The Secret Recipe For Attracting Top Executives

Can you guess the average cost of a bad hire? You might be shocked to learn that it’s a whopping 30% of their expected salary. When it comes to executive level hiring, that number can easily be a big hit. That’s why it’s critical to invest in hiring right.

Hiring an executive is a long-term investment regarding both time and money. When done right, this investment more than pays for itself.

Winning the war for executive talent takes more than just an attractive job listing. We are currently in a candidate’s market, so there is an added layer of competition among companies seeking top level talent. Having a carefully crafted strategy is the only way for organizations to stand a fighting chance at hiring right.

A solid plan

As with many things in life, having a strong hiring plan hugely increases the odds of success. Take the time to develop a roadmap from start to finish of what your hiring process is going to look like. You should know the details upfront, such as where you’re going to look, whether you’re going to use a recruiting firm, how many stages will be involved and what will they each look like, and what the actual timeline is going to be. Make sure that your team is prepped for the process and ready to positively represent your company, conduct unbiased interviews, and stay on top of communications.

A clear vision 

Don’t confuse plan and vision. While a plan refers to the step by step of the hiring process, a vision is all about defining clear expectations of the role and responsibilities. Before beginning the search process, get very specific about what it is that you’re looking for in terms of qualifications, experience, culture fit/add, and behavioral/personality traits. You should also have an idea of where there’s room for flexibility and where there’s not. Don’t make the common mistake of overlooking one’s potential simply because their background seems limited. Throughout every stage of the hiring process, check in with your plan and vision to make sure that you’re staying on track and not settling for something less than what you initially set out for.

A thoughtful interview process 

Having a thoughtful interview process is an essential part of hiring right. Don’t think that winging it will generate the results you’re looking for. Do your research upfront and try to implement the tactics that are proven to be successful. It helps to have the understanding that an interview is a two way street, in which the candidate is also interviewing the company. An interview is ultimately the new hire’s first impression of the company, so your hiring team should conduct themselves accordingly. Make sure that your team understands the hiring goals and have been briefed on the plan and vision. Companies need to be thoughtful on the number and structure of the interview and assessment approach to determine the executives skills and capabilities. 

An open line of communication

Last but not least, ensure that you have timely and clear communications throughout the entire process. This plays a huge role in ensuring a positive candidate experience, which is a determining factor when top candidates are considering their job offers. Keeping an open line of communication is also an easy and important way of demonstrating respect, which is important in any exchange.

Observing these practices will not only help land the right talent for your company, it will also dramatically increase talent retention. If you’re looking for help in the hiring process, we’d love to support you! Follow the link below to schedule a consultation and learn about how we can help you meet your hiring goals.