Tag: Biotech

by Jeff Ashpitz

As an executive search professional with decades of experience placing stellar leaders in pharmaceutical and biotech companies, I’ve witnessed firsthand the critical impact of a well-executed search process and the costly repercussions when it goes awry. Here, I share insights into common pitfalls in the hiring process and strategic solutions to avoid them.

1. Underestimating the Role’s Impact: The ripple effect of a key hire is profound. Spend time on a thorough analysis of the role’s impact on the organization to ensure alignment with your long-term objectives.
2. Failing to Get Consensus from Key Stakeholders: Consensus on role requirements is foundational. Regular communication and alignment among stakeholders prevent shifting goalposts that can confuse candidates and derail the search.
3. Inflexibility on Role Requirements or Prerequisites: Flexibility can open doors to candidates who bring a wealth of experience and a fresh perspective. Consider potential over a rigid checklist of qualifications.
4. An Overly Restricted Candidate Pool: Diversity in thought and experience drives innovation. Broadening the candidate pool to include unconventional profiles can uncover hidden gems.
5. Neglecting Company Values: A candidate’s skills are crucial, but their alignment with company values is what cements their potential for long-term success. Integrate values assessment into your hiring criteria.
6. Rushing the Process: Every organization wants their role filled yesterday, but haste can lead to oversight. Diligence in candidate evaluation pays dividends in securing the right fit for your leadership team.
7. An Overly Slow or Cumbersome Process: Conversely, an excessively slow process can deter top talent. Streamlining the process without compromising on quality is the sweet spot for executive search.
8. Allowing Future Direct Reports to Undermine the Process: Involvement of future direct reports is valuable, yet their unchecked influence can skew the process. Establish clear boundaries and decision-making protocols.
9. Waiting Too Long to Engage a Search Firm: Proactivity is key. Anticipate leadership needs and initiate the search process with a search firm early to avoid rushed decisions, a drawn-out process, or a candidate pool turned-off by a position that has been too long on the market.
10. Choosing a Search Firm Based Solely on Cost: Investment in a quality search firm often translates to higher caliber candidates and a smoother search process. Evaluate firms on their track record and expertise, not just cost.
11. Choosing a Search Firm Based on Name Brand or Size: A big name doesn’t always mean the best fit. Tailor your choice of search firm to the specific needs and culture of your organization. A boutique firm can offer specialized expertise in your industry coupled with a high touch process that may be lacking in a “big box” firm.
12. Poor Candidate Experience: The candidate’s journey reflects your brand. Ensure that each interaction is professional, respectful, and reflective of your organizational values and that the process is organized and streamlined. Getting a preferred candidate to yes is often almost as much about their experience in the interview process as about the role itself.
13. Not Providing Clear Feedback After Interviews: Providing clear feedback after interviews is crucial. It enables your search team to hone their approach so that subsequent candidates are better aligned with the hiring team’s needs. This iterative refinement process enhances the efficiency of the search.
14. Avoiding Compensation Discussions Until Late in the Process: Transparency about compensation early in the process avoids last-minute deal breakers. Address it early to ensure alignment on expectations. No one wants to get jilted at the altar.
15. Failing to Woo the Finalist Candidate: The final stage is critical. You’ve spent time carefully considering your candidate pool, have engaged them with a compelling narrative about the role and the company’s vision, and have selected a finalist. Your finalist has successfully run the gauntlet. As you near the offer stage, roll out the red carpet and let them know they would be a welcome member of the team. Arrange for lunch or dinner with the hiring committee or hiring manager during the final round of interviews. Schedule time with the benefits coordinator or a relocation specialist. Let them know that you want them to join as much as they do. These little touches can ensure a smooth offer process and ultimate acceptance.

Executive search is a strategic process that requires a thoughtful approach. By avoiding these common pitfalls, you can enhance your ability to attract top-notch leaders who will drive your organization forward.