You have your vision sorted, now how do we make it a reality? Recruiting a leader externally has been estimated to cost 5X their starting salary when you take into account recruitment fees, time for interviewing and selection, onboarding and induction and ongoing support. It is very tricky to bring in a person in such an influential position that will both achieve business goals and gel with your culture. And you may also need to manage the politics of the colleagues around them who would have liked the role, and now need to support the new hire to be successful. Your other option is to ‘grow your own’ and ask leaders to ‘step up’. Research has found that leaders who go through leadership transitions face new challenges in overcoming organisational politics, dealing with ambiguity and uncertainty and getting work done through others. They must change the way they spend their time, and need new skills like coaching, creating and sharing vision, networking and developing teams. Less than 19% of leaders said their organisations were effective in developing leaders before transitions and only a third thought they were helping new leaders to cope. It’s no wonder that when asked to rank life’s challenges in order of difficulty, leaders said making a transition at work was the number one, higher than bereavement, divorce, or moving-house!
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