The recruitment of a CEO is akin to setting the compass of a ship; the direction in which it’s set determines the voyage and destination. Many corporations understand that to move from average to exceptional, a critical element lies in the leadership helm. But what’s often underestimated is the depth of influence a brilliant CEO can exert over an entire organisation.
The Duration of Quality Recruitment
It’s a common misconception that recruiting the right CEO is a swift affair. In reality, to ensure that an organisation finds a genuinely transformative leader, the process can often take 7-8 weeks. Why such a long duration? Recruiting a CEO is not merely about assessing a resume or conducting a typical interview. It’s a deeply intricate process that seeks to find alignment between the candidate’s vision and the organisation’s mission, ethos, and goals.
The Litmus Test
There’s a unique litmus test some recruiters use when considering CEO candidates: Could you imagine sitting next to this person on a long-haul flight? This might seem like a light-hearted consideration, but it speaks volumes about the interpersonal skills and the ‘human’ side of a potential CEO. Leaders can have great visions, but if they lack the ability to communicate, empathise, and connect, their effectiveness diminishes. The long-haul flight test is less about endurance and more about compatibility, understanding, and mutual respect.
Beyond the Resume: Collecting Data Points
A resume is a snapshot, a brief look into a candidate’s professional life. But a brilliant CEO is so much more than their qualifications or their previous job titles. Today’s recruiters understand the importance of collecting data points beyond the resume. This might include behavioural analysis, psychometric tests, and deep dives into their leadership during crises or periods of significant company change. For the aged care industry, especially, the right CEO needs to demonstrate a balance of business acumen, resilience in a sector under reform and profound human compassion.
CEO Remuneration: Deciphering the Code
CEO salaries are a hot topic, and, often, there seems to be no rhyme or reason to the figures. Given the vast range of responsibilities and the immense pressure CEOs undertake, deciding on their compensation can be a daunting task. Should it be a fixed number or a base salary with a bonus component on top? Should it align with company performance? Or should it be a mix? In industries like aged care, the dynamics further shift. The demand for excellent CEOs in aged care is soaring, we’ve recruited more in the past 24 months than any same period prior for 15 years. This shorter supply of suitable candidates means they have significant power during negotiations.
However, remuneration should not just be about demand and supply. It should reflect the value that the CEO brings to the organisation, their ability to drive growth, ensure the well-being of customer/consumer/residents, and uphold the brand’s reputation. Transparent and regular conversations between the board and the CEO candidate can pave the way for a compensation package that aligns with both the organisation’s capabilities and the CEO’s expectations and contributions.
Recruiting the right CEO, especially in sectors like aged care, is a transformative decision for an organisation. It goes beyond checking boxes on a resume and delves deep into aligning visions, ensuring compatibility, and striking the right balance in remuneration. The journey might be lengthy, often stretching to 7-8 weeks that the recruiter is in the marketplace before the successful candidate is selected, then you’ve got the notice period on top of that. The notice period for some CEO candidates can be up to three months. But the result – a leader who can elevate the entire organisation – is worth the wait.
Frequently asked questions:
What’s the salary for a good CEO these days?
Call us to have a confidential conversation.
Would we consider recruiting an out of sector CEO into the aged care space?
Absolutely, we consult with the Boards we work with and advise accordingly. Most Boards are open to considering this, and we have had great success from ‘our of sector’ candidates being placed in CEO role within aged care.
Who do I speak to, so I do not miss top talent?
Call PJ 0414 412 418 or email firstname.lastname@example.org