We all love to read the dynamics of success. But the author has found that the greatest lessons come from examining failure. The author found that C suite executives are vulnerable to career failure when they are in the midst of one of these three common transition scenarios.
Leap into leadership role:
The transition to the top team is demanding, with 50% to 60% of executives failing within the first 18 months of being promoted or hired.
Challenge:
- High-profile leadership transition is more than they bargain for.
- They are unprepared for the frantic pace or they lack the requisite big-picture perspective.
- They have little transparency into looming team dysfunction or insurmountable challenges until they are actually in the role.
Solution:
- Actively pursue feedback.
- Leaders should not be too occupied with the demands of the job and put efforts to be introspective.
- Many benefit from in-depth 360-degree reviews at six to eight months and then again at 18 months.
- Knowing the areas others think you need to grow allows you to get the support you need executive coaching, finding a peer-mentor, or adjusting your team to round out your development areas.
- This helps you assess whether you are fitting onto the culture or if you need to strengthen key relationships internally and externally.
The organizational transition:
Challenge:
- Organization today is either considering or enacting a transformation of some type.
- “Change is the new normal” reality, high stakes transformations are highly risky for executives who fail to reinvent the organization or themselves fast enough.
- Misinterpreting the need for change or getting on the wrong side of it.
- Leaders are too slow to act or unwilling to get on board as a change effort gets underway.
Solution:
- To survive organizational and industry shifts, leaders need to get ahead of change.
- They need to think about where they fit into the new order and find a way to have an impact.
- They also must over communicate with the CEO or board to make it clear where they stand on the need for change and how they will lead its implementation.
The paradox:
Challenge:
C-suite leaders are at the apex of their careers. They have competed for years and achieved what they have been striving for: a spot on the top team. As a result, many experience a type of paradox:
- They are working harder than ever to succeed, but they don’t know what’s next in their career.
- This uncertainty, combined with job stress, can lead to burnout.
- Executives feel stuck at the top.
- The average tenure of C-suite leaders has been declining in recent years.
Solution:
- Executives can take steps to either extend their tenure or prepare for what’s next in their career. As part of that, they need to rethink their relationship with sponsors.
- they may not need sponsors to create new opportunities for them, but they do need advocates, supportive peers, and career role models.
- C-suite executives who surround themselves with support and have a clear vision of their future, are more likely to continue to succeed.
Conclusion:
Reinvention is the most important attribute for leaders today and if not attempted they are sure to fail.
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