TRAININGFOUNDATIONS
By Larry Freedman
According to a study by the Corporate Executive Board, 60% of new managers fail within the first 20 months. Wow, let that sink in!
As a new manager, you are more likely to fail than not, and the No. 1 reason for the high failure rate, according to Steve Smith, the author of “Managing for Success,” is “they were never properly trained to manage.”
This statistic is staggering and costs companies millions of dollars in lost revenues, attrition of high performers, bad hires and, in some cases, lawsuits. That should make the case for investing in leadership development; this article can help with the development of emerging, new and experienced managers in your organization.
There are often many factors to consider, but I took away two questions from Jim Collins’ book, “Good to Great,” which have significantly helped my former leaders and me: First, would you rehire them based on what you know now? Second, would you be disappointed if they left the organization?
If you can answer no to both questions, then it’s time to take the difficult but appropriate action.
Larry Freedman is a senior director of business development for Red Nucleus. Larry can be reached at lfreedman@rednucleus.com.