The road to finding the right executive for your company can be a long and winding one. But the real challenge begins once the ink dries on the contract and they start working. Too often, businesses fail to provide adequate support and guidance to new executives during the induction process. This can lead to misunderstandings, cultural clashes, and unrealistic expectations that quickly become unmanageable. Shockingly, studies show that nearly half of all executives leave their new positions within 18 months!
And let’s face it, executives aren’t cheap. They command some of the highest salaries in the company, and the cost of replacing them over and over again can really add up.
It’s time for businesses to recognize the importance of a strong induction process that sets new executives up for success from day one. By investing in a thorough and effective onboarding program, you can save yourself the headaches and expense of turnover and instead enjoy the benefits of a strong, cohesive leadership team. The amount of effort companies put into integration vary. This has major consequences in terms of time required to perform, derailment and ability to retain talent.
Organisations often invest heavily in hiring the right talent but overlook the importance of effective induction; like planting a seed and forgetting to water it, the potential may never be fully realise.
Effective onboarding is the key to successful integration of new executives into an organisation. When new leaders feel welcomed and supported, they are more likely to succeed and stay longer in their roles. A good onboarding process ensures that new hires can take on their full responsibilities at a gradual pace, rather than being thrown into the deep end too quickly. Giving them time and space to ease into their new roles is crucial for their success and satisfaction.
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