As leading executive recruiters in Northern California, Pacific Staffing knows the cost of losing a key executive goes beyond just the financials. It can impact employee confidence, loyalty, and morale, as well as affect service, processes and quality. And yet, in many cases, newly hired executives fail on the job. According to a Harvard Business School report, the failure rates are between 40% – 60% for U.S. executives.
While there is no panacea to this challenge, too often, one problem lies in the fact that integration into a company’s culture is left to chance. But you can help your new executives assimilate successfully by providing the tools, knowledge and support they need. The process starts with onboarding. Focus on these steps to transitions new hires into your organization.
Give them the knowledge they need.
Before their start date, provide critical data to the executive about the culture and traditions that shape the company, technical and financial information, and the politics of the organization. The more insight they’re able to gain before they begin, the faster they’ll be able to get to work doing what you hired them to do.
Some specific examples of data they’ll need includes:
- Performance reviews of direct reports
- Financials for their department
- Strategic plans
- Internal metrics and goals
Connect them with company key players.
Providing data can offer plenty of insight; however, connecting your new executive hire with key company stakeholders will help them gain perspective on the good, bad and ugly of the organization.
Individuals they need to meet with include the position’s incumbent (to get an idea of challenges and opportunities facing the department and the company), subordinates (to learn about their issues and concerns), their boss and boss’s boss (to learn about their expectations and priorities), and peers (to ask about lessons learned).
Appoint a coach to help them get acclimated.
Onboarding shouldn’t end after the first month or two. It can take months or even a year for a new executive to feel fully integrated into the company, its policies, procedures and nuances. A coach can help facilitate and often speed up the process by offering ongoing support and becoming a trusted peer they can turn to.
While onboarding programs, should be tailored specifically to the needs of the organization and individuals, the steps above offer a general outline of a few vital tactics. Whatever approach your organization takes, your onboarding program should have one goal in mind: foster executive success.
About Pacific Staffing
Executive recruiting is an important building block for your company. If you need expert help with the process, call Pacific Staffing. As leading executive recruiters in Northern California, we have extensive experience in sourcing, evaluating and helping companies hire mission critical professionals for top positions.