Even in the best of circumstances, leadership transitions are tough. Failure rates are estimated at 40 percent, and it often takes 6 months or longer for a new leader to get to breakeven productivity levels.
Today, as leaders are operating in the most challenging circumstances most have ever faced, executive transitions are even harder. If organizations don’t change the way they welcome in new executives, it is safe to assume that failure rates will rise.
What can companies do to improve the likelihood of executive transition success, and help executives hit the ground running and get up to speed? Below are seven common challenges and recommended solutions from our experts. The complexity of internal transitions should not be underestimated and these challenges and solutions apply to internal appointments as well as external appointments.