Transforming C-Suite Recruitment and Executive Search

Studies have highlighted the considerable turnover associated with CEO’s. A report by Korn Ferry discovered that over 10% of CEOs have stepped down after one year, and after three years, this figure rises to 34% as CEOs pursue other opportunities. 

The study has raised discussions concerning hiring experienced talent capable of filling the CEO role. With supply and demand levels often not in sync, now is the time to consider the recruitment strategy for C-Suite and explore a new phase of executive search.

Today’s CEO doesn’t necessarily look like the CEO of the past. The position requires adaptability and greater agility. Reports suggest that executive roles remain open for extended periods. CEO roles have become more challenging to fill. 

The speed of decision-making will be vital for both clients and candidates. Responding quickly to requests and questions can ensure candidates remain in touch with the hiring process. Ensuring a business accurately represents its organisation, role, and culture will improve the chances that any inappropriate candidates will opt out of the process.

Selecting the best CEO

The costs associated with hiring the wrong person can be significant, and this figure can increase considerably at the C-Suite level. For executive search companies, the impact of getting the hiring process wrong can be very damaging. Reputation can be impacted during the hiring stage and can influence the level of confidence and trust. Having deep industry knowledge comes with experience, and this level of experience can generate an extensive network that can produce a pipeline of potential leaders.

Through in-depth market knowledge and industry recognition, it becomes easier to determine the skills, experience and other features of a candidate against the needs and culture of an organisation. 

Refining your search strategy

Candidates are far more aware of culture, work-life balance and professional development opportunities. These are factors that must be considered carefully by an employer. Flexible strategies can make this possible, especially with executive search firms focusing on the candidate. Focusing on questions such as “Why would a candidate join a business or do their qualities fit with the challenges and opportunities of the organisation?” is critical in defining a candidate’s potential and ability to positively impact a business.

The needs must also meet the requirements of the hiring company. Technology plays a critical role in delivering the best practices for hiring businesses. 

The last few years encouraged many executive search firms to explore alternative processes. The rising turnover rate with CEOs has made it even more challenging. Better agility with the hiring process, combined with strong industry knowledge only improves the chance of finding the right person and enhances the process for both parties.