A detailed executive onboarding strategy is key for integrating new-leader hires into an organization. Newly hired executives clearly want support. While each organization is different, an effective executive-onboarding program includes several vital elements: clear performance expectations that are routed in strategic priorities, helpful operational overviews, realistic descriptions of the company’s culture and how decisions are made, stakeholder “maps,” coaching and more. Download our checklist for onboarding senior leaders.
Utilize a scientific process with validated data by benchmarking what success looks like and identifying the critical thinking skills, culture/values of successful leaders. Download XBInsight's succession planning guide here.
A recent study highlights a pervasive challenge facing the pharmaceutical and life sciences industry, and that is a lack of talent. The study found that 51 percent of CEOs of life sciences and pharma companies admit to greater difficulties attracting and retaining the right people, more than any other industry in the study.1
In fact, one of the greatest challenges on the horizon for pharmaceutical and life science companies is filling vacant positions and decreasing the time-to-fill for those positions. On average, pharma hiring decision-makers report they are currently 14 percent understaffed and have roughly 212 open positions at this time. Additionally, they report that it takes an average of 105 days, essentially 3 ½ months, to recruit and hire non-executive positions.1
These lengthy vacancies are quickly eating away at corporate profits. In fact, companies lose $500 a day for every job that stays vacant.2 given the average time-to-fill among pharma decision-makers is 105 days, and that amounts to $52,000 per vacancy.
The rules and requirements to remain competitive in today’s marketplace are evolving so rapidly that leadership is struggling to stay ahead of the course. While change used to be slow and incremental, organizations today face a whole new breed of change – one that is fast, disruptive, and unpredictable. As such, businesses are acutely aware of the need to be agile. However, to be agile you need agile people because in the end, organizations don’t change – people do.
Imagine the consequences of not assessing someone seeking to join the police force, or someone aiming to join an airline as a pilot. Seems ridiculous, doesn’t it? While the impact of hiring the wrong person in those roles can be dire, the consequences of not assessing job candidates and employees in less complex jobs are also significant. The outcomes for businesses hiring or promoting the wrong person can range from poor performance, high turnover, lackluster customer service, to even lost business.
High turnover in a key scientist role was plaguing this Fortune 500 multinational pharmaceutical company, greatly hindering productivity and advancements in this critical function.
In order to address this problem, XBInsight identified the need for a robust succession plan that included:
- Creating a benchmark for the next level position to measure the readiness of these scientists to be promoted to this role.
- Developing a customized assessment to not only reflect the skills, critical thinking and overall fit needed for the current position, but also identify a clear picture of what success looks like in the next level job.
- Designing a comprehensive leadership development program to prepare high potential employees for next level positions
Innovation is critical in a knowledge economy — driving growth, new products, and new methods of delivering value to customers. According to PwC’s 2015 study on Global Innovation, U.S. companies spend $145 billion dollars in-country on R&D each year. And yet, despite its importance, innovation is a difficult quality to cultivate both in leaders and in organizations. In Conference Board’s 2015 CEO Challenge study, 943 CEOs ranked “human capital” and “innovation” as their top two long-term challenges to driving business growth. This is a key talent challenge for most organizations, and a talent gap that needs to be closed, starting at the top – with the role of the CEO.
What would you do if a key executive declared their independence? If one of your company's key executives resigns tomorrow, would you be prepared?
Topics: Succession Planning
Executive and leadership development has risen to the top of most companies’ priority list over the past decade, with the realization that in the fast-changing, innovation-led business landscape organizations must have exceptional leaders to navigate it. In fact, when upward of 500 executives were asked to rank their top three human capital priorities, leadership development was included as both a current and future priority, and almost two-thirds identified leadership development as their number one concern.1 This explains why U.S. companies alone spend almost $14 billion annually on leadership development.2
However, for many organizations, the outcomes of their leadership development are lackluster and fail to meet the ideal return-on-investment for such programs. The failure to meet expectations of executive development programs can be attributed, in part, to four common mistakes that derail their efforts.
In today’s business landscape, effective execution strategy can afford no fallbacks. An art that few have mastered, execution can hurdle a business into reaping extensive benefits from higher profits, to increased moral, and even to higher shareholder confidence.
During this time of year, the leaves aren't the only things that are changing. As we prepare for the end of year and the changes that often take place during Q1, it is important to remember that a change strategy plan is a critical component of any change effort.
Clear roles need to be assigned to minimize redundancy, and to ensure that all responsibilities are covered. However, all too often, roles are assigned based on availability rather than who is the most competent and best positioned. This may result in a poor fit for the role, and a less than-successful outcome. Below are a few leadership and team roles you’ll want to include during your planning stage.
With all the attention on succession planning over the past few years, one would expect to see progress in both quantity and quality of organization’s succession plans. However, in our 2016 Succession Planning Survey, the majority of companies believe their succession plans are ineffective – that is, if they even have one in place. In fact, 26 percent of respondents report, “it’s better than nothing,” or “not doing it all.”
"Organizations need to have iron-clad and exception-free succession policies wherein every senior executive has at least one successor ready, or at least almost ready, at any given time" argued Harvard Business Review in their recent article on succession planning, and we agree.
Mergers, buy-outs, restructurings, oh my! These and many other disruptive changes are more and more commonplace in today’s business landscape, and can literally transform a company overnight. Ironically, they are typically entered into as a means to remain competitive or to boost financial viability, but often can be derailed by a poor or nonexistent change management strategy.
The good news is, a clear and well-planned change management strategy can go a long way in removing potential roadblocks.
Ever since the Affordable Care Act (ACA) was passed, the health care environment is similar to the wild, wild west. Some organizations have crumbled under the strain of the new landscape, while many others are looking for partnerships in order to stay alive. In fact, the merger and acquisition activity within the healthcare sector is at all-time high levels.