FastStart™ On-Board Coaching
According to studies, more than 50% of senior executives entering a new position are terminated, resign or perform significantly below expectations during the first 18 months. The risk of failure is even higher when the new executive has been brought on to manage a change initiative, turnaround or merger. When a new hire doesn’t succeed, the costs can be substantial, including expenditures on: search, relocation, severance and training. These costs can reach 24 times the executive’s salary, according to some studies, not including the loss of morale, momentum and growth opportunities for the company.
WJM’s FastStart™ On-Board Coaching provides a practical framework for increasing the return on the major investment companies make in their people. FastStart™ is designed to reduce risks and costs by intervening to identify and address potential challenges faced by new executives, and to increase their productivity by accelerating and supporting successful assimilation. FastStart™ is effective for:
- New Hires
- Geographic relocations
- New business situations
Fast Start™ provides the new executive with critical strategies for:
- Learning about the organization, including its culture and politics
- Understanding expectations of the new role
- Developing effective communication approaches
- Gaining insights into business unit processes and practices
- Effective knowledge transfer
- Recognizing common pitfalls and developing action plans to avoid or mitigate these risks
- Developing high quality relationships with management, peers and subordinates
- Establishing targets for “early wins”
WJM believes that successful on-boarding requires that the new executive’s manager, Human Resources and other key stakeholders have direct involvement and commitment to the executive’s success. The FastStart™ process includes identifying and meeting with these parties to review expectations and best practices for success within the organization’s unique culture.
Tools for Success
WJM offers two guide books in support of transition/on-boarding coaching assignments, which can be tailored to meet the specific needs of any organization:
- Newly Hired Leader’s Guide - provides an overview of what makes a new leader’s successful transition into a new role or position, whether it is within or from outside the company.
- Boss’s Guide - designed to assist the boss of the new leader to understand some of the specifics and particulars of the engagement process and the key role he or she can play to ensure a successful transition for the new leader.
The executive, the manager, HR and the coach reach agreement on confidentiality, desired outcomes and measurement. Upfront contracting outlines key duties and responsibilities.
Managers and significant peers of the newly hired executive are interviewed about expectations, success factors, “derailers” and corporate culture. This critical information is communicated to the new executive.
The new executive is coached for the first 3 months of his/her tenure. This coaching is calibrated to the company’s competencies and cultural issues, and focuses on rapid assimilation, the building of successful relationships and clear identification of role expectations and critical performance objectives.
A final 360° assessment is conducted with relevant peers and subordinates to determine the progress and success of the new leader's assimilation. Established objectives are reviewed and an on-boarding coaching effectiveness report is generated. A strategy for sustaining success is developed.