The executive team of any business is a crucial part to its overall success. Executive level positions are directly responsible for profits and successes, lower and medium level hiring decisions, and growth changes in the business. With all of these responsibilities and such an importance on the executive team, how does a business properly select these candidates and ensure that their skills stay up to date and relevant. These skills need to be constantly evaluated and expanded to effectively allow the business to also grow successfully. The following points can be helpful in keeping executive level employees skills up to date.
Relevant skill sets
Certain executive level positions require specific sets of skills. Director of operations, for example, need to have great people skills and the ability to implement change in a positive way. A director of finance needs to have a background in numbers and mathematical skills. A business can ensure they have qualified executive level employees by extending hiring processes and using a professional outplacement company.
A recent survey by Robert Half showed that one third (36%) of 1,400 executives surveyed felt the top factor leading to a failed hire, aside from performance issues, is a poor skills match. The second most common reason (30%) was unclear performance objectives. The skills match should be one of the most important parts of the interview and hiring process and is something that executive search firms focus on.
Regular expectation meetings
When director and above level employees are aware of their expectations, they are more likely to succeed at them. These expectations should be evaluated and then shaped to fit the business and its needs on a yearly basis. Any time an expectation changes, the executive level employees should be notified. This allows them to develop plans that will allow them to make these changes. It also allows them to pass this information onto their direct employee reports. An outplacement company can also be effective in creating these expectations and in the organizing the best expectation meetings.
Employees, and businesses, that get stuck in their ways often do not see much growth. They fail to change with the times. Job training can be a great way to provide updated business information to employees. This introduces executive level employees with new hiring strategies and up to date operations and marketing strategies. These job trainings, often organized by executive search consultants, can be extremely valuable to a business.
Hire a quality HR consultant
Human resources are another extremely important part of a business. The human resource professional sets the tone for the business and is responsible for selecting most positions, including the executive level positions. Some companies make the mistake of hiring lower waged, lower qualified human resource professionals, not realizing the negative affect it can have on the business. This mistake can not only lead to poorly qualified individuals in important roles, but can also be an expensive mistake.
The cost of employee turnover ranges from 30% to 150% of the employee?s salary. With executive level positions, you are talking about higher salaries, thus becoming a huge financial mistake. Outsourcing an outplacement company that is experienced with executive HR search firms can help a business run a HR executive search. Once that executive human resource position is filled, they can take over additional executive hirings.
Know when to cut ties
Business owners tend to leave executive level employees in their positions for long amounts of time, even when they are not doing anything positive for the business. In fact, they may wait until the employee chooses to leave on their own. According to a survey by Jobvite, as many as 53% of employed workers are open to new job prospects, even if they are not looking actively. An outplacement company can help to evaluate the current employees and their value to the company.
A business tends to only be as successful as its executive level team. Bringing on unqualified and unmotivated executives can cause the business to fail, regardless of the quality of the product or the business. Consider the services of a professional outplacement company to evaluate, update training, and hire the best executive team members.