Top 5 Mistakes in C-Suite Hiring for DSOs
Hiring mistakes — we’ve all made them.
But the growth of your organization can really take a hit if you chose the wrong C-suite candidates — those top-tier staffers who lead your organization.
Amol Nirgudkar, CEO of Patient Prism, sat down with Jon Fidler to discuss hiring executives in dental organizations. The president and CEO of Fidler & Associates has a broad human relations background both in sports and in one of the largest dental organizations in the nation.
Here’s his list of top five mistakes in C-suite hiring.
1. Hiring too quickly
“Typically, the number one thing that I see is there’s such a pressure point, that is they hire too quick,” Fidler said. “They just want to fill that spot. Maybe it’s not the exact right person. Maybe they’re settling a little bit. But they just want to hire really quick.”
2. Employing family or friends
“They have a family member that’s in need of a position and they can help them out,” Fidler said. “But they bring them in and ultimately, it may be a short-term fix, but I always say just close your eyes and picture the next holiday, and you want everybody there. You want the whole family there.
“And sometimes that doesn't happen when business and financials get involved.”
Nirgudkar said he’s seen that happen many times in the dental industry.
“Especially on a smaller-practice level,” he said. “Sometimes you can trust the family members to do the right thing, but they may not be the right C-suite team. They might be great to handle the petty cash because they won’t steal it, but you want to make sure they have the right skill set, because the goal of the C-suite team is to help you establish processes and systems that’s going to help you scale.”
This happens often when the employee deserves a reward but you can’t afford to pay them more.
“Calling them VP when really, they’re at a controller level, maybe a bookkeeper,” he said. “And so, they’ve been with you since the beginning. You want to reward them and you want to balance ‘Well I can't really reward fiscally so I’m going to over-title somebody to keep them involved and engaged in the group.’”
“Everybody wants the perfect candidate,” Fidler said. “And they want the Wharton business background. They would like 10 years’ experience in the field, but yet they want to pay $35,000.”
Good employees are people who have a proven track record of success, and that means they’re going to cost more.
5. Narrowing the candidate search
Don’t be so rigid in your requirements that you miss candidates with crossover skills that could really add something to your organization, said Fidler.
For example, skills gained the dermatology or ophthalmology industries may translate just fine.
Avoiding pitfalls like this will help your business in the long run.
“You don’t want to stall your growth because you made these mistakes,” Nirgudkar said.