According to statistics, approximately half of newly hired executives quit or are fired within the first three years on the job. And unfortunately, as leading executive placement consultants in Sacramento, CA, Pacific ExecSearch knows the costs associated with losing key talent goes well beyond the financials. It can also have an affect on employee confidence, loyalty, and morale.
So what can your organization do to better assimilate executives going forward?
There’s no cure-all to fixing this challenge. However, with an effective onboarding program, your company can go a long way in ensuring executive talent gets engaged – and off to a great start – when you bring them on board. Below are a few secrets to successful onboarding so you can help your new executive hires transition better:
Provide them with facts.
Before a new hire begins, give them the information they’re going to need to be successful once on the job. Make sure they have a comprehensive understanding of the culture and nuances of the company, along with technical and financial data. For instance, you’ll also want to make sure they have the most recent employee evaluations for those who will be reporting to them, along with department financials, strategic plans they’ll be expected to carry out, and any internal goals or metrics. The more they know before they begin, the better chance they’ll have at being successful.
Introduce them to key players.
In addition to giving them data and numbers, make sure you introduce your new hire to other key players within the company. This will help them fill in any blanks, as well as learn more about the culture and the politics of the organization. Those you should introduce them to include the person who previously held the position (if possible), their boss, their new team members, and other executives within the company.
Pair them with a coach.
Onboarding isn’t a week-long event for a new hire. Rather, it’s a process that should be taking place throughout the course of the new executives first few months on the job. To help them survive and thrive in the beginning stages of the new job, pair them with a coach who can help them get acclimated, offer support, and answer questions they may have.
The most effective onboarding programs are customized to a company’s specific needs. However, the tips above offer a high level overview of a few key strategies to help ensure your onboarding program facilitates executive-level success.
Do you need more assistance hiring executive talent for your company? Call Pacific ExecSearch. As leading executive placement consultants in Sacramento, CA, our team of recruiters has extensive experience in sourcing, evaluating and helping companies hire mission critical professionals for top positions.
To learn more about how we can help your organization, please contact us today.