Keys to Getting the Most Out of Your Executive Search Process
February 21, 2024 – Hiring the wrong executive can cost your business time, money, and credibility. It’s important to get it right the first time around. A recent report from Comhar Partners outlines a formula for optimizing your executive recruiting process, from defining your hiring need collaboratively with your senior leadership team, board, and investors, to connecting with the right candidate pool and assessing wisely, and, of course, onboarding and cultivating your new executive hires.
Step 1: Collaborate.
The success of an executive hire starts with collaboration between the company’s senior leadership team, board members, and investors, according to the Comhar Partners report. “All stakeholders should work together to define their needs in terms of what they need from an executive hire,” the study said. “They should also agree on a timeline for when they want to make a hire, as well as a strategy for how best to approach recruiting potential candidates.”
Comhar Partners explains that these conversations are essential in order to ensure everyone is on the same page about the role and expectations for any new hire.
Step 2: Connect.
Once you have identified what you need in an executive hire, the Comhar Partners report says that you can look for prospective candidates. “It’s essential to cast a wide net when searching for potential executives—connecting with industry leaders, attending events that target executives in related fields, leveraging social media, and engaging with search firms can all help you find qualified candidates,” the firm said. “When evaluating potential hires, it’s important not only to assess their skill set but also their cultural fit within your organization; after all, if they don’t fit in well with the existing team dynamic then they won’t be able to perform optimally in their role.”
Related: The Benefits of Using an Executive Search Firm
Finally, once you have identified top contenders it is important to negotiate compensation packages that are fair and reflective of market trends so that you retain top talent long-term, the Comhar Partners report explains.
Step 3: Cultivate
Before onboarding new executives, Comhar Partners explains that it is important to set clear expectations internally and externally—make sure that everyone involved understands what is expected of them individually and collectively as part of the team effort.
How to Onboard New Senior Executives
Whether you’ve secured locally-based talent or hired from afar and are supporting a relocation, remember that starting a new chapter at any level of one’s career is both exciting and stressful. This is particularly true of those at the executive level, according to a report from Johanna Vargas, vice president and senior associate at BroadView Talent Partners. “A new door has opened, and investing the proper time and effort to create a comprehensive onboarding experience will make the journey as smooth as possible for your new employee, whether they are mid-career or joining the C-suite,” she said. “More importantly, this process is crucial to their success and longevity at your organization. Effective relocation and onboarding programs are powerful employee retention tools that deserve maximum attention.”
“There are of course the standard components that cannot be ignored, such as an informative welcome package, meet and greet, orientation, training program, and IT setup,” Ms. Vargas said. “But taking it one step further to ensure a streamlined process, clear communication, proper timing, and practical resources not only provide a fantastic candidate onboarding experience, they speak volumes about your company culture. It’s this attention to detail that helps to maximize engagement, evoke a positive attitude, and ensure new hires feel supported, hopeful, and excited about their leap onto your payroll.”
“Additionally, it is helpful to foster relationships between executives by helping them make connections with other people at the company who may have similar interests or goals—this helps create an environment where people feel comfortable approaching each other when needed and strengthens bonds between them outside of work hours as well,” the report said. “Finally, provide frequent feedback on performance so that executives understand how they are doing; this helps build trust between all parties involved and encourages ongoing improvement over time.
Conclusion: Recruiting executive talent can be a daunting task but if done correctly can lead to positive long-term outcomes for businesses big or small alike.
“By following our three simple steps – collaboration among stakeholders at every level; connecting with appropriate candidate pools while taking into account cultural fit; cultivating relationships through frequent feedback – businesses can optimize their executive recruitment process while finding top-tier talent that fits perfectly into their organizational culture,” Comhar Partners said. “CEOs, board members, and investors should use these steps as a guide when searching for an executive team member – ultimately creating success stories instead of costly mistakes!”
Headquartered in Naples, FL, Comhar Partners’ offerings include executive search, professional recruiting, and talent advisory services. The firm has specialized recruiting consultants based in six offices across the country. Comhar Partners’ markets include consumer products and services; financial services; healthcare and life sciences; industrial; private equity; professional services; sports management, education, and non-profit; and technology.
Related: Using a Recruiting Firm to Improve Your Hiring Process
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Executive Editor; Lily Fauver, Senior Editor – Hunt Scanlon Media
