Flipping a Coin on New Executives?
Help New Executives Succeed
According to top business publications, in May-2008, executives are on the move, now more than ever. A global study by Booz Allen reported CEOs were turning over at the rate of 15% annually. Aon Consulting reports in its study that 50% of executives in transition fail, either quitting or getting fired.
The Institute of Executive Development (IED) has just completed a year-long study of executives in transition. According to respondents, more than 90% of executives hired from the outside said it took more than 90 days to become productive. Over 60% said it took six months. Reaching productivity is not simply an outsider phenomenon. More than 70% of executives promoted from within organizations said it took them more than three months, with 25% saying it took six months or longer.
So what are we going to do about this increasingly expensive reality?
Some say you should revisit the hiring process, and find ways to measure quantitative as well as qualitative skills. Past accomplishments are key to hiring, and it pays to investigate how those results were gained.
Set reasonable expectations. Do not set unrealistic deadlines. At Magis – The Achievement Company, we believe in setting milestones that are time-sensitive, measurable, and doable. When executives are hired or promoted these days, an expectation of change is on the table. A road-map, complete with checkpoints is essential.
Page 1 | 2