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Finding the perfect hire for a senior executive position can take months of searching and interviewing — but that’s only half the battle.
Without an effective onboarding strategy, you may end up repeating your search in 12-18 months. Whether you let them go for failing to hit their target or they leave out of frustration, the result is the same.
When that happens, you’ve not only wasted time and effort, but you’ve also lost a substantial chunk of your budget. Gallup research shows that it costs one-half to two times an employee’s salary to replace them — and a senior executive’s salary is substantial.
Their departure also leaves a hole in your leadership structure that can impact team morale and productivity.
Therefore, hiring and retaining senior executives requires a flexible onboarding process that strategically integrates them into their new roles and the company as a whole.
1. Start before their first day
Expecting new hires to “hit the ground running” doesn’t make much sense. Why would you want them running before they know where the goal line is? They may end up heading in the wrong direction.
It’s much more effective to give them a map of the territory and let them get their feet under them. Prepare all the information they’ll need and have it ready before they walk in the door for the first time: key stakeholder names, organizational charts, a background on their department and team, etc.
That’s not to say you should dump it all on the new executive all at once. To avoid overwhelming them, gradually provide the information over their first two or three weeks. (more…)