A CEO needs to generate a sense of respect and inspiration among people and an excellent performance is certainly not the only way to achieve that. Here are the 6 most common mistakes made when hiring a CEO.

1. TOP 6 MOST COMMON
MISTAKES WHEN HIRING A
CEO
By Jason Hanold
Image courtesy
Of the Italian voice at
Flickr.com

2. Top 6 most common mistakes
when hiring a CEO
When it comes to hiring the right new CEO, board members have a great
responsibility on their backs, mostly because they want to do their best in
terms of making the right decision when choosing the perfect candidate
for this huge job. All boards fear not choosing the right person not only
because of the time, energy and resources it takes to find a new CEO, but
also because of all the negative impact firing a CEO will generate among
the employees of a company. The sense of lack of stability in that case is
sometimes underestimated, so it is true that boards need to be very
careful when hiring a new CEO. The new CEO selection needs to be a
decision that will last in the company. The exact time it should last is hard
to define, but the important thing here is that it should be long enough to
make a positive impact, not only in terms of the profits and sustainability of
the company, but also among its people. Jason Hanold suggests a CEO
needs to generate a sense of respect and inspiration among people and
an excellent performance is certainly not the only way to achieve that.
Here are the 6 most common mistakes made when hiring a CEO.

3. Making fast decisions
Companies and boards need to learn to avoid settling for the first
person that shows an interest in being a CEO candidate. It is better to
go through a long process and make the right decision, than to rush
and make a wrong one. When the goal is to find the perfect fit for the
new CEO of a company, board members or the people who have the
final say in this matter should wait as long as it takes until the right
person is found.
Ignoring internal candidates
External candidates have a greater popularity than internal candidates
but internal candidates are often better options for a CEO position,
than external ones. Internal candidates already know the company,
they already know what the company needs the most and what its
weaknesses and strengths are. Additionally external candidates
Top 6 most common mistakes
when hiring a CEO

4. Hiring friends and family members
Hiring friends and family just because you consider them great human
beings doesn’t mean they will do as great as they do being your friend
or family member. Sometimes when people are very close to you in a
personal way, it doesn’t matter they will be the perfect professional
match for the CEO candidate you are looking for. Analyzing a friend or
family member in a hiring process may often affect your judgment
because of the relationship you have with that person. Therefore, this
is something that should really be avoided.
Overestimating degrees and experience
Just because a candidate has dozens of university and master’s
degrees, and an apparently great work experience, it doesn’t
necessarily mean it will be the perfect fit. University titles are not all
that matters. Working for years for great companies and in great
positions does not guarantee the integrity a person needs to be a
CEO. Make sure the decisions of hiring a new CEO is not mainly
based on the curriculum vitae of a person. The human part is also a
big deal in a decision like this one.
Top 6 most common mistakes
when hiring a CEO

5. Trying to replace the previous CEO with an exact copy
Replacing the CEO who left the company with a new CEO
that acts, manages and negotiates the exact same way the
previous one did, is one of the greatest mistakes a
company can make. The good thing about hiring a new CEO
is that with that new person, a whole lot of new things,
possibilities, ideas and opportunities can come along, so
going back or keeping on the same track should never be
an option, of course there are certain things you might want
to keep and continue, because they are part of the
company’s policies, but companies should always keep in
mind, that with every new CEO, a new era will come along.
Top 6 most common mistakes
when hiring a CEO

6. Ignoring the true leaders
Leadership will always be one of the most required characteristics for a
CEO position, nevertheless, leadership can sometimes be
misinterpreted by the people who decide who the next CEO of their
company will be. The ability for identifying true leaders is absolutely
necessary in these cases. True leaders will always show integrity in any
type of situation, they will be able to demonstrate and transmit energy to
the employees, they will generate trust among people, and they will have
the ability to communicate company values. A true leader will be able to
push people towards their goals, by challenging them and supporting
them. A true leader has vision and conviction, two factors that are
necessary for developing teams and for developing individuals with an
organization. The importance of not ignoring true leaders is to focus
more on touching people which are the heart of the company rather than
focusing on a the previous successful performance of a CEO candidate.
Learn more about the 5 top business leaders in the world, here
Read more about the questions you should ask a candidate when
interviewing him or her for a CEO job, here
Top 6 most common mistakes
when hiring a CEO