What To Do Between Your Exit and Next Position
We wrote a post about how to make a graceful exit (especially when it’s involuntary) that explored what steps to take when leaving your position. This post is the follow-up that dives into how to identify, assess, and consolidate lessons learned to find the right next job. We’ll explore three key steps to a successful transition plan for CEOs.
Continue reading Transition Plan for CEOs
Fast growing and otherwise successful organizations often outpace the rate at which they can groom and grow senior executives to keep up with the need to guide and govern increased scale and complexity of operations. Consequently, they bring top talent in from the outside.
As outlined in a previous IntelliVen post, a senior hire is hardly a path to guaranteed success. Similarly, a Harvard Business Review article by Jean Martin in 2014 reports: “Outside hires take twice as long to ramp up as a leader promoted from within. Astoundingly, C-suite executives report that only one out of five executives hired from outside are viewed as high performers at the end of their first year in house. And ultimately, of the 40% of leaders who are hired from outside each year, nearly half fail within the first 18 months. The direct and indirect costs of the failures are staggering, far exceeding the cost of the search that found the executive.”
Executive transition is hard for the receiving organization and for the entering executive. Fortunately, there are things both can to do increase the odds of success.
One of the toughest things for a senior executive to do is transition into an existing system of operation. At first, during the “honeymoon period”, a lot about the entering executive seems to incumbents to be new and different. It may at least be interesting, and at most exciting, to let the “new guy” operate with a high-degree of independence hoping and trusting that good things will happen especially given how much he or she is being compensated.
After six months or so the honeymoon is over and results start to speak for themselves. Continue reading How entering executives can increase the odds of successful transition.