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While much time is spent in recruiting, attracting, interviewing, and hiring a new executive to help achieve a company’s goals – whether it’s to expand into new markets and build brand awareness, launch additional products and services, or increase sales and profitability – the onboarding of a new hire for success doesn’t get the same attention. Various studies, including one from Harvard Business Review, show that the failure rate within 18 months for new executives in an organization can be as high as 60%. This is not good for the new leader, the company, and employee morale. It’s also costly for businesses that have to find a replacement quickly.
A Tailored Executive Onboarding Program
An executive onboarding program should be in place to support new leadership success. This program provides new hires with the information and tools they need to excel in their position. It goes beyond just the orientation process and requires planning and implementation. Executive onboarding increases the likelihood of success and assists businesses in adjusting to new leaders and supporting their success from the outset.
Untapped Potential offers a tailored onboarding service for new leaders to prepare them to succeed in their new roles and environments. It offers guidance, tools, and resources to help leaders gain the knowledge needed to make critical decisions, gain organizational insight and fit into the culture and team dynamics, build key relationships through effective communication, lead significant changes, anticipate and avoid missteps, and meet and exceed expectations.
What’s Involved in an Executive Onboarding Program
Ideally, an onboarding program for new leaders runs 90 days or more. You want to ensure the new hire is fully prepared to hit the ground running. The program should include meetings with other key executives to get the lay of the land, meeting staff, and access to relevant information. Building solid relationships with management and employees is critical in establishing trust and credibility.
A Deep Dive into the Company Culture
An executive onboarding program should also provide new executives with an opportunity to gain an understanding of the company’s culture, including its unwritten rules, traditions, and dynamics, and participate in activities that will help them seamlessly integrate into the organization.
Get to Know Every Aspect of the Business
In addition, new leaders should have the time and opportunity to immerse themselves in every aspect of the business – from reviewing the company’s financial reports to understanding its operational processes and visiting different departments.
Set Clear Performance Goals
You also want to set clear objectives and performance goals so there is no confusion or conflict over what is expected of the new leader. Communicate the wins throughout the organization as he or she achieves these goals.
An effective onboarding program for new leaders accelerates integration and productivity and facilitates a smooth transition. It also supports leadership development and success, helps reduce turnover, enhances cultural alignment, builds stronger relationships enhances team engagement, and clarifies priorities and expectations.
About Untapped Potential
Untapped Potential is a Learning and Development (L&D) company that specializes in leadership and sales training, including providing one-on-one onboarding and training for new leaders and sales professionals.
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