How to Hire for Vice President and Executive Roles?
The vice president position is typically the second or third in a company’s hierarchy, behind the president and CEO. In mid-and small-sized firms, one individual may hold both the post, serving as president and the CEO, with the vice president being the second in command. Find out all about how to hire a president or a vice president in this blog, crafted with insights from top C-suite recruitment experts.
A Vice President is in charge of the day-to-day operations and productivity of the company. Each Vice President is responsible for establishing the company’s public image in the media, displaying overall budgets and objectives for directors and managers, and collaborating with the CEO and board of directors to defend the company’s policies, strategies, and goals. He or she is hired by the organization using c-suite recruitment and c-suite executive search.
Vice President Role Hierarchy
There are several degrees of vice presidents depending on the industry, just as there is an organizational hierarchy.
Associate Vice President:
This is a typical position in higher education, but it may be found in any sector, such as retail or ITeS. The position-holder is in charge of long-term planning and overseeing specific geographical region operations, as well as program and staff development.
Assistant Vice President:
This position is comparable to that of an operations director in many SME companies. The position-holder oversees many departments within a company, such as human resources and administrative operations, and manages highly competent people. In some cases, it can be used interchangeably with the title Deputy Vice President.
First Vice President:
The VFP is a financial industry stalwart. Depending on the company, this might be a term for someone who has been promoted or demoted. It might also be a promotion-in-place situation when the goal is acknowledgment rather than advancement.
The Difference Between Vice President Roles And C-Suite Roles
There are several business hierarchy situations, and things may differ based on the size of the firm, the industry, the type of business, and even corporate policy. Each organization has its hierarchical levels, but a few rules apply to all of them. In general, senior management positions are classified as director, vice president, C-level, or CEO.
Vice Presidents report to C-level executives. Individuals with C-level positions have the highest executive level in the organization for one functional area. All of the other executives in that functional area report to the C-suite recruiters.
The C-level executives are led by the CEO and include Chief Operating Officer, Chief Financial Officer, Chief Technology Officer, Chief Marketing Officer, Chief Information Officer, Chief Customer Experience Officer, and Chief Accounting Officer.
Although the CEO officially falls under this group, he or she has a higher level of responsibility. This person is in command of the entire company. As the company grows, additional departments or divisions may be formed, each with its vice president.
A vice president is frequently the second-highest level of administration. The vice president may be delegated specific functional domains. The greater the number of layers in the organization, the more critical it is to define the middle management levels of authority.
As a result, there are several titles for vice presidents, such as senior vice president. Someone in control of a larger area of the organization may be awarded the title of Senior Vice President.
Individuals at this level of management may be referred to as Group Vice President, Division Vice President, Area or Region Vice President, or Executive Vice President, depending on their area of responsibility.
For example, all Regional Vice Presidents of Sales would report to the CSO or Chief Sales Officer. The CFO reports to the finance, treasury, and investor relations vice presidents.
General Responsibilities for a Vice President or Executives
1. Strategic Planning for Growth and Revenue-Generation
Without a strategy and adequate planning, everyone from the CEO to the manager would have no well-thought-out path to take, no road map to manage, and no action plan to achieve the intended result.
In this scenario, the VP of all departments develops a strategy and actions for organizing resources and capabilities while taking into account environmental threats and opportunities to satisfy the business’s purpose, vision, and objectives and establish a sustainable competitive position.
2. Overseeing Budgeting for Divisions Under Control
Accounting and financial management are inseparably connected concepts. In many mid-sized businesses, the vice president of finance is a role equivalent to the CFO.
Accountants’ financial accounts and other information are studied by the Vice Presidents to make financial decisions. They assess how cash flows or the inflows and outflows of cash are managed and ensure the maintenance of sufficient liquidity levels. The Vice President of Finance or Operations is responsible for overseeing the financial operations of a business.
3. Participating in Top-Level Decision Making for Key Initiatives
Initiatives of a company must be executed. Strategic plans are created by the vice presidents of various departments in consultation with the C-Suite. These decisions or plans are frequently long-term in character, with consequences lasting five years or more.
