Forty-50% of newly hired executives quit within 18 months. Why? According to experts, a new executive’s satisfaction and performance is heavily influenced by their first few weeks on the job.
As you know, the financial costs of losing an executive can be expensive; but the impact on morale and productivity can be devastating. How can your organization welcome new executives and ensure a more seamless transition into the role?
As leading headhunters in Northern California, Pacific ExexSearch knows when it comes to hiring new executives, there’s a myth out there that they will be able to hit the ground running. But that’s simply not true, regardless of their new experience level or track record. Every new employee – including the most senior executive – needs to be properly onboarded.
To help you with the process, follow these tips:
Be transparent about challenges.
One of the biggest issues a new executive hire can face is when they haven’t been fully informed about the internal challenges the company faces, or the challenges they will have to deal with in their new role. These details should be covered in the hiring process so the executive candidate can make a fully informed decision about whether to accept the offer. If, instead, they walk blindly into a bad situation, or one that is well outside their expectations, then it can hinder their performance and engagement level.
Before the new hire begins employment, think about how the existing company leadership can help that individual get integrated within the team. To do so, explain to other executives why this person was chosen for the role, their experience and skill set, and other important background details. Doing so will help your team understand in which areas they can help the new hire get acclimated.
Communicate early and often.
Don’t cut off communication as soon as the candidate accepts the offer. Communication should be ongoing, from their acceptance all the way to when they walk through the door on their first day and beyond. For instance, have other company leaders reach out to the newly hired executive before their start date to make them feel welcome. When you do, they’ll get engaged more quickly and feel accepted.
Remember, executives who are onboarded effectively are going to perform better and stay at the company longer. So while developing an onboarding program may take an investment of time and resources, it will certainly be a worthwhile endeavor in the end.
Does your company need more advice on recruiting and retaining top executives? If you do, call the experts at Pacific ExecSearch. As leading headhunters in Northern California, our team of recruiters has extensive experience in sourcing, evaluating and helping companies hire and retain mission critical professionals for top positions. To learn more about how we can help your organization, please contact us today.