"You could use a search company, but a lot of start-ups don't have that 20 percent to spend on a head-hunter," Teree says. "If you're in the tech business looking for a CTO, it's almost an assumption that you're going to know someone you could play with, or you can get on LinkedIn and network."
Berray, an experienced recruiter of CTOs and CIOs, says his firm rarely turns online for finding executive-level candidates, due to the daunting task of weeding through "hundreds if not thousands of responses – and getting a lot of irrelevant stuff." There are exceptions, though: he recommends posting a CTO position if it's located in an odd geographic area or is in a field different from the one you'd like to hire from. "If you're looking for some cross-industry pollination – if you're open to some people you wouldn't normally think of, it could work," he says.
If you do decide to post a job listing online, let the job description you've already crafted be your guide. Include minimal qualifications, educational background, relevant fields of previous work, and what sort of a track record you're looking for.
You must also consider how to convey what kind of candidate will be a strong cultural fit. Performance-management expert Jamie Resker, president of Employee Performance Solutions, suggests looking for characteristics that already exist in your office. "It's not an exact science, but you want to find out whether this person is going to be a good fit culturally in the office is important," she says. "For that, you just need to tap into the best qualities your existing employees share."
If you fear getting a flood of applicants, listing a salary could narrow the pool. Otherwise, experts suggest it is not necessary, and is highly variable at the CTO level. With the listing complete, post to your company website, and supplement that with listings in targeted trade publications and specialized media and postings on online job sites.
Dig Deeper: Tapping the Talent Pool
Hiring a CTO: Be Competitive
In order to attract top candidates, you'll need to offer a competitive salary. Searching competitors' job listings can be a useful means of finding that industry information if you aren't in the position to purchase salary study information or work with a firm that conducts compensation research. Other simple sources of information can be PayScale.com and Salary.com – and they adjust for geographical inequalities in pay.
Some executive search firms offer compensation data and recommendations based on candidates' experience and qualifications. Another way to gauge salary norms for technology executives in your area is basic networking. " The more you can use abilities to have specific conversations with other CEOs as to what they pay their CTOs, the better off you'll be," Woods says. But, he cautions, salary demands from a candidate will likely match their individual experience and track record, so be prepared to pay more for someone who has overseen repeated successful growth.
If you're still unsure, it's perfectly acceptable to ask applicants about their salary expectations, including whether they expect additional bonus or incentive compensations. It's also worth asking what sort of salaries the candidate expects for his or her staff.
And don't ignore the power of benefits to affect a CTO's decision to join your company. In small companies, benefits send important signals about the culture and company's stability. "If you're like Google and have incredible benefits, then you might not need to pay that much. But if you don't offer health insurance, you might need to pay more," Matuson said.
Dig Deeper: The Right Way to Pay
Hiring a CTO: Go the Extra Distance
As with hiring any executive-level position, its important to treat the hiring process as a way to not only grow, but to shape and transform the future of your business. Experts say its important to allocate adequate time for a search, and to recognize that the interview process is far more complex than it would be when hiring a junior-level employee.
"The hire is going to be so important to the cultural fit and the personal chemistry on an executive level,' Berray says. 'After [a search firm or the company itself has] done the vetting, sitting down one-on-one with the CEO should really be the first step.'
Berray suggests bringing in the applicant again for a first-round of interviews with the CEO and possibly the chair of the board. The second round would include any peer executives, and a third round of interviews could take place with anyone who would report to the new CTO as well as additional members of the board of directors.
When you're looking to seal the deal, consider doing it out of the office in a more casual environment, such as a restaurant.
The meat and bones of these interviews should examine the candidate's skill set, social skills and other qualifications. "One way you can help understand who is going to work for you best is have a clear statement of your goals for the short-, medium-, and long-term,' Woods says. 'Have the interviews be focused on how the new CTO might approach these goals, the resources they would need, and the troubles they might foresee in achieving those goals."
