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Executive hiring is a critical part of your leadership strategy. The right leaders can drive your company toward success, but hiring the wrong ones can drastically derail your progress. Unfortunately, there are plenty of misconceptions about the executive search process, and these can lead to costly mistakes.
Today, we’re dispelling three common myths CEOs often believe about executive hiring, and sharing the knowledge you need to build an effective leadership team.
Myth 1: The Perfect Candidate Exists
One of the most pervasive myths in executive hiring is the belief in the "perfect" candidate—someone who ticks every possible box, has a big-name background, and knows all the right people. This search for the elusive perfect candidate can cause CEOs to overlook talented leaders who—while perhaps not perfect on paper—bring valuable skills and perspectives to the table.
Instead, we recommend focusing on vital skills, values, and cultural fit. Embracing a broader perspective on candidate qualifications can expedite the hiring process and help you discover exceptional talent you may have previously overlooked.
Rather than using the job description as an exhaustive list of tasks and skills encompassing the full extent of the role, we recommend using it to cover the absolute requirements and paint a picture of how the role will contribute to the organization’s needs.
As your business grows and changes, so will the role. Skills can be acquired, but a candidate's adaptability, leadership style, and alignment with the company’s vision for the future are key indicators of long-term success. Look for candidates who demonstrate the ability to grow and evolve with the company.
Truth: A perfect candidate rarely exists. Expanding your search to include leaders with similar goals and capacity for growth can improve your chances of finding talent who will make a meaningful impact on your business.
Myth 2: An External Hire Is Always The Way To Go
While bringing in an external hire can often be a good choice, it isn’t the only one.
The excitement of bringing in an external hire with fresh ideas and a new perspective can overshadow existing, internal candidates.
Internal candidates can bring plenty to the table, including invaluable institutional knowledge, established relationships, and a proven commitment to the company's mission. While external hires can indeed bring fresh insights, internal promotions foster a culture of growth and loyalty. Balancing external hires with internal promotions can provide the best of both worlds, blending fresh perspectives with deep organizational understanding.
Truth: It’s a good idea to evaluate the existing team before committing to an external hire. You’ll have a better understanding of your needs, and you might find strong leaders already at your organization.
Myth 3: Hiring An Executive Should Be Formulaic
Executive hiring is not a one-size-fits-all process. Every team is different, and the search process should account for your specific needs. Similarly, executives are unique and offer different skills and experience. No individual can be an expert at everything, and while a leader might thrive in one situation, they might not be well suited for another.
For example, if you’re looking for a CMO, you won’t want to hire just any Marketing leader. There’s a big difference between a CMO with a branding background and one with a product marketing background. The needs of your organization factor heavily into every stage of the search process.
We’ve found the most successful searches happen when your team is fully invested. Taking the time to determine priorities, conduct comprehensive interviews, perform detailed background checks, and ensure cultural fit pays off in the long run. Doing the work to find the right new hire reduces the likelihood of costly turnover and drives long-term success.
Truth: A thoughtful and tailored approach to executive hiring is key for success.
Bolster Your Executive Search
Successfully navigating the executive search process demands a departure from traditional hiring myths in favor of a strategic and thoughtful approach.
To learn more about Bolster’s attitude towards executive search, check out these resources:
- Getting Started with an Executive Search Partner
- How Top Companies Are Approaching Executive Search for Success
- Why is executive search broken?
- 3 Tips For A Successful Executive Interview Process
We understand the intricacies of executive recruitment, and our approach is designed to guide you through the complexities of hiring leadership with ease.
When you work with Bolster, you get access to an extraordinary team that takes the time to listen, understand, and respond to your needs. It’s our mission to partner with and support founders—whether by expanding your access to top talent, offering up our expertise and perspective, or sharing resources that will help you scale.
Want to know more about what it’s like to work with us? Book a time to chat with our team.
