Issa Asad Explains 4 Huge Fails New Executives Can Make
Issa Asad Florida
Many organizations invest a lot of resources to hire new executives. However, most of them are not able to set a clear vision for the company. According to a study conducted by the Harvard Business Review, 50% of new executives fail and leave the organization within 18 months.
“This usually costs the organization up to 10 times the base salary of other employees,” explained Issa Asad Florida entrepreneur, social media expert, and CEO. Mr. Asad is the CEO of Q Link Wireless and Quadrant Holdings, located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
Here, Issa Asad Explains 4 Huge Fails New Executives Can Make:
1. Undermining the power of institution knowledge
Newly hired executives often try to make a statement by enacting changes in the organization. In fact, they get excited about the new job and have plenty of ideas. From an expert point of view, new executives should stop giving instructions on what needs to be done. Instead, they should ask what needs to be done from others. While they may have a lot of ideas to share, they should first familiarize themselves with the organization. If you are a new executive, just study the organization for a few months before making any radical changes.
2. Poor communication on the mission and vision statements to subordinates
The vision and mission statements form the basis of organization success. Such statements should be short, simple and precise. As a rule of thumb, the new executive should over-communicate his or her vision for the company to other employees. The statement should correlate directly to the success of the company. Most importantly, it should act as a guiding principle in achieving the organization goals.
3. Brutal corporate firings
This is one way new executives stumble. When a new CEO creates a culture of firing his or her subordinates recklessly, their performance goes down automatically. In addition, they perform their duties with anxiety. Consequently, one dysfunctional individual may contribute to failure of the entire team. As a new executive, it’s recommended that you first observe the employee at fault before asking for resignation. If its issues to do with performance, ask the employee’s supervisor to help him or her improve. According to financial experts, more than $500 billion USD is wasted in the United States due to work related stress. Those executives who demand for excellence without creating fear stand a high chance of success.
4. Making uninformed hiring decisions
Most new executives don’t want to look indecisive by asking others for advice, particularly when hiring new workforce. For an executive to perform fairly well, he or she needs to delegate a team of advisers. In most cases, the hiring process is always expensive. With a decreasing number of unemployed people, you don’t want to make a mistake of hiring a less-talented individual. An executive who truly listens to his employees stands a chance of keeping his or her job. In this regard, consulting your team of advisers before hiring is critical.
A decline in a company’s financial position is the fastest way a new executive can lose his or her job. If you are a newly appointed executive of an organization, increase your odds of success by understanding the above 4 huge fails new executives can make. It boils down to having clear channels of communication and direction.
About The Author
Issa Asad
Issa Asad is a well-respected entrepreneur, best-selling author and marketing strategist from South Florida. With over 15 years of experience in the telecommunications, technology and marketing industries.
