CEO Hiring: Should You Look Within or Seek a Fresh Perspective?

March 18, 2015 – In The News

Stephanie Resnick was featured in the MainStreet article, “CEO Hiring: Should You Look Within or Seek a Fresh Perspective?” Full text can be found in the March 18, 2015, issue, but a synopsis is noted below.

When you’re looking for talent who can take your company to the next level, should you promote someone from within or look for leaders outside the organization?

“The board needs to look at the candidates very carefully,” says Resnick.

There are definite benefits to hiring someone who knows the company’s nuances, the operating systems and key players. They can “dive right in” as opposed to having a significant learning curve, and existing staff may trust them more than they would an external hire, she says.

If you have a problem deciding on just one candidate, it’s always an option to let two executives “divide and conquer” tasks for a period until one is named CEO or another permanent hire is made, Resnick says.

“It may be that someone in your backyard is ready, you just need to supplement them with someone else who would be assisting in some regard,” she says. “In many cases this is certainly preferable to bringing in a complete stranger who sometimes gets it, sometimes doesn’t.”

There are situations when you should look outside the company for upper-level managers, Resnick says. It may be that you need a change in the company’s strategic vision or require a different skill set at the helm to get the company to the next level.

“If you’re worried about continuity, you can always group internal people around the new hire so they can quickly get up to speed,” she says.