A chief executive officer or an executive post for startup businesses is a critical job, which is why it’s crucial to set the right parameters when recruiting one. Key decisions, such as administrative, finance, human resources, and management decisions are made by an executive.
The major roles of an executive include planning, budgeting, and supervising managers, supervisors, team leaders, and all employees. Below are the important things to consider when hiring executives for your startup business:
Considering credentials cannot be emphasized enough. More often than not, companies seek the help of executive search firms, like M&A Executive Search, to find executive candidates who possess the right qualifications or credentials. The applicant should be able to show proof of your experience, certifications, and degrees.
You may have the money and resources to conduct an executive search, but a lot of executive hires are made through direct referrals. Board of directors, investors, and the advisory board may have someone in mind or know possible candidates who are perfect for the job. By considering referrals, there’s a quicker ramp-up period, and the entire hiring process is easier than traditional methods of recruiting executives.
Consider the candidate’s commitment
While you can get a mix of executive talents by posting an executive job vacancy on LinkedIn or other job sites, it’s crucial to know how well a candidate’s resume aligns with your brand and vision as a company. Ask the applicants if they are willing to start at a salary or rate that is below the industry standard since the company is still a startup. If the candidate is not willing to do so, then their motivation and commitment to the vision are questionable.
The commitment and dedication of a future executive are essential to attaining your goals and having a successful business. Recruitment specialists can help business founders discover top-notch talents for executive positions. In that way, startup businesses can benefit from top-caliber leadership.
Consider vision alignment
Whether from direct hiring or outsourcing, it’s important to have an assurance that the individual you’ll hire for the executive position shares the same vision as yours. Determine the candidate’s alignment with your vision by knowing their priorities, their life goals, how they make company decisions, and how the person measures success.
Here are some examples of questions you can ask to gauge the applicant’s alignment with your company’s vision:
- Why do you want to lead this company? Answering this question will give you an idea if the applicant is knowledgeable about your company’s vision and mission.
- Do you prefer implementing your management style to adapt to what the company already has? While there’s no right or wrong answer, answering this interview question will give you a heads up about the candidate’s priorities.
- What do you do if employees come to you to raise complaints? Asking this question will check how well the person can address problems in the company and assess a person’s management skills.
- How do you take negative feedback or criticisms? It’s important to hire somebody who is flexible and open to feedback and criticisms, which open opportunities for self-improvement and growth.
It is best to hire a complementary leader with a good track record and several achievements. In that way, once you’re able to identify your strengths and weaknesses, you can hire someone who can fill the gap so you can work full force in managing your startup business.
Hiring someone smarter than you is a key element to succeed. But, of course, you have to set aside your ego and find the best executives who can provide you with more accomplishments. Learn from them and enrich your personal development as you grow your startup business.
Personality, character, or qualities
Each individual has a subjective point of view when it comes to assessing an applicant’s personality and character. Because executives make hard decisions, it’s important to hire someone who has good traits and qualities, like excellent decision-making and problem-solving skills. Ask the applicant about major decisions they have done, and what were the results. An excellent candidate will even show numbers or proof of their accomplishments.
Here are the other good qualities of a great executive:
- Good communication skills
- Good listener
- Good people skills
A core executive talent is hard to find. There could be a large number of applicants but finding an expert, experienced, and trustworthy executive can be challenging. You can bring your employees or board together to create the best interview questions. Also, you can leave the recruitment process to an executive search company for your convenience and assurance of hiring a good catch.