How to Hire a CEO for Growing Your Company In UAE?
There are various titles given to the head of a small-sized organization, like the managing director, owner, or president. When a company expands, its team size grows to 200, 500, or more, and its operations diversify, the dynamics of its future growth, sustainability, and market presence change dramatically. That’s when most companies start hiring a CEO. But why would not a president or owner become a CEO? Are you a company in the UAE considering hiring a CEO but are waiting for some deep insights to make an informed decision? This blog could provide you with the right insights and information.
Many business owners are reluctant to hire a CEO. Some might feel like they are letting an outsider run their company, while some others are not sure how much business value an outsider could bring to the company.
Owners of many expanding and fastly growing businesses already have a top team comprising a president and a managing director to lead and direct operations and people. Neither the owners nor their top management is enthusiastic about hiring an external champion to become the top-most leader of their company, taking over the reins entirely.
What are the negative consequences or the negative impact of not choosing a CEO at the right time? From opportunity losses to losing market share and limiting growth potentials, the consequences could be many.
Let us first understand what it means to have a CEO.
The CEO (Chief Executive Officer) is the highest-ranking executive of a company and the one with the responsibility to identify, assess, and create business growth areas and align operation models with growth projections and strategies.
The CEO is not someone who just takes care of the administration and operations, but a leader who has to lead operations, people, and the company towards achieving specific business goals.
For this, the CEO has to be someone who has deep insights and knowledge of the markets in which a company operates and everything that goes into increasing revenue generation.
If your business has reached a stage where you need to weigh risks and take a lot of challenges to march lockstep with the market, its trends, and competition, you would need an external champion, a CEO who has already played the right games, and well.
When To Hire A CEO
1. When You Reach A Stage Where Founders Need To Step Down
If the founders are experts in administration and operations but not in identifying and understanding the latest technology trends, digitalized operations models, and new business models for competitiveness and growth, it is wiser to let the right leader take charge. That is when a CEO needs to be hired.
The founders could take on stronger leadership roles as COO or president if they are experts in managing operations and influence the decisions made by the CEO in a way that people and their trust in your company’s values are always maintained.
2. When Founders Need To Expand Operations In Markets But Lack Experience
When a fast-growing small business is all set to launch operations in new markets and geographies, you need a leader who understands how to play well in these markets. You need a leader who has experience in leading a company in these markets and win business accounts. That is when you need a CEO.
3. When Your Business Needs To Increase Turnover 5X, And You Need An Expert
When your business has the potential to increase exponentially, you need to hire an expert who is aware of strategies to achieve this. The past experiences of your small, fast-growing business would not give you the insights to identify and tackle challenges and opportunities unexplored.
This is when you need a leader who can identify the best ways to increase turnovers through expanding product lines or entering new markets, or adding new products or services. That’s what a CEO does.
The Benefits of Hiring a CEO
1. Business Performance Improvement
When you hire a leader who already has a track record of business performance improvement working in your industry segment, you can easily leverage the strengths, abilities, and knowledge of the expert to improve your business performance.
Hiring a CEO, however, is not about hiring anyone with a specific track record. You need to identify candidates who have the vision and understanding of your business scenarios, your products, and challenges.
If you are hiring a CEO for the first time, you could work with a “CEO temp agency,” an agency that offers executive search and consultancy for hiring an interim CEO or a CEO for a temporary period. A CEO needs an office and his or her own staff. You could find the right talent through a CEO staffing agency.
2. Improving Profit Margins
If your company has products or services that are highly relevant to millions of people (B2C space) or of high value for businesses in one or several industry sectors (B2B space), then you should be benefiting from high-profit margins. If not, you need a CEO who could make that happen. That is the core of everything a CEO does.
The best way to hire the individual who could help your business achieve high-profit margins is to hire through a CEO recruitment agency. If you would like to hire a CEO for an interim period, a “CEO temp agency” could help you make the right decision. What could the contracts look like, how much element of profit sharing will be involved, and will the compensations be fixed–you will get all the right information from the agency.
3. Increasing Major Client Account Base
The CEO is a professional who knows how to create and implement strategies that lead to an increase in client accounts and customer base and to direct operations in a way that clients could provide bigger business opportunities.
