In the startup world, there's an obsession with finding the "unicorn"—the perfect candidate who can catapult a company. However, in later-stage or public companies, where experienced CEOs rather than first-time founders are in charge, there is a deeper understanding that we are all flawed and that chasing perfection can lead to stalled projects, missed opportunities, and stagnant growth.
Recruiters know that long recruiting cycles, where CEOs search for the unicorn candidate, almost never lead to the best hire. Instead, an efficient and streamlined process, grounded in marketplace and candidate realities, will deliver the absolute best talent to make an immediate impact on business.
Here are five things savvy CEOs do when hiring:
- Run a Tight Process: A tight process means:
- A clear job specification outlining the "must-have" requirements for the role.
- Identifying key stakeholders and being clear on who candidates will meet with, and in what order, keeps the process moving quickly.
- Creating a consistent feedback loop removes emotion from the decision-making process, ensuring all candidates are evaluated on equal footing.
- Recognize All Candidates Have a Growth Curve: I’ve never seen an executive enter a new role without some form of a learning curve. Everyone has expertise, and everyone has opportunities to grow. The best CEOs do their diligence during the interview process to understand where the gaps are and ensure new leaders have the resources to build around them to meet business needs. Not only does this approach accelerate the hiring process, but supporting new leaders early on also creates loyalty and reduces turnover.
- Value Emotional Intelligence: With technology rapidly shifting how we work and multiple generations in the workforce, hiring for emotional intelligence (EQ) is non-negotiable. While you’re searching for someone with specific skills and work experience, don’t overlook the importance of EQ. Leaders with high EQ can navigate challenges, build strong teams, and contribute to a positive company culture—all crucial elements for company success.
- Build a Strong Talent Pipeline: Waiting until there is an urgent need to start the hiring process is a recipe for delays. Instead, always be proactively building and maintaining a strong talent pipeline. Cultivating relationships with functional leaders in your industry allows you to have a network and a much stronger understanding of the role and talent needed when you are ready to recruit.
- Leave the Hiring to the Experts: This may sound self-serving, but it’s not. The best CEOs partner with top executive recruiters to manage their leadership hiring. Great executive recruiters know the talent marketplace and how to bring top candidates to the table quickly. I work with countless companies that spend months trying to source their own candidates before turning to us. They do this because they want to save money. I get it—I’m a CEO as well, and managing expenses versus profits is important. But when evaluating expenses, it’s essential to consider opportunity costs as well. Think about how your business could be positively impacted if you hire a top revenue or business leader four months quicker.
No matter what the economy presents us, there will always be a war for the best talent. Smart CEOs know that success doesn’t come from chasing mythical "unicorns" but instead comes from running a smart and informed recruiting process that incorporates marketplace intelligence and realities. Don’t let the search for the impossible hold you back—focus on finding and nurturing talent that will make real and immediate impact on your company and clients.
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