Brian Armstrong, founder and CEO of our portfolio company Coinbase, writes a regular blog in which he talks about a bunch of things; Coinbase, things he has learned, the crypto market, and a bunch more. If you don't follow Brian, you might want to.
Last week he laid out the entire process he uses to hire executives and it's a really great post.
Here is the outline of the process:
- Speak to subject matter experts [1-2 weeks]
- Choose the hiring committee [1-2 days]
- Draft the mission/outcomes/competencies (MOC) document [1-2 weeks]
- Source candidates [2 weeks]
- Build the relationship [1 month]
- Evaluate candidates [1 month]
- Close them [1 month]
If you plan to hire executives or are already doing it and would like to see how another CEO does it, I would suggest you go read Brian's post.
One thing Brian leaves out, likely not intentionally, is the role of board members and investors in this process.
I have seen board members and investors play a valuable and highly engaged role in the "hiring committee" and most certainly in the closing process. I have done this for Brian a number of times and so have Micky Malka, Chris Dixon and Barry Schuler. We are very fortunate to have a great management team and Board at Coinbase and that makes a big difference in running an executive hiring process.
I have been an investor in Coinbase and have worked with Brian for almost five years now. I have watched him grow and develop as a CEO. He takes that very seriously and it shows. Putting down things like your hiring process is a great way to pass on to others what you have learned and get feedback too.