Why worry about leadership churn? Because 40% of executives fail within 18 months.
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Leadership Churn
Leadership churn indicates the number of senior team members who leave an organization over a given period of time. Leadership churn is calculated using a simple “churn rate” formula:
(Leaders who leave / Total new leaders) X 100 = Leadership Churn Rate
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The Hidden Costs of Leadership Churn
- Wasted time. When an employee at the leadership level leaves, a business must account for the cost of the time invested in their recruiting, interviewing, hiring, and onboarding.
- Decreased productivity. No matter how talented a new hire is, nobody can reach maximum productivity on their first day of the job.
- Lower employee morale. Employees across a business look to the senior leadership team for guidance and direction, so when the C-suite appears unstable, constantly in flux, or low-performing, there’s an unavoidable trickle-down effect.
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Reducing Leadership Churn: It all Starts with Onboarding
Focus on three key areas:
- The Organizational: Organizational onboarding consists of showing new hires how the logistics of the company function. This is where they’ll learn things such as where to park, how to enroll in health benefits, the language of the company such as specific acronyms, and company norms.
- The Technical: This is where clear goals and expectations for the new hire are laid out.
- The Social: Connecting them with people from different teams and varying seniority levels will help them feel more deeply integrated in the company culture, and give them valuable insights.
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Reducing Leadership Churn with Technology
Any outdated onboarding processes need to evolve for a modern working environment.
Instead of manual practices that take up excessive time and resources—yet fail to show results—advances in technology mean you can boost your onboarding success while reducing time and effort spent.
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