Get on the Right Track with Executive Onboarding
Published on July 16, 2007 in Canadian HR Reporter — Written by Cassandra L. Gierden
Most organizations offer some level of orientation for new leaders. But without a well-defined plan for integrating the new leader, the risk of poor performance and failure increases dramatically. Executive onboarding has grown out of traditional orientation to provide a more comprehensive and systematic plan for helping executives transition into new roles.
The term onboarding is typically used for leaders who are hired from outside of an organization, but is equally important for supporting internal transfers and promotions in any new management role.
Take, for example Russ Jones, an employee with Rona, a leading Canadian home improvement retailer. Jones, who had been with Rona for 21 years, suddenly found himself launching a commercial division and managing the company's new role as a sponsor for the 2010 Winter Olympics.
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The costs of not having an effective onboarding program can be high. A study by Kevin P. Coyne at the Harvard Business School shows how changes in a company's leadership can cause havoc. His study, conducted between 2002 and 2004, found a turnover rate of 17% in large companies. According to Coyne, a change at the very top can trigger significant turnover among existing executives: up to 22% for organizations that hire new CEOs from outside, and up to 33% for those that promote CEOs from within.
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