The advantages of hiring excellent executives are numerous. Companies of different sizes and sectors experience the results of their choices and achievements on a daily basis, especially when we refer to senior executives and C-levels, the highest levels of a company. After all, they drive the company's performance.
Looking in the rearview mirror, the year 2022 was quite vigorous for the R&S - Recruitment & Selection industry. According to a recent report in the newspaper Valor Econômico, the consultancies that recruited C-levels pointed to an increase between 23% and 50% of business in the year.
For 2023, we foresee the recovery of the economy and that investments will be maintained, and consequently, that the strong level of hiring will be maintained.
It is possible to prepare your company for this scenario, where competition for professionals with excellent track records becomes even fiercer.
To facilitate the preparation, our team separated some suggestions into 4 stages: prior planning, identification of qualified candidates, compensation & benefits and selection of executives. Below we detail each one of them.
Prior Planning
Top executives are professionals who have already had opportunities to accomplish great things in their careers. As a rule, they have a good standard of living and financial stability. To attract them, your company must have a very well-defined set of qualities.
One possibility is to start planning by your company's core values. If your company does not have a well-defined mission, vision and values, this is a good opportunity to define them. They are fundamental in attracting talent.
To exemplify, here at Good Bridge we have the following values: agility, cordiality, diversity & inclusion, integrity, optimism and simplicity. When looking for an executive to join the team, he necessarily has to share values similar to ours.
Also at this stage, the company's owners and main directors need to identify the great need when bringing the executive: accelerated growth, renewal of the product and service line, turnaround, among others. Having the challenge of the position clearly defined makes it easier to attract professionals who have this expertise, motivating them to execute.
With this, it is also possible to define - in an objective and measurable way - the proposed goals for the position.
If the company does not already have an established R&S process for senior executives, which includes activities, deadlines and responsible persons, this would be a great opportunity to define it.
Identification of Qualified Candidates
With the prior planning completed, it is possible to start identifying and attracting candidates.
Our suggestion for R&S of top executives is to consider professionals inside and outside the company.
Considering the professionals who already make up the team, it is simpler to identify those who have the potential to assume high positions, or even the absence of employees to be considered for these challenges.
As for market professionals, it is common for the company's owners and current executives to maintain a relationship with some of them, through sector fairs, courses, lectures, among others. This networking helps identify outstanding executives who are potential candidates for the position.
In addition to the professionals who already work in the company and the external ones who may be on the radar, it is interesting to open the opportunity for other professionals who work in the same sector, similar or even different from the one in which your company operates, but who may be highly qualified to the challenge.
An R&S partner like Good Bridge can advise the company throughout the process, attracting talent on these 3 fronts and even ensuring confidentiality, whenever necessary.
Compensation and Benefits
As we also mentioned in the pre-planning stage, senior executives already have a strong track record and financial stability.
To define adequate compensation and benefits, it is possible to start with a survey of what is offered by the competition/market. From there, the company can establish an even more interesting package.
It is important that this package be flexible, and that it be adapted as conversations with potential candidates progress.
Our suggestion is to also include intangible items, such as participation in national and international fairs, courses and lectures that help strengthen the executive's personal brand and networking, which in addition to motivating him, also brings return for the company. A recent study by the University of Arkansas points out that CEOs considered charismatic can even raise the IPO values of the companies where they work.
Another example of an intangible benefit would be paid vacation or leave, or something that is exclusive to top executives.
It is worth mentioning that a positive organizational climate, the company's culture, the products and services it sells, the human capital that works there and even a clear and defined selection process are part of the "package" to attract executives.
Selection of Executives
Still in the initial evaluation phase of qualified candidates, it is worth researching their online presence in social media, such as: Linkedin, Youtube, Facebook, Instagram, among others.
For the interviews, we know that the agendas of the company's owners and top executives are very busy, but the participation of some of them will be essential at this stage. It is important that they take place in different media (phone, face-to-face, video, etc.), places (in company, in restaurants, etc.), formats (individual and collective) and styles (formal and informal). Each of these elements will bring different and complementary perceptions about the candidates' profiles.
Entering the profile, our suggestion is to look for candidates who demonstrate - through real situations - that they have taken on complex challenges in a positive way, and that are moved by these challenges. It is worth prioritizing those who were able to lead their respective teams by example.
Finally, when the time comes to decide among the great finalists, it is also worth prioritizing timeless qualities, such as showing empathy, having a good heart and enthusiasm.
May you and your team be very successful in 2023!
By Good Bridge Team.