When To Hire a CEO for Your Startup in the UAE?
Are you a startup business thinking of hiring a CEO? Well, this article is for you. From helping you decide when to hire a CEO for your startup to how you can partner with a search agency to find one, this article will equip you with all the necessary information.
A chief executive officer or CEO is the highest-ranking officer in a company who is responsible for making managerial decisions and ensuring the overall success of the company. They strategize, develop, implement and direct an organization’s operations, financial function, and performance.
As a startup business, there are several challenges you may encounter in areas of planning, money management, balancing quality and growth, and marketing. This is where hiring a CEO can provide you with expert guidance and direction in these areas so your startup can thrive. Find out when and how to hire a CEO for your startup.
When Should You Start Looking For A CEO For Your Startup in the UAE?
1. When You Plan Extensive Market Expansion Within the UAE
Using the CEO’s knowledge of industry changes and relevant opportunities in the markets, the officer can develop and execute business plans. If you want to expand the company extensively, a CEO can provide direction and guidance on the competitive market landscape, expansion opportunities, and industry developments.
In addition, the CEO will be the voice of the company by effectively communicating to shareholders, government bodies, and the public. Hiring a CEO in this situation can help you to receive expert guidance and direction on the company’s growth.
2. When You Plan International Market Entry That Involved Millions of Dollars of Investment
A CEO constantly researches and connects with the key players in the industry to seek growth for companies in the international market. The officer analyses the market opportunities to ensure that it matches the capabilities of the company. He then formulates a strategy to start with low risk and explore opportunities for investment, export, and additional production.
3. When You Seek to Increase Your Product Lines
When a company plans to expand globally, it has to adopt a phased entry method. A CEO can help to plan effective ways to increase product availability. He achieves this by establishing a joint venture, obtaining licenses, and entering franchise arrangements.
4. When You Have a Significant Business Transformation Plan
A fundamental change for a significant shift in management and business operation is the main aim of a business transformation. The CEO will identify new technologies involving entire organizational changes and suggest an acquisition, merger, and financial system to adopt, and altogether a new operational method.
5. When You Need to Fulfill Capital-Intensive Business Diversification Plans
A business becomes capital intensive when a large amount of money is needed to be invested in order to produce goods and services. Such investment leads to a higher percentage of fixed assets such as property, plants, and equipment.
When there is a plan for such a new investment, a diversification process is necessary. The CEO will present a process to acquire new technologies as well as skills and knowledge to operate them.
6. When You Consider a Public Listing
When you decide to sell to the general public, it requires vigilant financial planning. The CEO, along with the CFO, will be able to use their understanding of listing to plan where the company is headed and explain this to the investors. A CEO’s invaluable insights and planning can help your company when your market value increases due to public listing.
7. When You Need to Meet Global Organic or Inorganic Business Growth Needs
Organic growth is when the business uses its own resources to achieve growth by increasing output and improving sales internally. On the other hand, inorganic business involves the business seeking support externally through merging, acquisition or takeover.
In the case of organic growth of a company, the company is already in the knowledge of strategy and procedures upon which the company is being managed. Whereas in inorganic growth, external sources like acquisitions or mergers will have to be incorporated.
In this case, the CEO will address the integration issues and help the company to adapt to each other. The inorganic growth process involves a demand for huge capital investment. The CEO is required to provide a cost analysis and new marketing techniques.
Partner with an Executive Search Agency for Hiring a CEO
1. Get The Benefits of Market Mapping and Compensation Benchmarking
In addition to executive search, a search agency offers several value-added services like market mapping and compensation benchmarking. The experts conduct in-depth market mapping, which offers you a detailed industry view as well as an analysis of external and internal talent.
Moreover, having worked with a wide range of clients from diverse sectors, these professionals can offer tailored talent mapping analysis and intelligence ranging from very specific to wide geographic areas.
As for compensation benchmarking, the search agency can provide you with insights into market trends in terms of salary and benefits in your industry across multiple geographies.
2. Gain Key Insights into Deciding Compensation
Working with the search firm will provide an opportunity for you to gain a deeper understanding of how to structure financial packages. Apart from the salary for the CEO, the potential candidates will be looking for several other benefits. This can include additional benefits such as healthcare, paid leave, retirement contributions, and stock options. Using this information, you will be able to provide a detailed breakdown of the overall package to the prospective CEO.
3. Find The Best Match Candidates from a Diverse, Wide, Superior Talent Pool Network
Considering the significant role a CEO plays within a company, candidates who are proficient with appropriate skill sets are highly required. Executive recruiters are specialized in this field, and over the years, they have established connections with top executives, national and internationally, therefore, offering you easy access to the otherwise inaccessible people and their network.
4. Get Assistance in Framing the Right Interview Formats and Screening Criteria
With a recruiting agency, the interview is a two-fold process. Firstly, the agency will organize interviews with the candidates to know them better and to assess if they are suitable for your company.
During this process, the agency will also brief the candidates on your company’s needs, work culture, and long-term goals. After these interviews, the pool of candidates will be narrowed down to only the most suitable candidates for your company. Your company will then be fully briefed on each candidate, and the agency will assist you in organizing final interviews with them.
In addition to this, the recruiters will use their expertise to formulate specific interview questions based on each candidate’s profile so you can easily screen for specific CEO qualities.
5. Improve Your Negotiation Abilities
A search firm’s role is valuable here in that they can carry out honest conversations with you and the candidate to work out a deal. When it comes to job offer negotiations, the recruiter’s role is to fairly and objectively have direct conversations with both parties to fix an appropriate financial package for all.
6. Get The Benefits of a Thorough Background Check
An executive search team is highly equipped to carry out the groundwork from verifying candidates’ qualifications and background to shortlisting the most potential candidates for the role. This way, your company would only have to interview a handful of candidates, which in turn saves your company’s valuable time and efforts.
Alliance Recruitment Agency-UAE
Alliance Recruitment Agency is a well-established agency offering high-quality recruitment services in the UAE for over a decade. Our company has facilitated C-Level recruitment of more than 100 organizations.
Our experience and market knowledge has enabled our executive search team to connect with a large number of exceptional candidates in different regions worldwide. We can help you in hiring a CEO through national or international CEO search services and connect you with candidates who best match all your requirements.