But when hiring new executives, it is extremely important because these people are representing your company. Make sure that you perform both a criminal and credit check on final candidates. You want to make sure your future leaders are able to manage themselves personally as well as professionally, and performing a complete background check will provide you with this information.
Professional References
References may also seem like a standard hiring procedure, but in many entry-level hires, companies will accept references from peers and friends. The problem with peer or colleague references is that you have no idea if the colleague is a top performer or C player. If they give a glowing reference of the candidate but aren’t performing well themselves, it’s hard to take that reference seriously. Whereas a reference from a supervisor or manager is most likely coming from a high achiever who can paint an accurate and honest picture of the candidate. Always push for multiple references from supervisors when evaluating top executive candidates.
30-60-90 Day Plan
One of the best ways to determine if a candidate will be a success in the future is to ask for a 30-60-90 day business plan. The candidate should provide a strategic, data-backed plan that shows how they’re going to tackle different problems in your business and what kind of decisions they would make. You can learn a lot about a candidate from their resume and their interview, but a business plan will really help you determine if their leadership style and goals align with your culture and the direction your company is headed.
Assessments
Another key part of the executive search process is having the candidates perform different assessments. An assessment helps go beyond want you can find out from a resume or during an interview. The best assessments for evaluating top executive candidates are psychological and behavioral assessments.
Extended Interview Cycle
Finally, one of the biggest differences between hiring entry-level candidates and executives is the amount of time spent interviewing and the variation in the types of interviews. Most hiring processes start with a phone interview, an in person interview, and then a final interview. When hiring executives, you want to extend the interview cycle and make sure you interact with the candidates in many different settings. Phone interviews, Skype, in person interviews, dinners, and even dinner interviews with spouses are all good opportunities to evaluate candidates outside of a formal interview setting.
There are big differences between making an entry-level hire and an executive-level hire. Many small businesses and entrepreneurs make the mistake of hiring the wrong executive and end up costing the company a lot of money, time and effort. Adding these five steps to your executive hiring process will help you make the right hire.