Hiring the right CEO is critical for increasing the rate of client acquisition and customer retention. CEOs oversee business development, sales, marketing, and account management to ensure an increased rate of customer orders and projects.
For strategizing and implementing the right initiatives, CEOs need business intelligence experts, market intelligence specialists, and several strategic and executive assistants. Working with an agency that offers CEO executive search and recruitment services in addition to CEO staffing services helps you find the right CEO for your company and the right staff for his or her office.
4. Achieving Expansion and Diversification Plans
You might need a CEO with an outstanding track record in expansion and diversification that is beyond the abilities gained by a founder and owner. A CEO has experience in directing C-level executives such as a chief risk officer and a chief operating officer to improve risk management and operational efficiencies to gain key competitive advantages.
The Best Way to Hire a CEO – Through a CEO Recruitment Agency UAE
1. Effective Market Mapping
Hiring a CEO requires processes that differ entirely from recruiting for other positions. One such process is market mapping. Market Mapping is used to frame an approach to CEO recruitment that is proactive and precedes the framing of a recruitment strategy.
Through market mapping, a CEO hiring and CEO staffing agency finds out the best-suited talent for your company from the best talent in the market.
2. Thorough Research To Assess Competitor Talent Strengths
Becoming a leading player in your markets is what your business strategies are mostly about. The CEO you hire would need to be a candidate with talent and expertise that increases your competitive edge, and that is possible only when you know the level of strength of CEO talent at competitor companies.
Work with a CEO executive search agency or a “CEO temp agency” that has expertise in conducting and leveraging competitor talent mapping and market research to frame the right CEO talent search strategies.
3. Finding Benchmark Candidates For Your Company
A CEO recruitment and CEO staffing agency with experience in conducting market mapping and identifying the benchmark candidates for your company could help you hire an outstanding CEO.
The agency will take insights from your in-house CEO profile and job description, business requirements, and market mapping to identify the right CEO profile for your company. (Benchmark candidates are those who have the benchmark traits that you have identified in your ideal CEO profile.)
4. Streamlining CEO Recruitment Processes
An excellent CEO executive search and recruitment agency will streamline the process of recruitment. Every step will be predetermined, planned, analyzed, and executed with an outcome in view. You will be able to find your CEO within a short timeframe and also the staff for the CEO office through a CEO staffing agency.
5. Reduce Overall Recruitment Time and Costs
Without the right exposure and a strong background in CEO executive search and recruitment, an in-house headhunter will find it tough to strategize and execute a recruitment approach and process that brings the right results. A lot of business hours, time, and investment will, however, go into the different processes.
CEO recruitment agencies will help you optimize your recruitment time and costs leveraging their resource base, knowledge base, market outreach, and exceptional executive search. Work with a CEO staffing agency to reduce the time and costs of hiring the right staff for your CEO office.
6. Assistance with negotiations, compensation, and discussion
A good CEO temp agency will find you superlative CEO candidates for long or short-term periods based on the tenure of an interim CEO. This approach is taken by many fast-growing companies that are hiring a CEO for the first time. They do not want to directly invest in a permanent position until they find someone who delivers on targets.
The most tricky part is the open discussion about salary, stock, bonuses, and benefits. A good CEO staffing agency also provides inputs based on compensation benchmarking. The inputs and insights improve your negotiating activities, and you will be able to frame the right terms of the offer.
7. Easily Find Excellent Staff for CEO Office
With the help of a CEO staffing agency, you could very easily find the best staff for the CEO office. The cost, time, and effort it would take for your company to put out a job description, screen and shortlist candidates, call them for interviews, manage administrative recruitment work, etc., could be avoided.
Alliance Recruitment Agency UA
Alliance Recruitment Agency offers CEO executive search and CEO staffing services to companies from diverse industry sectors. We have 11+ years of experience in CEO executive search and consultancy and a network of industry-specific CEO recruitment consultants. We have served the C-level recruiting needs of 100s of organizations.
If you are considering hiring a CEO for the first time or a successor to a departing CEO, find here the right insights and expertise in CEO recruitment at our agency. Find a leader that transforms your market value and achievements.