Staying innovative requires constant effort and attention, which is why hiring CTOs is important for businesses that want to grow. These executives focus on tech strategy and keep their organizations competitive.
To be successful, this executive must blend sharp technical know-how with leadership skills. An insightful comment about this comes from MIT senior leader Clara Piloto. She says:
“The CTO role is a perfect combination of being tech-savvy, having 15+ years of experience in the technology field, and possessing innovative leadership skills to succeed.”
However, the talent pool for top-notch CTOs with this mix of skills is somewhat shallow. Also, it is usually critical to find a CTO with a background in your field. Therefore, the hiring market can be challenging as you vie for the same talent as your competitors.
With both tech and executive talent, the U.S. Bureau of Labor Statistics sees the job outlook expanding quickly. For example, the employment rate is much faster than the average, while top executives are seeing a faster-than-average growth of 6%. Fortunately, you have help.
Using this guide, you can obtain the latest tips for successfully hiring CTOs. Discover the techniques and resources that put you in touch with top talent and help you hire and retain them.
Hiring a Freelance CTO
Though a CTO is an executive position, you do not necessarily have to hire someone full-time. Many of these professionals are happy to work as part-time or freelance CTOs. A common name for this arrangement is “fractional CTO.” This setup is also beneficial for hiring an interim CTO freelancer.
The individual is happy to have the freedom of being a remote worker, and your company saves on overhead. Likewise, you can take advantage of a much wider marketplace by hiring a freelance CTO who works remotely.
“The CTO role is a perfect combination of being tech-savvy, having 15+ years of experience in the technology field, and possessing innovative leadership skills to succeed.”
What Does a CTO Do?
Your CTO brings technical expertise and strategic insights for a competitive advantage. Additionally, the business can be more efficient by minimizing the cost of technological expenses and maximizing your return on tech investments.
Tomas Vocetka, CTO of Omio, describes the role this way: “The main role of any CTO is ensuring that long-term the technology the company builds is aligned with where we are going as a business.”
If you are just beginning to expand your company’s executive suite, do not overlook the value a CTO can bring. What does a CTO do to support the rest of the C-suite?
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This expert can serve as the perfect liaison between the CEO and the technical team.
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Decisions about setting project budgets become easier for the CFO when you have an experienced technical mind in the C-suite.
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The CTO supports a COO by giving key insights into which technical solutions make the company more efficient and productive.
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The CTO can also provide a better idea of which tools are best for digital marketing strategies with the CMO.
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The CTO also supports a CHRO in the hiring process by showing which tools are most effective and giving key input into hiring technical talent.
Technology is essential to accomplish all of your company’s goals. When you hire a dedicated CTO, you bring balance to the decisions executives must make by providing key technical insights. You also have someone who can translate important messages from technical departments and avert problems.
For these reasons, as you review CTOs for hire, find someone with the correct mix of leadership qualities, technical competency, and communication skills.
Why Hire CTOs?
You should hire a CTO to bring a stronger technological vision and leadership to your team. Not only does a CTO drive innovation, but the individual helps you do so in a cost-effective and time-efficient way.
Hiring a CTO can also improve the perception of your brand. Your employees understand that you take cybersecurity seriously and value the role of architects and developers by giving them an official voice in the leadership.
Also, your customers and investors will appreciate your focus on technological advancement. Stakeholders and business partners are more likely to view your company as modern and forward-thinking.
“The main role of any CTO is ensuring that long-term the technology the company builds is aligned with where we are going as a business.”
What Can a CTO Do for Your Business?
You can leave any task dealing with technology in the hands of your CTO, allowing you to focus on other business matters.
Develop Technology Strategy
Your CTO is central to creating a tech strategy that aligns with your business’s long-term direction and short-term objectives without compromising either. For example, your CTO can provide practical input about executing a digital transformation.
Oversee Product Development and Launches
Innovation often requires new products or services. You should be using the latest technology available. Hire a CTO to be the primary stakeholder overseeing design and development. The CTO also manages engineering and product management teams.
Ensure Cybersecurity and Compliance
Data protection is more important than ever, especially with so many digital assets that reside in the cloud. CTOs start by verifying that your infrastructure meets regulatory requirements. The CTO then looks for other beneficial cybersecurity actions that go beyond the legal minimum. They also spearhead quality assurance programs.
Pilot Research and Development Initiatives
Effective R&D needs the input of technical team leads alongside the marketing team. CTOs can supervise the investigation and experimentation of the potential for emerging technologies to provide a strategic advantage.
Take the Lead on Technical Hiring
CTOs can identify gaps in the technical team before they become a liability. They can also define the skills and expertise an applicant should have and create an effective job description. Consider hiring an interim CTO to take an active role in conducting assessments and reviewing candidate portfolios.
Evaluate Tech Vendors
As you purchase or subscribe to tech solutions, the CTO can assess these for their effectiveness and value-add. CTOs’ understanding of the market and available solutions puts you in a position to negotiate favorable terms with vendors or move on to a better product when necessary.
How To Hire CTOs
An initial step toward attracting top talent is focusing on building your brand. Highly talented CTOs want to be sure they are working with a company committed to excellence. Your social media activity and engagement in industry events should show how much you appreciate technology’s role in your business.
