You are here for one of two reasons. Your CEO is on track but it’s taking its toll. Alternately, you have a new leader coming on board but you don’t really have a proper onboarding plan. You need a third party navigator.
A decade ago an alarming trend was beginning to emerge. It is estimated that 50% to 70% of executives fail within 18 months of taking on a role – regardless of whether they were an external hire or promoted from within.
Turnover rates of CEOs, even in the largest corporations has been climbing steadily and tenure has been dropping.
Research by McKinsey and others has identified several factors, key among them, a failure to properly onboard new executives and provide leadership training.
A survey of 2,600 Fortune 1,000 executives conducted by Navalent found that 76% said that formal development processes were inadequate, and 55% rated coaching subpar, if it existed at all. Research by McKinsey senior partners Scott Keller and Mary Meaney also reveals that three-quarters of executives consider themselves unprepared for a position because of inadequate onboarding processes.
Resources
Forbes
Why Most New Executives Fail -- And Four Things Companies Can Do About It
directorsandboards.com
Executive Mentoring: Lonely at the Top No More
In 2023, 70 percent of C-suite leaders said they considered quitting their jobs for one that supports their well-being. SHRM
Executive burnout is nothing new. HBR first wrote about it in 1986. It’s a recognized fact that a CEO is constantly under scrutiny and the ensuing pressure is relentless. Yet even today, few organizations and boards seem ready to address the risk that stress poses to the individual and the organization.
Stress has been termed the Silent Killer because it usually is not a sudden event like a heart attach but rather a malaise that undermines the full spectrum of a leader’s abilities.