How to Create a Successful Onboarding Program for New Externally Hired Executives?

Abstract

Onboarding is the process of training newly hired employees to better understand the company structure, culture and procedures. These programs' goal is that participants succeed in their job as quickly as possible. Onboarding programs' success is generally measured by time to proficiency, engagement and retention rate. Onboarding is a necessary training step because 64% of externally hired executives will fail at their new job, compared to a 38% failure rate from internal hires. This costs organizations an estimated $2.7 million and is looking to increase as executive salaries increase.