While things aren’t usually as dramatic as the firing of Time’s new CEO Jack Griffin after 6 months on the job, the statistics on senior new hires aren’t great.
Some studies show that 40% of senior new hires are gone after just 18 months on the job. Apart from the turnover cost – frequently estimated at 200% of annual salary – organizations lose precious time, time they frequently can’t afford.
Sink or swim is an interesting philosophy, but it’s not so hot when it comes to critical hires or senior hires that carry obvious higher risk.
There are ways to prevent senior new hire failure; early coaching is one of the best of them.
New hire coaching is a modest expense to cover someone’s first 100 days with a high need given the significant opportunity to get senior new hires better traction in their new roles, and better performance that goes out beyond 18 months – rather than failing and/or taking another job elsewhere.
New hire coaching may also be the type of “benefit” offering that will be very appealing to people who are being recruited – the type of difference that moves a “maybe” to a “yes” in the talent war – when they think about taking a job.
My background? Successful experience running executive staffing operations and knowing what it takes to get a new hire up and running effectively, combined with over 25+ years of business coaching and corporate roles as an executive and corporate officer. You can read more about my background on the About J. Mike Smith tab above. Adding new hire coaching to my practice seems like a no brainer – and a valuable help to clients who don’t have the staff, time, or experience to help new hires get up and running successfully.
The balance of my coaching practice stays as it’s been since it went full-time basis almost 5 years ago (and part time since 1996);
- 50% of the practice is executive and career coaching in 3-6 month stints
- 50% is with startup teams, new teams, and leadership team coaching – (quicker and more successful starts, team building for leadership teams)
I hope all is well with you and your work. Holler if I can answer any questions.
If you’re a senior new hire, good luck. Let me now if I can be of help.
Life Back West is an occasional set of writings focused on ways people, teams and organizations can be both more effective (doing the right thing) and more efficient (doing the right thing well). More about executive, new role, career and team / leadership coaching services can be found at the “About J. Mike Smith and Back West, Inc.” sidebar or the “Hire Me” tab above. You can also read an online interview with me at WhoHub, as well as participate in my learning community courtesy of KnowledgeCrush.