The procedure of filling up positions for executives is quite tedious. It is crucial to check out applicants, review their credentials, conduct interviews, and choose potential candidates for the position.
Business owners should come up with the right criteria in hiring C-Level or senior management executives which include the chief executive officer, chief operating officer and chief financial officer.
These are the basic considerations in evaluating and eventually hiring these executives:
• It is essential to set the proper goals before making any moves to hire. Identify the manager or executive that you need. C-Level managers come with high salaries, allowances, perks, and shares in revenues. There should be parameters for success with regards to these positions.
For instance, C-Level executives should have solutions in reducing or eliminating wasteful expenditures; increasing profits, and, introducing cost-effective strategies.
The best candidate is expected to talk candidly about their recommendations for the company’s success. Transparency with objectives will guarantee that you are congruent with the applicant.
• See to it that the magnitude, culture and philosophies of your organization will not hinder the success of the C-Level executive. There are extreme differences in managing a large and small company. Regardless of the size, the manager must signify his or her capacity to adjust to the working environment.
• The common practice of large multinational firms is to opt for external C-Level hire rather than promote a manager from within the organization.
Even then, look at internal candidates if your company flourishes with a remarkable ethos and exceptional employee motivation.
Culture is difficult to gain knowledge of so take advantage of this opportunity if somebody within the ranks is suitable for the position. This decision will definitely boost morale which is a vital component of corporate culture. Employees are happy if one of their colleagues gets promoted.
Confidence grows and the entire organization benefits from this development. Yet, it is not wrong or unethical to look outside the company for a qualified candidate. In case there is nobody inside to assume the position and responsibility, the most logical alternative is to bring in a veteran executive.
This person can serve as mentor to younger and inexperienced managers while taking your company to a higher level.
• Review profiles and references thoroughly. Keep in mind that the curriculum vitae are just ordinary documents. Achievements can also be bloated or even tampered with but references can be hard if not impossible to falsify.
Talk to subordinates or associates who have worked for or with the executive. You can learn some facts that could have not been listed in the resume.
This can be the turning point of your decision to hire or reject the applicant. References can be the source of additional referrals. It will be more beneficial for you to have more points.
• The hiring process must be collaborative. It is advisable to involve some managers or even rank and file employees who will report directly to that executive.
Otherwise, expect some tension to develop. Besides, these employees have the right to be heard when it comes to the department’s targets, processes and problems.
• It is important to check the credentials of candidates and review references prior to holding interviews. Aside from academic proficiency, the executive must have an extensive understanding of major company functions such as administrative; financial; production or manufacturing; marketing and sales; inventory; and, distribution.
Enterprises need someone who can move fast and decisively. C-Level executives must have the capacity to provide judicious assessment of major predicaments because every single day is crucial for renewal
• The bottom line is to hire someone at the C-Level only after you have identified requirements. Avoid hiring one if it does not require a C-Level executive. You may only be throwing away precious resources, time and equity. If ever there is really a necessity, trust your instinct. You should have full confidence on this person to lead your company or a specific department.
• Concentrate on your organization’s mission and vision. This executive must share all these aims. Once you have found the right person, it is the time to move and formalize the hiring. Get ready for the transition period. This stage is critical for C-Level hiring.
Allot some time for adjustments. Everyone in the company needs to understand that there will be some changes and these will be beneficial to the organization and personnel. The workforce as well as managers must be willing to extend their cooperation and assistance to the new executive.
As soon as the new executive is set to assume the job, the organization is also in position to set its sights for more challenges and success. This is equally important for your company so it can keep in step with the competition.