President and Chief Executive Officer, First Bank
Survey findings uncovered that while a slim majority of family businesses surveyed have a structured succession plan (55%), only twenty-seven percent are confident with it, and 28% say it’s a work in progress. Whether your company has structured succession plans or not, the following best practices can help ensure your leadership and organizational transitions go smoothly.
- Start with business strategy: Whether you are hiring for the C-suite or another leadership role, anchor your criteria back to the goals of the business. What are you hoping for this person to accomplish? What does success look like in 30/60/90 days and beyond? Does he/she have the long-term vision your organization needs to be successful? Engage a broad and diverse team to weigh in on the key skills and criteria needed to do the job well.
- Consider partnering with an executive search firm: Executive search firms can play a key role in bringing qualified candidates to you and your team based on the success profile you and the team develop. Finding an executive search firm that understands your business and the intricacies of your company’s culture are important to establishing a strong working relationship and for securing top talent. This will also help the search firm weed out candidates who don’t align.
- Hire for cultural fit: Assessing whether someone is a cultural fit for a company can be complicated. Having a formal set of questions and allowing qualified candidates the opportunity to spend time with the team and family members can help uncover whether the person is a cultural fit. It’s also important that the candidate has a positive experience from their perspective, too. Hiring needs to be mutually beneficial for both parties.
- Be open to interim solutions: Finding the right talent for executive-level roles can take up to 12 months and often longer. At times, candidates can make it all the way to the end and then something doesn’t work out. Consider who could step into the role in the interim so you are prepared and won’t have a gap or lose momentum executing against your business strategy and goals.
- Invest the time in onboarding: A new hire’s first 90 days are critical to getting off to a fast start in the role. It’s important that the leadership team helps support this process and can utilize what was found on the pre-hire assessments to foster open dialogue, learning, and growth.
Chief Human Resources Officer,