After taking a close look at why organizations either don’t consider – or look past – executive leadership assessment, development, & coaching, we took a few minutes to highlight some reasons we’ve uncovered, capped with our frank responses (in bold/italics). In reverse order, the top 5 are:
#5 – You just can’t see the reasoning behind it. You (and perhaps a colleague or two) started this business and knew what you wanted to accomplish. Now the organization has grown and you’re seeing expenses related to personnel increasing exponentially with increased cost across your financial spreadsheet. However, as a CEO or top exec you don’t have the time or energy to look into the issue. Your small but manageable HR department needs to manage it.
Unfortunately, there are often hidden costs in the expense of personnel included in the hiring, training, managing, and retention of employees. If you don’t have a good idea of what those costs are, why your turnover is growing, and how talent is being vetted and/or developed – then there’s a good chance that valuable time, energy and MONEY is flying out the window – only evident on your financial spreadsheet as “personnel expense.”
#4 – You have a COO (or another exec level staff member) you can trust. Luckily there’s someone close to you and/or the organization who you trust, and that makes them a great candidate for COO. Why spend money to assess, vet, and hire an executive with a talented skill set when that friend of yours is available now?
We’ve seen this time and again. Believe me when I say it’s more common than anyone would care to admit. Unfortunately, while this may feel like a good “gut” move, the consequences of hiring the wrong person for a high level job are huge. While most industries are volatile enough that it’s hard to predict what’s coming one or two years down the road, a solid skill set for leadership and management can be spotted through the right lenses. As can a potential flop. Why spend a million dollars or more over the next 2-3 years on the wrong exec, when you can spend a fraction of that to get it right the first time?
#3 – You’ve already hired your executive team, and you’re going to stick by them no matter what. Sure times were different when you built your team, and organizational needs may have changed, but you’ve got to “stick to your guns” and “ride it out.”
People change. Times change. Organizational demands, obstacles, and capabilities change. In order for any business to adapt as the economic landscape changes, your approach – and the approach of your exec team – have to adapt as well. What worked 10, 5, or 2 years ago may be an outdated approach that is costing your organization its valuable resources. Often a fresh, authentic perspective on what your current culture looks like can be invaluable. With the right talent acquired (or developed from within) you can become a consistent leader in your industry.
#2 – You can’t convince yourself, your board of directors, or your current execs that spending the money to hire the right executives, leadership, organizational development program, or coaching will be profitable.
Yes, this is a problem. You need to know the facts about where your organizational structure currently stands, what the organizational culture is, and what type of return on investment you’ll get. However you won’t uncover these facts unless you use an independent, objective, knowledgeable lens to dig down, examine, and make concrete recommendations about where necessary interventions can be made. This leads to…
#1 – Nationally, there are thousands of companies that provide organizational leadership, organizational development, organizational improvement, and executive coaching options. It’s hard to know where the dollars spent on this engagement will be used efficiently and effectively to truly recommend what’s best and be able to assist in the evolution of your company.
This is (unfortunately) true – and caution is warranted. There are no guarantees in hiring organizational consultants, and hiring the wrong group for your company can be costly as well. However, you can look at credentials, experience, and fund of knowledge as benchmarks for what you’ll get. As is common sense, never pay for someone or something with which you haven’t had a chance to develop a true relationship. Call, meet in person, ask questions, and get a sense of who you’re dealing with. Do they have the credentials to use top level assessments in their recommendations? Are they personable and genuine in their approach? Is this simply their job – or do they actually care about your organization enough to make even the toughest recommendations?
Here at Prosperity – our goal is to be your #1 resource in answer to all 5 of these concerns. We DO believe that our services are important, and that by building a relationship with you and your organization we will be the best investment you can make for today, tomorrow, and years to come. We are licensed Psychologists with 30+ years of experience working in and around all kinds of organizations (and individuals) that strive to improve and evolve as the times demand. We will be there for you too.
Give us a call @ 720.612.0244 – and let’s set up a time to chat about where you’re at, and where you’re going. Executive assessment, executive leadership development, organizational development, and executive coaching are where it’s at!