Sometimes, the right CEO is worth a private jet
Starbucks CEO Brian Niccol has attracted controversy for commuting by private jet, but in an increasingly complicated global business environment it can take sky-high perks to attract the right talent, says Katie Sharpe
Finding the perfect CEO in the corporate world is a mission that requires as much creativity as it does mere financial resources. The recent controversy surrounding Starbucks’ new CEO deciding to commute by private jet has sparked a broader conversation about the extreme lengths companies must go to in order to attract top-tier talent.
Such perks may appear excessive, even absurd, but the reality is that in today’s competitive market securing the right leader often demands thinking outside the box or, sometimes, above the clouds. Finding these candidates is only half the battle; convincing them to join against the backdrop of ever mounting pressure from stakeholders (customers, activist shareholders, politicians and the media) is where the real challenge lies.
The phrase “moon on a stick” has long been used to describe an unattainable desire – a request so extravagant it seems impossible. Yet in the world of executive search, what once seemed inaccessible is now within reach for those who have the right resources, connections and a touch of audacity. The demand for what we might call “supermoon” candidates – those rare individuals who possess the perfect blend of experience, vision and availability – is higher than ever. Commercial, competitive and experienced individuals who continually make tough decisions and balance this with being a good corporate citizen are in high demand even though such roles now come with more scrutiny now than ever. Crucially, companies must consider the tension between talent and brand reputation when making these decisions.
A fundamental truth about today’s executive landscape is that the best candidates often come with high expectations. The pandemic has shone a spotlight across all levels on the importance of mental health and what we all require to be functioning, rational and successful humans. In that context, things that might look like extravagant perks from the outside are in fact about providing the tools and the environment top talent needs to succeed at this altitude. CEOs are expected to navigate unprecedented levels of uncertainty and ambiguity, so offering the moon on a stick – in whatever seemingly outlandish form it takes – can be the difference between landing a “supermoon” candidate or losing them to a rival.
The recruitment of CEOs and top executives is never easy, but it has become exponentially more difficult recently. Average executive tenures (including for the CEOs) are decreasing, the global business environment is more complex and expectations placed on leaders are higher. They must be capable of steering companies through turbulent times, balancing growth with sustainability and fostering a culture that aligns with modern values as well as regulated ESG requirements.
Critics may argue that offering bespoke perks or stratospheric pay sets a dangerous precedent, but let’s consider their broader impact. A strong CEO or executive can drive growth, navigate risk, create jobs and foster a culture that positively impacts employees, customers and communities alike. The right leader can steer a company toward sustainable success, which will ripple out, creating opportunities and driving economic growth.
Executive search processes are taking longer and the pool of genuinely strong CEO talent is shrinking. The chair of a major listed firm on the hunt for a new CEO once told me there were no more than a dozen people in the world who could do the job. If the one they settled on needed to commute across countries, so be it. Finding the best candidates is hard enough without putting up additional barriers.
When clients demand the moon on a stick they need to understand that those “supermoon candidates” are out there, but securing them requires creativity, resourcefulness and sometimes, yes, even a private jet.
Katie Sharpe is the Director of Oldworth Executive Talent