As a business, it’s important to have a CEO that ticks every box. If you choose someone that isn’t right for the job, you are likely to run into a problem or two. Luckily, there are things that you can do to make sure that you select a CEO that ticks every box. When you are looking for a CEO, take the time to assess the qualities that you deem ‘essential’ and those that are ‘nice to have’ but not a deal breaker. Think about where your best candidates are likely to come from, and what a candidate needs to be in order to be the perfect fit. You also need to think about candidate imperfections and weaknesses, and whether these are likely to be a problem going forward. If you are hoping to find the CEO, here are some things that you need to do to make sure you make the right choice.
Be Willing to Compromise and Be Open Minded
Though you are sure to have a long list of leadership traits and capabilities, you might not find someone that has it all. Even if you have an impressive pool of CEO candidates, you are likely to find that even your top choices are missing a skill or two. Finding the perfect CEO means being able to compromise, and being able to choose one candidate over another, even if they aren’t perfect on paper. It’s important for a CEO to be experienced and up to the challenge, but they also need to fit in well with the rest of the company.
You are likely to have a clear idea of what you want in a CEO, but don’t limit yourself by being closed minded. The needs of a company can always change, and what you are identifying now as being key skills could alter somewhat as time goes on. Try to put biases and assumptions aside, and focus on the prospects that work best for the business’ future. Observe potential CEO candidates and be willing to look outside of your immediate list of favourites. After all, your first impression of someone could be wrong.
Don’t Choose the Best Leader, Choose the Best Fit
If you truly want to find the perfect CEO, don’t simply choose the best leader. Choose the candidate that is the best fit within the organisation. Really get to know each candidate, and let other leaders get to know them too. Take everyone’s opinion into account when you are making your decision, and remember that being a CEO is a varied role that spans far beyond having the ability to lead a large team. Instead of focusing on where the business hopes to be eventually, focus on how a CEO can help right now. You want a CEO to seamlessly fit into an organisation, without too much disruption.
Don’t Shy Away From Quirks and Flaws
Nobody is perfect in life, and this is something to remember when you are choosing a CEO. Every candidate will have quirks and flaws, but these don’t have to be a hindrance. Sometimes, you might have to trade-off one skill for another. For example, a candidate could have an impressive background in finance, but they might not know a lot about digital technology. Similarly, a lot of CEO candidates will have a lot of planning and strategy skills, but some are lacking the skills needed to connect successfully with a diverse team. Everyone has flaws, and choosing a CEO means deciding which you can work around, and which are non-negotiables.
Put the Right People in Charge of the Search
Choosing the right CEO shouldn’t come down to one person, it should be the responsibility of the full board. However, you need to pick the right directors for the search. Choose those who are respected and trusted by colleagues, and ensure that they have strong values. Being the person to choose a CEO is a big responsibility, and it needs to fall to those that understand the seriousness of their decision. People are likely to have different preferences and requirements for a CEO, and people are likely to disagree somewhat. When this happens, those searching for a CEO need to be able to work together to decide what is best for the business. This means understanding candidates’ strengths and weaknesses, and being able to put their own biases aside.
At Parsity we partner with organisations to help them hire CEOs for the generics and biosimilar industries internationally. If you are looking to make an executive hire for your business please get in touch today.
