The Business Case for OnBoarding Coaching
You can hire a great person, and still not have them be successful.
Unassisted, up to 40% of Newly-hired Leaders won't make it past 18 months in their position. While the initial cost of hiring New Leaders may seem significant, it pales in comparison to replacing them.
The typical investment in the selection, placement and onboarding of one Vice President or Director in a Fortune 500 company is four times their salary. This means an investment of often over $1Million lost if that leader is not successful in role (and the "soft" costs, such as mistakes and missed opportunities, are incalculable).
Here are some other compelling facts:
- Newly-promoted Leaders are at especially high-risk for a variety of reasons.
- Many Newly-placed Leaders will transition too slowly to become effective in their jobs, or move too quickly and take their team in the wrong direction.
- Most companies inconsistently support these Leaders.
Protect your investment by proactively managing onboarding risk, and creating a consistent, effective transition experience. Help your new hire perform faster, and at a higher level. Invest so that your organization can reap the dividends.