Consider These 4 Things Before Growing Your Leadership Team
Is it time to expand your leadership team? Even in the best of economic situations, the decision of whether or not to pursue executive hiring for increased organizational growth presents challenges. In an uncertain economy, the investment in executive hiring coupled with the expense of expanding a leadership team may cause some companies to hesitate before seeking out their next executive leaders.
Fortunately, by exploring the answers to a few questions within your organization, you can gauge the impact of executive hiring . Take the following steps to consider a variety of factors that will impact your decision to expand your leadership team.
Explore the Knowledge and Skills Gaps in Current Leadership
Hold an executive team meeting to identify gaps in current leadership. This may include knowledge gaps, or areas where the executive team isn’t particularly strong. It could also include skills gaps. As a business grows, you may realize your accounting department isn’t enough and you need a Chief Financial Officer to manage finances.
Perhaps you also need a Chief Operations Officer to work hand-in-hand with your CEO to make major decisions. Introducing diverse opinions and backgrounds in leadership positions within an organization can help you grow in ways you didn’t imagine possible.
Or maybe you’ve survived with an IT manager in the past, but as your technology needs expand, you need additional skilled IT professionals and a CTO to oversee the technology department, manage IT buying decisions and create a stronger strategic vision for how your company will leverage technology in the future.
What Knowledge and Skills Does Your Executive Team Lack?
Begin with an honest assessment of the knowledge and skills amongst company leadership. Have company leaders complete self-assessments. The CEO and Human Capital Management (HCM) team should also evaluate each leader’s strengths and weaknesses.
You may discover it’s not skills or knowledge your team lacks, but a certain style of focus. For instance, do you need a creative leader to complement a numbers-focused, highly analytical CEO? Or is your CEO the creative leader who needs someone to offer reality checks and analysis for the wildest ideas?
Can You Fulfill These Needs Through In-House Talent?
Executive hiring costs money and carries risks. Before you begin the process, look to hire from within. It may well be that the skills and knowledge you need do not exist within your organization, or that the individuals possessing them aren’t ready for a leadership position. Do not try to fit a square peg into a round hole by promoting from within if it isn’t a good fit. Likewise, don’t expect your current executives to take on tasks that are not their forte. It’s much better to find someone who can fit within your organization and fill the gaps your team lacks.
Consider What’s Not Getting Done With Your Current Executive Team.
Sometimes, it’s not a case of a leadership team lacking the skills or knowledge. Often, especially in startups, executives don’t have the time to complete everything they want within a day.
If high-level executives are ordering take-out every night at their desk, working overnights or sleeping in their offices, it’s time to expand. Likewise, if the team is frustrated with a lengthy to-do list at the end of every workday, it’s time to expand and delegate.
Is Your Company Suffering Because Your Executive Team Is Maxed Out?
Burning out your executive team has high costs. Not only can you lose good employees over time, but you can ruin your brand reputation and destroy your bottom line.
If you suspect your leadership team is stretched too thin, consider the following questions:
- Are you losing out on potential business?
- Are you scaling as quickly as you could?
- Is customer service suffering?
- Is your company getting bad reviews?
- Are you experiencing manufacturing, shipping or supply chain delays?
- Is your leadership team overworked or frustrated?
- Is your leadership team spending too much time on tactics and not enough on strategy?
- Are you experienced increased rates of leadership turnover?
- Do you have a road map for the future or is your executive team bogged down in the day-to-day?
If the answers to these questions reveal your team is on the verge of burnout, not working toward their strengths or spending too much time “on the business” instead of “in the business,” the solution may be executive hiring to fill knowledge and skills gaps while taking some of the burden off current leadership.
Evaluate Your Current Company Culture
Executive hiring can be scary because you aren’t looking to just put “warm bodies in chairs,” so to speak. The people near the top of your command chain drive company culture and define your brand. Consider how any individual you plan to hire will fit in with your company culture.
You don’t want to create a corporate echo chamber, however. Unique views and perspectives can strengthen your organization. You want to consider diversity when you expand your executive team. But you want to ensure that you can brainstorm and collaborate with your newest executive team members.
To find an executive that is a good fit, ensure your new executive has the values and attitudes you’re seeking.
Trust Y Scouts To Find the Executive Leadership You Need
When you decide it’s time to expand your executive team, Y Scouts is here to help. We specialize in finding the right person for the right role with specialized expertise in healthcare, fitness and wellness industries and organizations. Our unique process gets to the heart of how leaders work, ensuring a culture fit and placing someone who will enhance your organization.
Reach out today to learn more about the importance of expanding your executive team to scale your business.