4. Supervising and Advising Directors and Heads of Divisions
Vice Presidents and C-level Executives oversee their subordinates and provide strategic advice to Division Heads. They are responsible for leading, guiding, directing, and assessing the work of others, such as senior directors and managers, as well as ensuring a healthy working environment.
5. Playing A Role in Ensuring Improved Client Relationships and Satisfaction
All aspects of client support and service are overseen by the Vice President or C-level Executives.
He or she then develops the organization’s customer service strategy and oversees the overall performance of people and procedures to achieve the highest levels of customer satisfaction. As a senior executive, he or she collaborates with other members of the leadership team to implement the organization’s business plan.
Best Approach and Methods for Vice President And C-Suite Recruitment
1. Partner with An Expert Head-hunter Experienced in C-Suite Executive Search
There are several head-hunter platforms and personnel who investigate and interact with a network of C-level prospects and growing leaders. A company can utilize cutting-edge search technologies to locate unnoticed (but highly competent) individuals using c-suite recruitment and c-suite executive search.
It is best to consult with an established executive search company to know how to hire a president, vice president, or top-level executives, as they have gained in-depth insights into hiring for these positions in your industry.
2. Invest in Market Mapping and Compensation Benchmarking
Industry Mapping is a fantastic way to learn about industry standards and what competitors are offering. This activity gives information on where competitors hire, how they recruit employees, and how they arrange their compensation packages. This strategy might help a company create a competitive pay package to recruit top employees.
You can also benefit from the remuneration benchmarking already conducted by the C-suite executive search firm to figure out a compensation package that would be ideal for the kind of candidate you need in the President or Vice President role.
Compensation benchmarking allows businesses to have a better knowledge of how their benefits package is performing and how it compares to that of their competitors. Benchmarking against working hours, healthcare benefits, education benefits, and wellness benefits, which have all been shown to increase retention rates, can all be included.
C-suite recruitment experts with knowledge of market mapping and benchmarking provide employers with the information they need to make correct decisions about how to hire a president or vice president in their company.
3. Key Performance Expectations, KRAs, KPIs, and Metrics
In a company, KRAs are framed to indicate the key responsibilities of a position-holder, including the goals, objectives, and targets they have to manage. The KPIs and metrics are chosen to measure and track the performance of the position-holder. These are not the same for all Vice Presidents across companies.
C-suite executive search consultants use the information about KRAs, KPIs, and metrics to find out the best-suited individuals for the vice president position.
4. Broaden Your Search Horizons – Invest in Nationwide or International Talent Search
We will be able to attract new graduates, improve our recruitment methods, and highlight any career development opportunities that characterize the company’s working culture by broadening the search. A comprehensive diversity and inclusion program will show prospects that the organization is dedicated to creating a work environment that welcomes varied persons, opinions, and skill sets.
Organizations will benefit from a diverse workforce that is more productive and decisive since it provides a broader viewpoint and allows them to think differently than rivals.
5. Use C-Suite Recruitment Best Practices for Talent Engagement, Interview Management
By partnering with a C-suite recruitment form for hiring vice presidents or presidents, you get the experts to plan an optimized recruitment process, ensuring best practices in enriching talent engagement and candidate experience across interactions and interviews.
6. Industry Experience, Technology Experience, Academic Background
When bringing in any executive, senior member of an organization, or C-suite, it is critical to make practice and wise choices. You don’t have to limit yourself to academics. Get a 360-degree approach that covers practice experience, industry connections, and track records, in addition to academic background and knowledge.
Vice presidents and executives are in charge of managing a company. Hiring for such key roles should not be done in a random, experimental manner. That is why working with a C-suite recruitment firm is best to prevent the pitfalls of a bad hiring decision.
Alliance Recruitment Agency
Alliance Recruitment Agency helps you find the right top-level talent in a data-driven, objective manner, widening your understanding of the kind of talent there is in the industry and your competitor space. This enables you to customize your recruitment in the best possible way to find someone who is the most suited for carrying the various responsibilities in an outstanding manner.
We are a global company with a presence in 20+ countries, including the USA, Canada, the UK, EU countries, the Middle East, India, South Asia, Australia, and Africa. Connect with us from wherever you are! You are sure to find the best C-level recruitment support!