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Blueprint for Executive Hiring

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Greylock Partners
Greylock Partners

This document outlines the five stages of executive hiring: 1) Planning, 2) Working with Candidates, 3) Referencing Process, 4) Compensation Offer, and 5) Offer. It provides tips for each stage, such as developing a prioritized hiring list, taking control of the candidate process, conducting a "mini board meeting" for candidates to present their strategy, doing a 360 degree reference check process, addressing compensation expectations, and making the final offer only when confident it will be accepted. The overall goal is to eliminate surprises after the new executive is hired.

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Blueprint for Executive Hiring Jeff Markowitz
Plan Well Working with Candidates Referencing Process Compensation Offer 1. 2. 3. 4. 5. The Five Stages of Executive Hiring
Planning
  -  Think about the key hires you may need. -  Develop a prioritized list. -  Plan for surprises. Create a 12-18 month Roadmap
    -  Meet with people at top companies in the role you are trying to fill – learn what great is. -  Prepare to speak with candidates before you are ready to hire. Start Early *Ask yourself: “Why are you looking to fill this role?“  
Candidate Process
First Meeting Offer Timeline
First Meeting Offer Ball Control Timeline
  -  Take control of the candidate process early on and maintain control throughout. -  Maintain a balance between buying vs. selling candidates. -  Stay organized. Always have next steps for the candidate. Ball Control
First Meeting Offer Ball Control Is candidate closeable? - Pushes & Pulls Timeline
Aspects of current job that candidate is dissatisfied with. Ex: Hit a ceiling for career growth, bad culture fit, change in management, lack of confidence in direction of company Identify Pushes & Pulls Pushes Pulls What is driving them toward your company? Ex: Desire for intellectual stimulation, opportunity for growth, enthusiasm for company mission
Listen Intently   -  Candidates may not talk openly about pushes, but listening carefully may give you a good sense of what they are. -  Uncover all questions and concerns about joining your company well before the offer is made. *Ask yourself: “Is this candidate closeable?“  
First Meeting Offer Ball Control Is candidate closeable? - Pushes & Pulls Reading the candidate (Point A to Point B) Timeline
  -  Ask candidate to create a list of all the reasons why he/she would or would not move forward. -  Allow time for your candidate to visit and resolve each of their concerns. -  Know what they are thinking at each step of the process. Reading the Candidate
First Meeting Offer Ball Control Is candidate closeable? - Pushes & Pulls Reading the candidate (Point A to Point B) Mini Board Meeting Timeline
   A Mini Board Meeting is a chance for your prospective executive to present a strategy plan to your leadership team or board, ensuring both parties are aligned.
  -  Ask the candidate to prepare a plan that outlines how he/she will approach the new role. -  Do this before making the final offer. -  This works for any executive position; not just a CEO reporting to a board. A VP candidate should do this with the CEO. Mini Board Meeting
Work to disagreement. The goal is to make sure you and the candidate understand how to work through situations where you disagree, prior to formally working together.
Referencing
Referencing is the best predictor of a successful hire. Even more than interviewing.
  -  Look for patterns. Find developmental areas. -  Dig deep into candidate’s past experience. -  Don’t be afraid to ask: “What?”, “How?”, and “Tell me more..” A 360 Degree Process *Ask yourself: “Do I want to manage this person?“
The goal is to eliminate surprises after the hire.
Compensation
  -  Learn the candidate’s expectations early on. Ask about compensation in his/her last few roles. -  If you are worried about your ability to close the candidate at this point, start to work on their expectations and see if you can get them more aligned with where you believe your offer will land. The Compensation Trap
  -  Continue to develop a clear understanding of the candidate’s situation. -  At the end of the process, once all other issues have been resolved, give the candidate a sense of what the compensation package will look like. -  This should be the last thing you discuss before the final offer. The Last Thing
Offer Image: www.flazingo.com
  -  By the time you are ready to make your offer, the candidate should be able to look you in the eye and say “I want the job.” If the person can’t do that, you have more work to do. -  If you sense hesitation, figure out the source of reluctance and manage it. Reading the Candidate
  -  Once you’re confident all concerns are addressed, you are ready to make the offer. -  At this point, you should have confidence that when you make the offer it will be accepted. -  You should be able to sense a high level of enthusiasm and commitment from the candidate. The Final Step *Note: Always make the offer in person.
Don’t ask: “Are you ready for an offer?”
Do ask: “Are you ready to join the company?”
Thank you.
Blueprint for Executive Hiring

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Blueprint for Executive Hiring