Why do we lose our next-in-line talent?
Steve Burks is the CEO of Burks Search, a member of the Sanford Rose Associates, and has a Ph.D. in Chemistry. He comes from a career in the specialty chemicals and coatings industry, where he served in both technical and sales/marketing positions. He was also involved in the launch of three ground-floor start-up businesses during his career. In this episode, he helps us understand and resolve the challenge of the great resignation. He shares some best practices in how to look for and retain number twos in the business.
[2:25] Steve talks a little bit about his business, Burks Search.
[3:30] Steve looked into the trend lines and started an informal market survey to understand the reasons why number twos leave their companies.
[4:35] Steven shares what kind of challenges CEOs are having today. He’s identified six key issues.
[5:20] How can CEOs figure out if number twos align with the company vision and see if their relationship would work?
[7:00] Steve shares that the major issue when hiring a number two is if the CEO is ready to let go.
[10:05] Are there no good people out there? Steve challenges the hiring process in making the right fit.
[11:00] Todd asks Steve what decision-making means in his pre-boarding process.
[12:20] It’s best to clearly define who can make the decision. Steve expands on this further and shares some examples.
[14:45] Steve also shares some example scenarios where financial issues arise and how they can be managed before the hiring is made.
[16:35] It’s best to put somebody into a role that they’re going to feel challenged and will be successful at.
[17:35] How do we identify if someone fits with the company culture?
[18:20] The number two needs to be a good social fit for the CEO. Steve explains why.
[20:30] Steve also talks about senior-level family members and how they can be a challenge to the number twos.
[23:00] Steve shares why it’s important to look at the strengths and weaknesses of the whole executive team when identifying a number two.
[25:10] It’s also important for the number two to understand the strengths and weaknesses of this team because they will report to him/her.
[27:00] Steve talks about the importance of building trust between the CEO and the number two earlier on. He shares how this impacts a number two’s retention.
[30:50] The CEO’s transparency can have a tremendous impact on the growth of the company. Steve explains how.