Companies are struggling with finding and keeping the right leaders. Not only are leaders becoming scarce, but also the leaders that companies have are failing quickly. In fact, a three-year study of over 20,000 employees reveals that 46% of newly-hired executives fail within the first 18 months.
One factor that is influencing this lack of leadership talent is a generational shift. With the rise of Baby Boomers retiring, the numbers of quality leaders to fill their roles are limited.
Those who are hired are failing fast due to non-existent or poor hiring processes. Companies find themselves rushing to fill positions ASAP and make average hires, filling spots that could have been occupied by someone phenomenal.
Additionally, after working with over 100 companies, we have discovered many companies do not invest in onboarding and training for their leaders. In fact, over a third of employers have NO onboarding program whatsoever!
If there are no hiring strategies and no new-hire onboarding programs in place, employees will likely not only be less productive, but studies have reported those employees don’t stick around long.
We have found 100% of the time strategic hiring plans that include onboarding and leadership training pay off. Companies who do have them experience 54% greater new hire productivity, as well as 50% greater employee retention.
What have you experienced with your company or companies you know? Share with us your tips for onboarding, training, or questions on hiring.
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