I see often that Companies move younger employees with less experience into executive roles faster than ever. And they don’t always prepare these leaders for what they will find at the top. Its my role with SMU to assist leaders prepare for their future roles.
That’s just one reason 50-70% of executives fail within the first 18 months of promotion into an executive role, either from within or coming from outside the organization(Of those, about 3% “fail spectacularly,” while nearly 50% “quietly struggle.”).
Upon reviewing 2,600 in-depth qualitative interviews with Fortune 1000 executives, researchers found that 76% of new executives indicated that the formal development processes of their organization were not, or were at best “minimally,” helpful in preparing them for their executive role; 55% indicated that they had minimal, if any, ongoing coaching and feedback to help them refine their ability to perform in an executive role; and 45% indicated they had minimal understanding of the challenges they would face in an executive role.
Here are four common traps well-intended executives unwittingly step into:
1. What got me here… will get me there
Many executives arrive with a perceived mandate to repeat past success.
Instead of looking realistically at the current situation, executives reach back to their bag of tricks that ‘worked before’ and begin repeating those success formulas on the new environment without contextualising. Strategy rejection sets in as the leader’s diagnosis turns into failure. The organization then resists the leaders ideas, resenting the executive’s ignorance of what will and won’t work. To avoid this trap requires solid knowledge of business context, and an ability to read it and adapt to it. “You need to hit the ground learning, not running” .
2. There is no “I” in team.
Building strong relationships with new peers, sometimes former bosses, new direct reports, sometimes previous peers, and new bosses, are most critical at the highest levels of organizations. But given that most rising executives distinguish themselves through individualism, they painfully underestimate how much they need others when they get to the top.
Forming mutual partnerships with those who most hold the keys to your success, and whose success you can influence, is critical. Connections formed with deep trust, investment, and openness are the best guardian against this trap. You can’t influence an organisation towards success on your own
3. Altitude distortions.
How your words and actions are perceived, and how information is transmitted to you, change dramatically when you near the organization’s top.
When you become a leader assume everyone is dignosing every move you make, and for the worst reasons. Everything you say and do is amplified and open to interpretations far from your intentions. Similarly, information you get is now sifted. People sanitise data and tell you what they think you want to hear, because you’re the boss.
Leaders who are unable to adapt to these distortions revert to the more tangible, less ambiguous work from their old job. Struggling to become the leaders they were selected to be. Having the broadest possible knowledge of your organization, how its pieces fit together, especially of how to bridge the organization’s seams where conflicts are intensified is essential. This is why Leaders from outside an organisation are especially subject to failure.
4. Power failure.
Most executives struggle with the larger amount of positional, informational, and relational power afforded them by leadership roles.
Its not abuse that causes failure… but abdication (source). New leaders are so fearful of wielding power that they avoid using it, especially when the risks seem high. Indecisiveness, accepting mediocre performance, co-dependent relationships with others to hide behind, and irresponsible uses of confidential information are just some of the symptoms of a leader who has abdicated their power.
But its self-protection, not self-service, that is often the driver behind such fearful leaders. At the top of an organization, leaders have the ability to right injustices, allocate resources fairly, provide access to opportunity, focus people on limited priorities, and invest in promising talent. These are the privileges that accompany power, and failure to exercise it is means leaders struggle.
Landmines in the field of executive leadership are plentiful, but no need to go unprepared. Translate your hopefully positive intentions into success by thoughtfully preparing yourself for the realities of executive leadership and beat the odds against failure.