Powering through an executive search can feel even more daunting the second time around when you need to replace a bad hire. The stakes are much higher and there’s no more room for error. Ironically, this pressure can increase your chance of making a bad situation worse.
The more severe an accident, the more attention it attracts. Rubbernecking is a leading cause of car accidents. When there’s already a pileup on the road, the chance of another accident taking place increases as drivers become distracted with the initial crash. Likewise, working through a failed executive search is visible both internally and externally and attracts gawkers. This adds distractions and complications to your new search.
Studies show that work-related stress releases adrenaline and cortisol, kicking us into fight, flight or freeze mode. If you feel as if you’ve been backed into a corner because of a bad hire, it’s best to have professional first responders come to your rescue and save the day. These are the responses you might have:
It’s the insane thing to do, but many of us continue to do the same thing over while expecting different results. There was already a failure in the process, partnership or decision. You might choose to stick with the same hiring process and hiring partner that got you stuck with a bad hire in the first place – especially if it’s a big name firm, the kind that cares the least about your results. Failure can make us want to cling to the familiar. Unfortunately, choosing this route keeps you in a cycle of poor results.
You might decide to take action fast. Something, anything has to be done right away. While the courage to take action is laudable, it can also be risky. Everyone is pressuring you to make the problem go away. Your search partner might be sending you recycled candidates from other searches – candidates who don’t pass the airport test or don’t have the culture fit necessary to succeed at your organization. Maybe your board members are sending over referrals from their networks. Be wary of settling for these candidates just for the sake of making a new hire fast. Remember that there is an A+ player for every role in every company and every CEO should know this. Settling for anything less will only rob you of your entrepreneurial dreams.
If you’ve already made one bad hire, the thing that is required in order for you to make a better decision is to take a strategic risk and secure the win. You’ll need to choose a different plan than what you’ve already been doing. Step out of your comfort zone. Choose courage over security. Execute a different process to achieve a greater result.
The best utilization of venture capital is to acquire the right human capital. Exercise your abundance mindset and the bold confidence you need to achieve your mission. Choose a search partner with proven experience in Level 3 Recruiting™ who can run a proper Core Fit Process™ and shares your courage and mindset. A good recruiter has a keen interest in recruiting and knows all the rules. A great recruiter knows how to go beyond the rules and is just as invested in your success as you are.