The 3 most common mistakes I see with small companies making big hires

1.       Unable to articulate a meaningful value proposition for the role. This is common for all types of recruiting, not just the executive level. A-players want to know what makes your organization great, especially if they’re considering leaving their current employer. Also, if you’re hoping to land top talent from a larger organization than yours, there is a good chance you won’t be able to offer a significant pay bump to leave. This is where your value proposition for the role (your why join our team elevator pitch) is crucial. Iron this out before launching the search!

2.       The description of company culture is too general. Too often, when I ask one of our partners to describe their culture, the group looks at each other hoping someone has a good answer. You may have an awesome culture but haven’t spent the time articulating what makes it unique to everyone else. Your bonus plan, 401k match, and pet insurance are important, but they aren’t going to pull an engaged leader from their current company to yours. Be ready to articulate not just why people join your team but what makes them show up every day excited about their work and what keeps them there for the long haul.

3.       The comp plan/bonus structure is undefined and you’re planning to work out the details once you identify the right candidate. This might seem obvious, but I see it way more often than I’d prefer. Before kicking off a search, do your research on market competitive pay for the role you’re looking to fill. Sometimes small organizations set a budget for a role based on what they’re comfortable with. Then expect that a high achieving executive leader will be so excited about the future potential of your organization that they’ll understand why your compensation is below market value. However, if you want someone proven that knows how to get the job done AND you want them to stay long term, then offer a comp plan that’s competitive. Otherwise, you’re chasing great talent away or you’ll get someone that begrudgingly takes your offer and leaves as soon as someone else offers them a significant raise. If your budget just isn’t there yet, then consider if you can hire someone with less experience at a lower level of role but with high potential and then create a budget for their development. You may already have this person on your team!