Roles in your leadership team can become vacant, created or combined for a variety of reasons. A few of these are stated in the picture below.
Depending on the size & capabilities of your Human Resources & Talent Acquisition department, these situations will stimulate a chain of reactions that you may or may not have previously planned for.
![No alt text provided for this image](https://cdn.prod.website-files.com/6478c25debd0198179862588/6478c25debd0198179862719_1616861088820.jpeg)
Now before jumping in to finding someone for the role, you need to think long and hard about your strategy.
Simplistically put, your options are:
1) Fill this position utilizing your company's in-house resources, or
2) Go external and engage an executive search firm who specializes in these specific searches.
Warning!!! Do not rush this decision.
Do not implement a strategy because "this is how we have always done it". Do not pick your preferred supplier if they don't specialize in this area of search. Each search is drastically different. A CIO search in San Francisco is completely different to a CFO search in NYC. Different function, geography, the list goes on.
The world is changing faster than ever and this is a decision that will impact your business's success, or failure indefinitely.
One size does not fit all
The process you need to go through for assessing your in-house capabilities are as follows:
![No alt text provided for this image](https://cdn.prod.website-files.com/6478c25debd0198179862588/6478c25debd019817986271a_1616864269822.jpeg)
You need to be honest with yourself and your company. If you can do this in-house, great! If you can't, go external.
One piece of advice that I must emphasize, don't let the dollars and cents impact your decision. Yes, going external and engaging a retained search firm does come with a price tag. But do a quick google search on how much a bad hire can cost and it will quickly put things into perspective.