Now that I'm Chief Executive Officer what's next?

Subscribe here:

Enter your Email

Preview | Powered by FeedBlitz

You just started you're own hedge fund or you were promoted to CEO, so now what do you do?

Three core things any CEO should focus on:

1. Develop a great strategy
2. Develop an operating model based on the strategy that can grow successfully.
3. Hire the most talented people to execute the operating model

The strategy alone won't be enough; you need the right operating model for the strategy to work and the best talent to execute. There are plenty of other things to focus on but the smartest you can do is get those three things right.

Great companies are about people, the products or services you produce and the profit you derive.

Your job is to continually out-innovate the innovators. If you don't, you won't be CEO for long. In a global market, how do you drive business outcomes, transform your business, and compete for market share and dollars, and simultaneously increase revenues?

One way. Talent. Why would any smart CEO think super star talent is looking for a job?

Finding and marrying great talent doesn't happen over night. When you rush it’s nothing but a disaster. Start the process as soon as you possibly can. The longer you delay, the greater the chances you will rush to judgment.

If you can afford a search firm, hire one. Don't be fooled by thinking bigger is better. The biggest Wall Street firm uses the smallest boutique because they know they will get the best there is in the industry.

So how do you evaluate if a search consultant is any good? Not by quantity, but by the quality of their work.

• They should be plugged into super stars
• The best are objective
• The best give you a two year guarantee
• How long have their placements stayed with the company they were hired into?
• How successful have their placements been?
• How successful has their client been? Use this metric because it will tell you how good the search consultant is at finding super star talent that fits a super star culture and prospers.
• How long has that search consultant worked with one client and how much did they contribute to one client's success?
• How do they recruit candidates? Via advertisements or do they actually recruit. The secret sauce is in the recruiting skill.
• Are you working with a Chevy or a Mercedes Maybach--and do you know how to tell the difference?

It's important for you to take your time to get to know the candidate. Evaluate him/her like you would a potential marriage partner. Super stars should take at least 3-6 months. Get to know the candidate, and if they are a fit culturally for both of you.

By the third or fourth meeting ask for a non-compete, non-solicit, a list of their unvested stock options, life-insurance coverage, current medical benefits, restricted stock, deferred compensation, and bonus schedule.

Get a list of references during the third or fourth interview. If they can’t develop a list of five or six references off the top of their head, this is a huge red flag.

Great consultants will communicate their concerns along with alternative candidates they want you to consider hiring. If they’re only interested in they’re fee, they won’t share with you their concerns. If the consultant doesn't share with you any concerns, don't hire the consultant again. No one is perfect.

When you recruit super stars it's critically important to "woo" the candidate and understand what motivates him/her:

• Recognition (respect, admiration, regard, esteem, notoriety and celebrity) Title and greater opportunity that is the motivator -- the perfect candidate!
• Power (influence, control, competition, independence)
• A vision/mission that resonates and internal (philanthropy, honor, creativity, duty, something intellectual or driven by honor)
• Money (Profit, possessions, or wealth,) motivated by title, recognition or compensation. The best recruits see compensation as nothing more than a by-product. Or, if you're search consultant is really good, that's who they are looking for because the reality is that the second day on the job if they made a move for money, their motivation evaporated. Compensation as a sole motivator does not bring out the best in people, unless you're head of the Mafia.

If your plan is to win the Olympics, can you do it by yourself? You need the best rowers on your boat, to practice every day a great strategy and plan. It's my son's goal.

I have run large successful companies, worked with the best CEO's in the world. I raised two scholars and one world athlete. I know what's it like to be where you are. Getting it right is tough.

She's Built The Best

And You Could Be Next

Copyright 2009 Ev Nucci

ev-nucci

ev nucci
entrepreneur
author
career