"A faith-based organization can be attractive to certain individuals," he said.

Before CIOs get involved in the recruitment process, it's important for them to commit to the time and energy needed to make their search successful, said Steve Kendrick, information officer practice consultant at Spencer Stuart, a global executive search firm. For a second visit by an IT management candidate, the CIO should invite a senior business executive to the meeting who might be affected by the hire, Kendrick said.

It's also important to develop "a thoughtful on-boarding process" for new executive hires, he said. "This is being given a lot more consideration by companies these days," according to Kendrick.

Meanwhile, CIOs shouldn't forget about the top talent they want to keep. CIOs "should look at what type of development or visibility opportunities they're providing" to their own workers, Finley said.