Wrong Executive Recruitment Costs more than Salary.
There is a cost to every wrong hire, beyond the wasted salary and training expenses. It can cost in moral, organization, and lost time. But replacing an entry level office assistant care giver is a cakewalk compared to hiring the right replacement CEO executive. Perhaps it is because a good executive takes on so many responsibilities the job description never defines. Talented executives excel at mentoring, coaching, developing complementary skills in senior team members and more. Hiring the wrong talent can be devastating to the organization and could become a very costly and very public mistake. PX3 Medical has decades of successful executive recruiting picks, based on a process that leads to the most successful candidates. We’ve shared a few of the most critical considerations here.
Understand Current and Future Needs of Your Healthcare Organization.
Every great CEO decision starts with an understanding of both the current and future requirements of the job. There are critical unique capabilities that will make or break the enterprise. These are not on a general checklist of leadership traits. This is a specific set of characteristics that match up with a healthcare organization’s needs. It is a judgment decision which needs to be made by a person with an understanding of the healthcare organization.
The first step in matching job skills to enterprise needs, is first stop and comprehend the institution’s community and function. Isolating the most critical job skills is next. Only then can those skills be matched to the healthcare organization’s current and future requirements. After needs consideration, a good CEO, headhunter or board member can recognize characteristics critical to the right candidate hire.
Identify Unique Candidate Talents.
Understand the company’s current challenges and how the external context is changing. Now, you are more likely to determine which talents you should look for in executive candidates. There is a lot of work to do before you are ready to hire. Conversations with insiders and consultations with outside experts expand thinking. Executive recruiting professionals and some CEOs go broader and deeper than board members typically do before hiring an executive replacement.
What talents should you look for? You may not need a CEO with geotracking and digital logistics skills, like an online marketing firm needs. Still, a mix of proven business acumen and strategic planning as well as financial management expertise would be important. Candidates should have a fundamental understanding of patient safety measures. You would also want candidates to reveal a record of savvy promotion of patient satisfaction. It’s kind of a long laundry list, so you need to figure out, what’s most essential for your healthcare organization. The critical deciding trait could be the desire for the same quality of healthcare your organization strives for.
Keep an Open Mind.
Keeping an open mind might be easier for external headhunters than for CEOs and board members within the healthcare organization. CEO’s and board members often have a succession plan, complete with favorite candidates. Many find it difficult to ditch hidden assumptions and biases. The exterior executive recruiting agency who took time to familiarize themselves with this healthcare organization doesn’t have the same biases. Executive recruiting agencies like PX3 Medical take time and effort to understand the job requirements, and the organization’s community.
Sometimes an executive a few levels below the CEO being replaced can be an excellent choice. Until you ditch biases, it’s impossible to clearly see truly desirable talents and skills in your replacement CEO executive.
The Right Match.
Puzzle pieces must be the right part of the picture to fit into the whole of your project. A puzzle piece from another puzzle might fit in this puzzle, but it will never integrate into the whole picture. Talent and skill are critical in executive recruiting, but you need to understand how a candidate integrates into your organization. Every candidate will have weaknesses as well as strengths. The question is whether the strengths are the ones most needed in your firm. You want leadership. You want growth. You want experience. Experience helps define how the candidate has achieved growth in the past. It can help you know if that is how you hope to grow your own organization. If growth was achieved through mergers and you don’t want to merge, rethink whether this is the right candidate. Working with an executive recruiting agency like PX3 Medical, can you define your thoughts on the best replacement for you.