Next, the appropriate stakeholders need to clarify your company’s needs. Outline your current tech vision and how you want to improve so you can share these with candidates at interviews. Figure out specifically what a CTO for hire should focus on after joining the company. That information will be key to creating a compelling job description.
Also, determine which platforms you will use to source talent. An online search yields an endless number of sites, but you can refer to our list of the best sites for hiring CTOs to narrow your choice. Go beyond the cost of the platform and factor in how much time you can save with one that concentrates on only sourcing elite candidates, such as Toptal.
A talent sourcing service is especially helpful if you are still unsure about how to hire CTOs or are not confident in your ability to vet applicants for technical prowess. After sharing the requirements for the role, the team can guide you toward which individuals are most likely to fill your needs.
The Skills To Look for When Hiring a CTO
A CTO needs the hard skills of an efficient programmer and the soft skills of an empathetic executive. Some of the most important CTO skills include knowledge of:
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Multiple programming languages
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Different development methodologies, such as Agile, Scrum, and Kanban
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System architecture and infrastructure
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Cloud computing principles
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Database management
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Cybersecurity and regulatory compliance
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Financial metrics , such as cost-benefit analysis and technical debt
Some hiring managers view the soft skills of a CTO as even more important than technical capabilities. For sure, these leadership and interpersonal skills are at least as important.
If you hire a freelance CTO who will be remote, ensure that the individual has a pattern of taking ownership and accountability for their teams and actions. While the CTO needs to confidently make data-driven decisions, the expert must also be adaptable and have change management skills.
Communication skills involve being a good listener who can also explain highly technical concepts in a simple way to non-technical stakeholders. The CTO must also be able to spot and nurture the potential in talent. With such skill sets, you will have an indispensable asset on your team.
How Much It Costs To Hire CTOs
CTOs currently earn $166,511 a year on average in the U.S. That equals approximately $80 an hour. The lower range of CTOs tends to bring in $63 an hour, while the upper tier earns $100. However, a few outliers make even more, getting $132 an hour.
Tips for Writing a CTO Job Description
Your CTO job description will attract top talent with a clear, compelling, and concise characterization of the role. Highlight your mission, values, and culture in the introduction. Briefly mention any relevant honors, awards, or recognition.
Next, summarize the core responsibilities of the CTO and the impact you expect the candidate to have on your organization. Include a few specific metrics you want your CTO to reach within a certain timeframe. In a bulleted list, list the necessary skills, experience, and qualifications for the role.
Explain the reporting structure and key relationships the CTO will have on your team. Be open about the salary range and what types of skills or certifications merit paying a higher amount.
Common Interview Questions To Ask When You Want To Hire a CTO
The following interview questions help you effectively evaluate candidates and hire a CTO that adds significant value:
| Question | Types of Answers To Look For |
|---|---|
| How do you promote collaboration among the software/engineering team? | Good answers mention specific collaborative tools and a practical team meeting schedule. The candidate may mention hackathons and other team-building exercises. |
| How do you motivate and retain employees in fast-paced, high-stress environments? | The candidate should describe their communication methods and strategies for employee support, incentivization, and career advancement. A good CTO also knows how to recognize signs of burnout early. |
| What is your vision for our current tech strategy, and what changes would you integrate? | A strong candidate can be tactful but frank about potential weaknesses in your current strategy. While describing new plans and alternatives, the individual should have an air of excitement. |
| How do you prepare an IT department budget to balance innovation with cost management? | The candidate should mention specific metrics and strategies for creating reasonable budgets. Cost-benefit analyses, expense prioritization, and concept evaluation are good examples. |
Importantly, keep your assessments of applicants fair and unbiased. Hiring a freelance CTO opens up the potential for a wider market of candidates. An unconscious bias could prevent you from selecting someone who is in a prime position to identify and address your needs.
How To Find Freelance CTOs for Hire
You can find CTOs through job boards or traditional freelance marketplaces for the lowest expense but potentially questionable quality. Outsourcing agencies often have a fine selection of candidates at a steep premium. Networking and industry events can yield prospects but take more legwork.
In our list of the best sites to hire CTOs, you have a convenient breakdown of the top companies for sourcing candidates. Consider the quality of talent, the amount of work on your end, and the access to remote talent before making a decision. Out of all choices, Toptal has consistently outperformed other options, which is why we give it the top spot for where to find CTOs for hire.
You can hire top CTO talent by knowing the market and employing the right hiring tactics. An experienced CTO provides steady guidance for your company’s technology strategy and helps keep your digital assets safe. You also stay on the cutting edge of innovation, priming your company to thrive in the long term.
Frequentely Asked Questions.
- Are CTOs in Demand?
- The demand for CTOs is steadily increasing because companies need strong internal tech leadership. The search for CTOs can be difficult, considering that 70% of business leaders say a workforce skills gap is negatively impacting their companies’ performance. 35% report a lack of leadership and management skills. For that reason, many companies need help hiring CTOs.
- Where Can I Hire CTOs?
- Toptal, Fortium Partners, Boyden, MentorCruise, and Chameleon Collective are five of the top companies to source and hire CTOs. See more options and additional details in our full list of the best sites for hiring CTOs.