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Top 6 most common mistakes when hiring a CEO

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A CEO needs to generate a sense of respect and inspiration among people and an excellent performance is certainly not the only way to achieve that. Here are the 6 most common mistakes made when hiring a CEO.

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Top 6 most common mistakes when hiring a CEO

  1. 1. TOP 6 MOST COMMON MISTAKES WHEN HIRING A CEO By Jason Hanold Image courtesy Of the Italian voice at Flickr.com
  2. 2. Top 6 most common mistakes when hiring a CEO When it comes to hiring the right new CEO, board members have a great responsibility on their backs, mostly because they want to do their best in terms of making the right decision when choosing the perfect candidate for this huge job. All boards fear not choosing the right person not only because of the time, energy and resources it takes to find a new CEO, but also because of all the negative impact firing a CEO will generate among the employees of a company. The sense of lack of stability in that case is sometimes underestimated, so it is true that boards need to be very careful when hiring a new CEO. The new CEO selection needs to be a decision that will last in the company. The exact time it should last is hard to define, but the important thing here is that it should be long enough to make a positive impact, not only in terms of the profits and sustainability of the company, but also among its people. Jason Hanold suggests a CEO needs to generate a sense of respect and inspiration among people and an excellent performance is certainly not the only way to achieve that. Here are the 6 most common mistakes made when hiring a CEO.
  3. 3. Making fast decisions Companies and boards need to learn to avoid settling for the first person that shows an interest in being a CEO candidate. It is better to go through a long process and make the right decision, than to rush and make a wrong one. When the goal is to find the perfect fit for the new CEO of a company, board members or the people who have the final say in this matter should wait as long as it takes until the right person is found. Ignoring internal candidates External candidates have a greater popularity than internal candidates but internal candidates are often better options for a CEO position, than external ones. Internal candidates already know the company, they already know what the company needs the most and what its weaknesses and strengths are. Additionally external candidates Top 6 most common mistakes when hiring a CEO
  4. 4. Hiring friends and family members Hiring friends and family just because you consider them great human beings doesn’t mean they will do as great as they do being your friend or family member. Sometimes when people are very close to you in a personal way, it doesn’t matter they will be the perfect professional match for the CEO candidate you are looking for. Analyzing a friend or family member in a hiring process may often affect your judgment because of the relationship you have with that person. Therefore, this is something that should really be avoided. Overestimating degrees and experience Just because a candidate has dozens of university and master’s degrees, and an apparently great work experience, it doesn’t necessarily mean it will be the perfect fit. University titles are not all that matters. Working for years for great companies and in great positions does not guarantee the integrity a person needs to be a CEO. Make sure the decisions of hiring a new CEO is not mainly based on the curriculum vitae of a person. The human part is also a big deal in a decision like this one. Top 6 most common mistakes when hiring a CEO
  5. 5. Trying to replace the previous CEO with an exact copy Replacing the CEO who left the company with a new CEO that acts, manages and negotiates the exact same way the previous one did, is one of the greatest mistakes a company can make. The good thing about hiring a new CEO is that with that new person, a whole lot of new things, possibilities, ideas and opportunities can come along, so going back or keeping on the same track should never be an option, of course there are certain things you might want to keep and continue, because they are part of the company’s policies, but companies should always keep in mind, that with every new CEO, a new era will come along. Top 6 most common mistakes when hiring a CEO
  6. 6. Ignoring the true leaders Leadership will always be one of the most required characteristics for a CEO position, nevertheless, leadership can sometimes be misinterpreted by the people who decide who the next CEO of their company will be. The ability for identifying true leaders is absolutely necessary in these cases. True leaders will always show integrity in any type of situation, they will be able to demonstrate and transmit energy to the employees, they will generate trust among people, and they will have the ability to communicate company values. A true leader will be able to push people towards their goals, by challenging them and supporting them. A true leader has vision and conviction, two factors that are necessary for developing teams and for developing individuals with an organization. The importance of not ignoring true leaders is to focus more on touching people which are the heart of the company rather than focusing on a the previous successful performance of a CEO candidate. Learn more about the 5 top business leaders in the world, here Read more about the questions you should ask a candidate when interviewing him or her for a CEO job, here Top 6 most common mistakes when hiring a CEO

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