Fast facts ABOUT Executive ON-BOARDING

Posted by TLD Group on Sep 27, 2019 2:22:54 PM

 

Fast Facts about Executive On-boarding

Common Challenges for Newly Hired Executives

  • 60% of global executives report it takes, on average, 6 months to reach full impact in their roles, 20% said it took more than 9 months (Harvard Business Review)
  • Less than 1/3 of newly hired executives feel they receive any meaningful support during their transition (Harvard Business Review)
  • The primary reason for early failure cited by executives was organizational culture and politics, more specifically lack of understanding of the new organization’s norms and practices, poor cultural fit, and difficulty forging alliances with peers (Harvard Business Review)
  • A recent study by Urbanbound revealed more than 4 out of 10 new senior level executives will not make it to their 2nd anniversary, a statistic that has held steady for nearly 15 years (Forbes)
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Onboarding Program ROI

  • Well-integrated executives reach full performance (defined as making critical decisions with right information, and right people to execute) in 4 months, cutting the average time of 6 months by a third (Harvard Business Review)
  • 80% of global executives who did receive onboarding support said it made a major difference in their early impact (Harvard Business Review)
  • 70% of organizations view the level of success of a new executive during their transition period as predictive of their long-term success or failure in the role (Career Partners International)
  • When asked what would reduce failure rates executives noted constructive feedback, assistance navigating internal networks, and gaining insight into organizational/team dynamics (Forbes)
  • The initial onboarding period holds major significance to the overall impact and retention of newly recruited top executives. With the cost of executive turnover estimated at 213% of salary, the stakes couldn’t be higher for organizations seeking top tier leadership talent (Reflektive)

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Successful Executive Onboarding Program Elements

Continuity and Customizability

  • Top executive onboarding programs are considered to be an extension of the executive recruitment process, and often start well before the executive officially joins the organization (Career Partners International)
  • Best practice onboarding programs customize the level of support and content to the individual based on their background, leadership style, and the organization’s needs from the role (Association for Talent Development)

A Culture of Learning

  • When organizations have a culture that promotes continuous learning at all levels, executives are more likely to feel comfortable receiving support (Harvard Business Review)
  • It takes 18 to 254 days to form a new habit, which means executive skill building, relationship management, and career change require consistent support from the organization in order to be successful (Harvard Business Review)
  • Selling a program during the recruitment process as an ‘automatic support system’ can help prevent the demands and distractions that often get in the way of establishing the foundation for top performance (Career Partners International)

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Focus on Relationships and Outcomes with External Support

  • Achieving desired organizational outcomes is critical to a successful transition period, however failure to achieve these outcomes often has roots in difficulty navigating internal networks, and gaining insight into organizational/team dynamics (Career Partners International)
  • Assessment of an executive’s soft skills and/or a cultural questionnaire that compare work practices in executives’ previous company can help flag and address potential areas of issue (Harvard Business Review)
  • Giving access to an external transition coach can assist in the creation of a networking plan, a communication strategy, and assimilation plan (Career Partners International)
  • Assistance from an external on-boarding coach can increase the impact of a networking plan, a communication strategy, and assimilation strategy (Harvard Business Review).  

 

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Executive Onboarding