Hiring an Executive for your business? Things to keep in mind
Investing into Leadership Talent in a foreign business territory is an important decision that needs to be executed well. A failed leadership hire can hurt your country cost base, performance culture and reputation – not to mention take up your valuable time. Here are a few ways to strengthen your Executive Hire and secure a positive outlook for business performance in the long-term.
Finding your Leadership Talent
When entering in the Czech Republic to expand your business, working closely with an Executive Search & Leadership Advisory firm is essential to find, attract, assess, and recommend you the best potential leaders for your business.
The Czech Republic is nuanced and multi-faceted. It is important to be aware of which Search firms present will have expertise in the market and your industry as well as access to talent networks in your area of business interest.
Search firms will know local conditions, market trends and pitfalls to be aware of. When selecting your Search provider, ask them about trends they observe in your industry and where they are likely to find the leader you seek. Your chosen Consultant will be your representative for leadership talent in the market.
Assessment
Be aware that the Search firm should be able to augment their candidate interview evaluation with personality and psychodiagnostics assessments that can shore-up and strengthen your hiring decision.
Search firms can execute reference checking on your behalf and provide precise, detailed and nuanced associated reports to give you in-depth insight into a given candidate’s performance track record.
Onboarding your Chosen Leader
Another aspect to consider is the Onboarding process. Your organisation may already have a structured executive onboarding program in place, but the reality is the most firms do not and simply rely on the classic “sink or swim” approach.
As the Executive will need to adjust to your international company culture and business nuances, it is not advisable to leave their adaption on their initiative alone, particularly if you are investing in entering a new market.
Many Search and HR Consulting firms offer Leadership Onboarding and will regularly check-in and advise both you and your hired Executive, to ensure all is going in line with performance expectations. If anything is amiss or there is a something missing in mutual communication, your consultant will address it in a timely and sensitive manner and work with both parties to find a solution.
Succession Planning and Long-Term Growth
Setting up a Leadership Succession Plan within your organisation as it develops and gains traction on the market is crucial. As an investor into a new market, you will also be investing into local know-how unique business, market and product IP.
Leaders moving on from the business leave your organisation at risk of key know-how leaving also. Having a Succession Plan in place gives incentives for your Executive to mentor and develop up-and-comers, motivating the management structure as a whole. Investing in setting up this expertise will further spur on your business in the medium to long-term and your likelihood of success in the Czech market.
(Infographics)
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Failed Executive Hires - Top 5 Reasons |
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• Cultural Misalignment |
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• Unrealistic Expectations |
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• Lack of Stakeholder Buy-in |
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• Insufficient Onboarding and Integration |
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• Poor Assessment During Hiring |
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Top Five Solutions |
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• Establish a Clear Hiring Process |
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• Prioritize Cultural Fit and Adaptability |
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• Develop a Comprehensive Onboarding Plan |
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• Set Realistic Expectations and Regular Check-ins |
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• Foster Stakeholder Engagement |
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Dillon Werry |
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