It’s every company’s worst nightmare: you’ve put together a strong team, business performance is ticking over nicely and then unexpectedly, one of your senior executives announces their departure. At this level, finding the next executive to fill their shoes can seem like a tricky assignment and unwanted headache – especially knowing having the right leaders is vital to a company’s continued success. Leveraging our experience, we’ve put together some pointers and steps to ensure you are well positioned and prepared.
Work on your Pipeline
When hiring leaders and executives, one of the first things to come under the microscope is the length of time it takes to get someone through the door. While external factors like notice periods can’t be avoided, the key here is relationships, and having a pipeline of talent in mind is a great place to start. What are the roles critical to the success of your business (not just now, but the future too)? Is there anyone within your team that has shown you the potential to step up? Succession planning is something that shouldn’t be ignored. We recently penned a blog on this very topic – outlining some of the best ways prepare successors and get their skills up to speed. If it’s not an option (and external candidates are the only way forward), this is where a well-connected, specialist retail recruiter can really add value.
Understand What Top Leaders Want
It’s no secret that top leaders/executives are in constant demand, so any misalignment between your offer and what any given candidate is actually looking for, is only going to lead to one outcome (and it won’t be positive)! Important to note…it’s not always about salary, either. Of course, money is always going to be an important part of the equation, however, don’t assume that it will be the deciding factor. They could be looking for more challenges, a more innovative culture, better work/life balance or perhaps an increase in authority. Whatever it is, it pays to know!
Showcase Your Employer Brand
When it comes to competing for top leadership talent, reputation is everything. Establishing a solid employer brand that showcases your organisation as the place to be, plays a major role in attracting retail leaders and executives. Consider the different factors that shape how your brand could be perceived. Is the company culture productive and well-rounded? Look at the workplace environment too. Is the atmosphere positive, with well-balanced and effective teams? Does your company live and breathe the corporate values and mission? Finally, with more and more people prioritising workplace flexibility and work/life balance, look at what you can offer to help people achieve this – for some applicants, it might just be the main factor in their decision to join or not!
While the prospect of recruiting retail leaders and executives poses all sorts of challenges, you don’t have to go it alone. Enlisting the help of a recruitment partner who knows the retail industry inside-out – the trends, challenges, the leaders and executives within will make the chances of reaching top talent significantly higher. Whether you’re ready to hire for your next retail leadership and/or executive position, or eager to discuss the market and talent within, feel free to reach out to me, or the team at People Equity.