Next Steps in Successful Placement: Accelerating the Executive Transition
The placement is complete. The ideal candidate has accepted the position. Mission complete? Not necessarily. Placing the right candidate is the primary job but you also want to do what you can to ensure the new hire stays in place. His or her long-term success protects your investment in them and boosts confidence in you and your firm.
It’s not an easy task. Although you delivered the best possible candidate for the position, he or she could become one of the many who do not succeed in their new jobs due to ineffective onboarding. Up to 40% of executives exit their new positions within 18 months of appointment. The cost to the employers – $2.7M on average per failed transition – is staggering.
Considering those risks, it’s smart business for companies to give their new executives every chance to make it in their new roles. An effective executive transitioning program can significantly increase the candidate’s chances of success, enabling him or her to begin contributing to the company sooner and remain with the company longer.
It’s equally smart for you to encourage a transition support program for the candidate.
This article seeks to provide you additional understanding of executive transition programs.
Open and Download this Article: Accelerating the Executive Transition.