As you may already know, about 50 to 70 percent of newly appointed executives fail within their first 18 months in the role. The challenge of running a company is so great that it eludes the vast majority of people. This is why it's so important to make your initial executive selection carefully. One way of fortifying your company against an executive failure is to learn some of the major reasons why executives tend to get into trouble.
One blunder that many new executives stumble into is not understanding that the impact of how they communicate, and the way others in the organization communicate with them, changes drastically when they assume a top position. CEOs' every action is evaluated by everyone in the company, so a faux pas-prone executive will lose respect fast. To avoid this, choose a candidate with a strong history of success in the public eye.
Another trap many executives fall victim to is either abusing their power or not being willing to use it. On the one hand, an executive who goes on a power trip will quickly alienate everyone else in the organization. On the other hand, a weak-willed, passive executive will just stand by as the company struggles rather than taking the wheel and pulling it out of the mud.
Finally, some executives identify too personally with the company, viewing its success or failure as an individual achievement or loss. To avoid this, recruit from outside your industry, where executives are less likely to see your company as their life's major work.
Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people – for all company functions, across many industries and globally.
