Do you know the true cost of C-suite failure?
Hi Reader
You’ve succeeded in hiring the best candidate. Now what? Given the shortage of digital talent and that it’s a seller’s market, it’s imperative that organisations stay focused on the people they are investing in as they will naturally be targets for competitors.
We find that many companies who are not clear on what they are looking for at the start of the hiring process also end up being uncertain how to retain the talent they have recruited. I hear many companies say several months down the line that the fit isn’t right, and they are not making the progress expected.
Failure to appoint the right leader or retain key talent can cost organisations in so many ways:
A perceived leadership gap can impact a company’s market value
The unplanned departure of senior leaders can cause unrest and ignite further resignations
75% of the reasons employees leave their jobs are preventable (Work Institute)
The cost of replacing a c-suite executive is estimated to be anything between 2 to 10 times their annual salary, so investing in an effective onboarding and retention strategy for your senior talent is essential.
We strongly recommend clearly defined career paths and appropriate incentives to keep newly appointed digital leaders motivated. Digitally maturing talent usually displays greater levels of loyalty than digital natives who are more predisposed to short term assignments, moving on after launching initiatives. Digitally maturing companies should be conscious of this and try to institutionalise a new hire wherever possible. Alternatively interim, instead of permanent hires can be considered.
Remember the first 180 days for a new appointee are critical and to underpin this, investment in onboarding programmes are essential.
BartonRock’s executive search process partners with Kate Thomas at her leadership effectiveness consultancy NewlandRock. Kate works with senior leaders & C-Suite executives on bespoke onboarding programmes that help them navigate those first six months - ensuring they are asking themselves the right questions to determine and achieve the critical success factors of the role
For more information on onboarding processes please contact Kate Thomas at NewlandRock.
To discuss your succession planning or talent retention plans please feel free to hit reply.
To your continued success.
Guy Day
About BartonRock:
Guy Day is Founder of BartonRock, the executive search partner for digitally transforming companies.
We manage the careers of leaders whose know-how and commercial acumen within digital steers the strategic direction and future survival of companies.
For more information visit: www.bartonrock.com or contact guy@bartonrock.com
Looking for support in Leadership Effectiveness?
Speak to our sister company NewlandRock led by Kate Thomas. Focused on Assessment | Executive Coaching | Wellbeing Solutions – Internationally
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