Build a strong evaluation process
An excellent evaluation methodology goes a long way in setting the tone. The right evaluation system forms a bridge between the company’s strategic goals with a potential candidate’s capability to perform the job. You also need to consider vital factors such as ethics and integrity, team player skills, execution records, previous shareholder returns, and several other key factors. You also need to factor in the candidate’s ability to work with the board.
Placing someone in charge
Ideally, you could place a board leader in charge of the situation. By doing this, you ensure there’s effective leadership at the top that can prevent succession from falling into an event based crisis. You also need to consider both short-term and long-term scenarios where two leaders should be ready to replace a single candidate in case of an issue with the top executive. This ensures you have someone ready to succeed after the new CEO exits in a routine handover.
Talk to candidates and resource pools directly
Talking directly to candidates and their sources becomes a single point of verification. When hiring experts engage with several third parties to source a perfect candidate for the role of a top executive, boards are incapable of handing off the entire vetting process. A few trusted sources can be handy while helping you attain more useful data on the potential candidate. Without this, you might end up receiving false and irrelevant information related to the candidate.
Confidentiality is crucial
When you are hiring someone for the top executive, you don’t want to reveal information related to potential candidates. Top recruiters claim that several good candidates for the CEO position bail out once their identity is revealed to in the public, even if by accident. As most of these candidates are likely to be existing CEOs at some company, they may not appreciate such information out in public. Communicating via secure channels and avoiding any deeper media contact can help prevent such problems. Hiring experts normally advise keeping recruitment keeps as short as possible.
Prevent conflict of interest
While hiring external search consultants for the helping search the right CEO candidate, you should thoroughly review each of them to make sure there’s no conflict of interest. Sometimes these consultants can share a skeptical view of a candidate which may hamper your progress. There have been cases when such consultants have offered negative feedback about a potential candidate which otherwise turned out to be a great performer. The opposite of that could also happen to a company. Therefore, it is necessary to hire only the best external search consultants if you need one.