Much of the coverage of the current hiring crisis focuses on positions that pay a lower wage. That’s important, but don’t forget that there is also a hiring crisis at the other end of the spectrum.
There are currently more executive-level positions available than there are available candidates. This scarcity has created a shift in which candidates are now exerting control over the process because they know they have the power to choose the company that meets their needs.
To respond to this situation effectively, companies must exert the same effort to attract and retain executive talent as workers at any other organizational level. This approach is challenging because the things that attract top leadership talent are often much different.
That’s just one challenge. In addition to creating employer branding strategies that attract executive candidates, companies must also be selective. Most brands can’t afford to lose out on a winning prospect, nor can they afford to spend the time and money it takes to hire a dud.
Any company that wants to attract great c-suite talent needs to develop an executive recruiting strategy. The following tips can help you get that process underway.
Consider Salary and Benefits
Even if you are confident that your salary and benefits package is competitive overall, it may not be working for your executive recruiting options. You might consider putting together some executive benefits that are more attractive to people interested in leadership positions.
What are Executive Benefits?
Executive benefits are benefits that are offered to elite candidates to attract them to your company and keep them there. These might include increased income replacement, medical reimbursement, guaranteed lifetime income, outplacement services, long-term care insurance, and concierge medical benefits.
The specific benefits and the details of the package you create should depend on the people you are recruiting, your company culture, and your budget.
Recruit Executives
You can’t attract executives in the same places that you attract candidates for other levels of your organization or use the same methods. They aren’t looking for jobs in the same places, and they aren’t going to be drawn to the same job listings.
You can’t simply use the same framework and strategies you already have in place and just add executive job listings.
Use the Right Sources
Most executives aren’t going online and visiting the usual job boards to pore through executive listings. Instead, they are relying on professional and social networks and executive recruiters to connect with employers. Take that into consideration when you consider how you should reach out to C-Suite talent.
To attract executives, consider using:
- Professional and alumni networks
- Your own social and professional connections
- Executive recruiting agencies
There are also some curated job boards that are designed specifically for executives.
Be Proactive
Frequently, executives have established relationships with companies before they go to work with them. They may have professional connections with other executives there or even act in advisory roles. For example, a company may hire a CFO who previously did financial consulting work for them.
To reach out to candidates effectively, don’t wait until you have a position to fill. Instead, get involved in your community and industry to identify top-level talent, then reach out to them proactively.
This approach will help you reach passive and interested candidates. Even simply making a connection on LinkedIn can start the process of building a relationship.
Advertise the Right Reputation Metrics
You probably know that Millennials and Gen-Z care about social responsibility and DE&I (Diversity, Equity, and Inclusion). That applies to executive recruiting as well. Remember that executive recruiting is Millennial recruiting.
However, there are some subtle differences. First, executives are more likely to be interested in how those metrics are applied at the higher levels of the organization. Also, you can’t fake these metrics at this level. You’ll need to bring evidence of your organizational culture to be convincing.
Emphasize Transparency
When an executive takes on a new role, they aren’t just taking on the salary and benefits of that position. They’re also taking on leadership responsibilities, often with the expectation that they will enact organizational changes that will benefit the company, shareholders, and employees.
Someone with true industry and leadership talent is only going to do that if they know exactly what they are getting into.
Your ability to attract executives, retain them, and maintain a good reputation among top-tier job seekers depends on being relentlessly transparent. Don’t obscure cultural or organizational problems to get C-Level talent in the door.
Streamline the Candidate Experience
Most candidates at any level will drop out of the application process if it becomes frustrating, overly complex, too lengthy, or degrading. Many will also discuss those negative experiences online. The same things are true of executives, except that they are even more likely to be turned off by a poor candidate experience.
One common complaint among executives is a lack of communication. Be clear and engaging throughout the process so that your prospects know where they stand as well as how the process is unfolding.
Remember the Important Touches
Treat VIP candidates like VIP candidates. After all, that’s what other companies are doing. This approach benefits you as well.
For example, introducing an executive candidate to other executives in your organization isn’t just schmoozing. It creates another positive connection between the prospect and your company. Taking them out to dinner isn’t just wining and dining. It also helps you to get to know them in more casual circumstances.
