The timing of this article is great as I recently had an experience with a client where all these potential pitfalls came into play!
I believe that the biggest risk to the appointment of any new Leader failing is their new employer / boss making assumptions. What I mean by this is a CEO assuming that because they have recruited an outstanding individual, they will succeed because they have all the right behaviours, capabilities and experience.
Taking the assumptive approach is so dangerous and likely to only end in failure, frustration, and a significant financial loss on your investment.
No matter how good your recruitment process has been in identifying the right person for your business and vacant role, without a robust On-boarding / Career Transition process, the risk of failure is very high.
I don't mean an HR induction process. I am talking about a process that ensures there is total clarity of objectives for the role, time-scales to be achieved and a plan of how success will be delivered. Left to create their own plan is a high risk strategy and is unlikely to be aligned to the overall Corporate Vision and will end in disappointment for everyone.
Organizations invest a lot of time and money in hiring the right CEO or senior executive to set a vision and make the changes in their company. Yet within the first 18 months, there’s a 50% chance the executive will leave the organization. This failure comes with enormous costs, not only in disruption to the organization but financially, too. One estimate puts the cost at 10 times the executive’s salary – sometimes more. The reasons these individuals leave are many. They often cite poor cultural fit, inadequate onboarding, or the lack of appropriate expectations. But in reality, many new executives inadvertently set themselves up for failure within the first few months of their tenure through their own actions.