Why Is Speed Now so Essential to Successful C- Suite Hiring?
Hiring for the C-Suite may well be the most important personnel moves a company can make. C-Suite executives set the agenda for the firm and are responsible for the important decisions that mean the difference between success and failure in the marketplace. Therefore, it would appear at first glance that the hiring process should be a longer one to ensure that the best possible hire is made.
While it is true that the process needs to be thorough, speed is increasingly of the essence when making C-Suite hires. Having an unfilled position in the C-Suite for any length of time can cost a business dearly in money and lost opportunities. Here’s what you need to know about why it is important to move quickly to fill these positions and why an executive search term may be able to help you streamline the process:
Why Speed Matters so Much Now
Why is speed so important in C-Suite hiring right now? As has so often been the case with so many changes the last few years, the COVID-19 pandemic is a key factor. The lockdowns and subsequent conversion to remote or hybrid work environments led many people to reassess their careers and what they truly want out of a work experience.
At the same time, many voluntarily left their current positions without having a new position lined up. The result was a surfeit of open jobs and a job market that highly favored candidates over companies. With so many highly qualified C-Suite candidates having the luxury of multiple potential job offers, companies really need to step up their hiring game to stay competitive.
C-Suite candidates are highly in demand and are likely to have multiple offers on the table at a time to choose from. They will be weighing the pros and cons of these offers as the process continues. Making these candidates wait around for weeks on end for an interview or job offer is a recipe for disaster, as many will likely take a position with a firm that demonstrated promptness in their process.
Firms that seem hesitant or lackadaisical in their hiring process can expect to have trouble getting the best talent available. Candidates can easily forget about a firm that doesn’t follow up quickly, and they are likely to favor firms that exhibit speed in their hires.
Setting Parameters for Hiring
One of the key factors in creating a rapid process for hiring in the C-Suite is for a company to know exactly what they’re looking for before searching for candidates. Having a set of desired qualities for a new hire helps to narrow down the potential field and expedite the entire hiring timetable.
A company should also try to envision the “ideal candidate” for the job. This provides a sense of exactly what is most desirable and can help to define the requirements as well as the intangibles. This isn’t to say that the parameters should be set in stone. If a strong candidate emerges that lacks a particular requirement, companies need to be flexible enough to adjust on the fly. The important thing is that there is an overall image of what to look for that can effectively narrow the prospective pool to a manageable level.
In the new workplace environment, there are certain aspects that might not have been considered in the past, but which are now vital to hiring. For example, having a remote policy for executives can help prospective hires decide if they are interested in the position. The pandemic put many executives in remote workplaces, and some might wish to continue in that manner in the future.
By quickly understanding the company’s remote policy, candidates can decide whether they want to explore the position or not. This, in turn, weeds out those who aren’t a proper fit. Company culture is another area that younger talent is very concerned with. Being able to demonstrate the company’s culture quickly to prospective hires will save a lot of trouble later, when candidates are deciding whether to accept a position.
Companies might want to consider using an executive search firm for their C-Suite hiring. These specialists are experienced in making hires and once given the baseline needs of the company, they can create a timeframe for the hire and make sure to stick to it. Their vast networks allow them to create a candidate pool and begin to sift through it quickly. These firms are well versed in the sorts of problems that can arise that will delay the hire and are better able to avoid them than the company might be.
