As Boards and CEOs, the task is clear: To lead organisations that will outperform. As the success of organisations relies on effective leaders, it stands to reason that searching for them and attracting them is extremely important.
Apple founder and former CEO, Steve Jobs put it simply: “Go after the cream of the cream”. But once you know which leaders represent ‘the cream of the cream’ for your business how can you find and attract them?
A few years ago, a well-respected global law firm set up a new business unit. In a conventional approach to attract a new leader, executives running similar business units in peer firms were approached – starting with those connected to the search consultant and hiring firm. The approach work found other connected candidates with similar roles. An attractive résumé emerged, a candidate who was available and lead a similar business unit for a high-profile competitor. The deal was brokered – but less than 12 months later failure led to a large severance cheque.
In the ‘old normal’, many thought it was enough to have leaders with similar leadership experience who would take on the job. Your personal network, or the network of a contact or search consultant, was regarded as enough to find a new leader. But as many suspected for some time, this conventional approach to search was always flawed. Today, advances in business and HR practices – widespread use of data, greater transparency, and increased expectations – have highlighted the conventional network-based recruitment model’s major problems.
It is now clear, to attract the most effective leaders a more analytical approach is needed.
To be able to employ the most effective leader possible, you will need to know which relevant leaders are available. This necessitates a profound knowledge of where such leaders can be found and an analytical and systematic approach to map them. The candidate market approach must focus on track record elements that predict task performance – not recycling of candidates found in similar roles or industry verticals. Follow these 5 steps effectively, for better leader attraction outcomes:
Returning to our well-respected global law firm. The relevant track record that would have predicted success was the ability – in this new firm’s context – to set up a new business. The selected leader that failed, had run an established practice – but had never started one and built it from scratch. Their track record was not precisely relevant to the result needed. To compound this start-up error in step 1 and 2, the search lacked systematic rigour and was skewed to known contacts and certain narrowly defined résumés (in step 3 and 4). The approach lacked necessary diversity – the wrong candidates were addressed, the method lacked analytical thoroughness and so an unsuccessful outcome ensued. Before step 5 was reached, the flaw was already built in.
Today, only an effectively targeted, engaging, and inclusive search will work. Thorough enough not to miss suitable candidates, focussed enough to not waste time on those who cannot perform the vital tasks you need. Using a skilful expert team that follows a structured and broad approach will increase success chances.
With a systematic and complete mapping – focused on required leader results and the specific context in which they must be achieved – you will consistently identify and engage candidates with relevant professional backgrounds and track-record to succeed. Following this a thorough evaluation can be made so you know which candidate will be most successful and suitable shorter- and longer-term.
For more insight into how to organise for success and secure the leader you need to succeed, please read the other articles in this series.