Today’s executives are on the move – and chances are you have either recently hired a new one or have plans to do so.
One recent global study showed that CEOs turn over at a rate of 15 percent annually, and half of executives in transition fail, either by voluntarily leaving or being fired. More than 90 percent of those hired into new companies said it took them at least three months to become productive – and 60 percent said it took twice as long. How can you optimize the success of your new executive hires? Here are eight tips:
Revisit your hiring process.
Identify ways to measure new executives’ quantitative and qualitative skills. Look at their past accomplishments and investigate how results were reached. Do thorough assessments of both hard and soft skills.
Set reasonable expectations.
Acknowledge the fact that challenging roles take a period of time to master. Be clear at the outset that high productivity will be a work in progress. Set realistic deadlines and support your new superstar as they acclimate to their role.
Support both internal and external hires.
Provide equal levels of support to both internal and external executive hires. It is common for companies to bend over backwards for outsiders. Do not short change your own people by assuming they know it all. It may be even more difficult for them as they adjust to supervising their former peers.
Invest in coaching and mentoring.
An executive coach who specializes in transition management can be a tremendous asset as a new leader settles into their role. Other senior managers and those who have recently retired also can help. Your thoughtful investment in assimilating executives can prevent the potential loss of thousands of dollars and hundreds of hours.
Roll out the welcome mat.
Before their official start date, invite newly hired executives to key meetings and/or company social events. By giving them advance access to people they will be working with, you enhance their ability to come in with a solid knowledge base and a sense of what needs to be done.
Provide needed information.
Evaluate what introductory information an executive needs and make it available before they report for their first day of work. Introduce them to other key leaders, high-potential employees and strategic stakeholders. Be sure they get to know people who can champion their cause. Encourage them to contact any of these folks with questions.
Nip mistakes in the bud.
If problems occur with your new hire, address them sooner rather than later. Early interventions are essential. The cost of having an underperforming executive in a business-critical role is just too high.
Offer constructive criticism.
After initially practicing their skills, executives need immediate and honest feedback. Provide it on an ongoing basis, especially during their critical early days on the job. How they receive, understand and react to constructive criticism and feedback affects not only their success, but also how they will evaluate others.
The executive recruiters at BrainWorks can help ensure a smooth transition for your senior-level and other highly specialized new hires. Contact us today to learn more about our executive recruiting solutions.