When you’re a startup founder focused on scaling your business and managing a myriad of other responsibilities, knowing which executive to hire and when can be incredibly difficult.
It becomes even more challenging if you haven’t hired executives before or are unsure how to hire a leader in a different discipline than your own. For example, as a finance background founder, what qualities should you look for in a marketing or product candidate? What about an HR or operations leader? Are you following the right timeline for hiring leaders with industry-specific skills? Startup CEOs don’t have the luxury of time to answer these questions through trial and error.
With executive hiring expected to increase over the next 10 years, according to the US Bureau of Labor Statistics, having the skills to hire the right executives is only growing more important.
Though there’s no one-size-fits-all playbook for executive hiring, I’ve discovered that the best executive searches share three guiding principles:
Conduct no more than two executive searches at a time
In my experience, it takes an average of 120–130 days to meet, assess, and close an executive candidate. While a well-structured hiring process can expedite this timeline, hiring a top-tier executive still requires significant time and resources. You may have multiple positions you want to fill, but it’s crucial to focus on your top priorities and hire executives who can make an immediate impact on your business.
Hire for what you want to accomplish in the next 12-18 months
A successful hiring process begins with a clear understanding of your goals for the hire. If you can’t define the role you’re hiring for, then you shouldn’t hire for it.
Take the time to research and specify your goals for the next 12–18 months, such as expanding into new markets or launching new products. Identify the gaps in your current leadership team that could hinder your ability to achieve those goals, and hire executives who complement the existing strengths of your team. Here are some common goals that growth-stage companies often need to hire executives for:
Once you have defined your “why,” create a MOC (mission–outcome–competencies) document that outlines the business case for the hire and details the expectations for the next 12–18 months. Specify 5–8 outcomes that you want the hire to achieve, along with the competencies required to accomplish those outcomes. Here’s a sample MOC for hiring a CFO:
Providing this level of clarity through the MOC sets the foundation for attracting stronger candidates, streamlining the hiring process, providing a consistent candidate experience, and facilitating the integration of new leaders into the organization. The best candidates will be those who have the highest probability of achieving more than 90% of the outcomes outlined in the MOC. In my experience, executives who successfully meet these 12–18 month goals are more likely to thrive in their roles in the long term, so it’s essential to have clear goals in mind.
The CEO should lead the hiring process
While you can collaborate with an HR team or a search firm to build your talent pipeline, you can’t delegate your role as the company’s leader in attracting, evaluating, and ultimately selecting new executives for three reasons:
- No one knows your company better than you do. The initial conversations with potential hires set the tone and define the scope of their roles. If you’re not actively involved in leading those conversations, you risk misdefining or miscommunicating the company’s needs and ending up with a mismatched
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