HR Topics  Leadership Tips
3 Steps to Stop Leaders from Failing at Your Office
The failure rate of senior leaders has steadily increased over the past 25 years*, and greater than 50% of North American outsider CEOs were forced to resign because of performance according to a study conducted by the Harvard Business School.
More than half. Valuable time, money, and resources goes into sourcing top-tier talent. That’s not a number to take lightly.
And did you know that approximately 40% of new executives fail in the first 18 months**? So much for your return on investment.
“Companies aren’t always proactive in preparing for future leadership gaps,” says Marcie Mueller, Practice Leader for Talent Development at IMPACT Group. “They aren’t scanning the environment asking, ‘What will my future leadership needs be? Who do I have in the wing?’”
Companies know they should be planning, but they aren’t sure what to do. Deloitte’s Global Human Capital Trends 2015 report states that 59% of the HR professionals surveyed described their workforce planning as weak. That leaves a lot of room for error when it is time to fill positions.
What steps should you take to stop leaders from failing at your office? These three tips can help.
1. Ensure Your Top Leaders See Themselves as Talent Developers
You encourage your leaders to focus on results, but do you empower them to maximize their team’s potential? “When leaders understand the importance of developing the talent at their organization, they are more committed to actively investing in growing the skills of others,” says Marcie. “Organizations should find a marriage between formal trainings and day-to-day learning opportunities to achieve this.”
It takes time to actively engage in training, but the long-term benefits are tremendous. Prioritize the role your leaders play in preparing future managers. “Buy-in from top leaders ensures talent is groomed in advance of future gaps. This creates deep bench strength.”
2. Maximize Your Homegrown Talent
“Organizations track their revenue monthly, yet talent is their greatest asset. Why are companies only evaluating team members once or twice a year?” Marcie comments. “When you take the time to develop your current talent, they win as they gain valuable skills and develop their potential. The company wins as they are build their talent pipeline for future succession needs.”
IMPACT Group’s tailored leadership programs for rising leaders, women in leadership, and top executives align an individual’s strengths with their company’s core values. Throughout these programs, leaders have the opportunity to work with their manager and a dedicated career coach to continuously hone their potential.
“When looking at your strategic plan for 2016, plan ahead now to determine who your high-potential employees are and how you want them to grow next year,” says Marcie.
3. Acclimate New Leaders Faster
While The Case for Internal Promotions states internal candidates are smart choices for vacant leadership roles, external candidates can add great value to an organization.
It takes more time for these individuals to acclimate to the company’s structure, develop rapport with direct reports, and understand their manager’s expectations. “We have developed a strategic acclimation framework to help new leaders see the 20,000 foot view when they integrate into a new company,” says Marcie. “The 100-day leader acclimation program involves the new leader’s team during the acclimation process. This facilitates a quicker learning curve and maximizes the individual’s experience.” When leaders have the support they need to acclimate faster, they can start delivering the results your company needs today.
Are you ready to prevent leaders from failing at your office? IMPACT Group is here to help. Ensure your leaders succeed with our leadership development programs.