Are you doing everything you can to create a culture that sets new executives in your company up for success? Or, do you have a record of fast-tracking them for failure?
It’s an all-too-common scenario in companies across America. A company “rock star” gets promoted to a senior position, only to flounder in the new role. Or, someone who had an outstanding track record in another organization comes on board at a new company. Expectations are high and the future looks bright—and then that person fails to live up to expectations.
In fact, according to Ron Carucci, a recent guest on my Talking Business Now podcast, 50% of all new executives fail—and they fail fast, usually within 18 months.
Carucci, the managing partner of Navalent and the co-author of “Rising to Power: The Journey of Exceptional Executives” conducted a 10-year study on executive transition. His research not only discovered the rates at which new executives fail but also the reasons why they fail. One eye-opening insight is that 61% of those who failed said they weren’t prepared for the challenges, and 71% said their organization didn’t help them prepare.
The study also revealed the four characteristics of rising leaders who beat the odds and thrived. Tune into the podcast to find out those key determiners of success and how your company can build a culture that supports them.
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