Choosing the right CEO for your company is a daunting task. How do you know which of your candidates are right for the job? Should you internally promote or find someone from the outside? Well, just take a deep breath and check out this infographic; it’ll give you the answers that you seek.
On the subject of to hire internally vs externally, the answer isn’t what you make think it is. Sure, it’s good to keep the company in the same hands, but when it comes to the CEO, and outside pick is almost always better. But why? There are a number of reasons, one of them being a creativity issue. CEOs hired internally are less likely to change the status quo or listen to new ideas. Most of the time things stay the same and there is little growth within the company. In a study that focused on 51 CEOs of publicly owned companies, those who were internally promoted showed a 35% revenue growth over three years. Compared with the CEOs that were hired externally who showed a 99% revenue growth over the same three year period, the winner is clear.
Take a look at this infographic for more. Don’t forget to comment, like, and share!