Being a new leader is hard work and many will fail within the first 18 months!
According to a Harvard study, 40-60% of new executives fail within 18 months.
McKinsey’s data showed 40% of new executives and corporate officers fail within the first year.
Gartner backed up the data with their study that showed 60% of new managers fail in the first 18 months.
And CEB estimates that 50%-70% of executives fail within their first 18 months regardless of whether they were an internal or an external hire.
Reading through various studies, articles, and my own experience shows why. The good news, it’s fixable.
1. Delegate Faster! - As leaders move up from the roles where they were able to do everything themselves, they continue to rely on their own abilities instead of delegating. The tendency to stack the work of the new position on top of the work they previously did is all too common. Meanwhile, your team is waiting for you.
2. Build Trust – New people, new work, new expectations. The window of your previous wins only helps for so long. Delegate, set and meet expectations, keep your word and lead with transparency and humility. Stephen M. R. Covey says that the tree of trust starts with Integrity.
3. Be a Coach – You are great at what you do and you’ve been doing it for a while. That also means you’re probably taking for granted all the lessons you learned along the way. What’s easy for you may not be easy for other people on your team. Become a coach. Ask more questions. Align expectations together and provide the time and the roadmap for others to be their best.
4. Be Clear – Your decisions, actions, and priorities all matter more than what you say. Yet, when what you say aligns with your decisions, actions, and priorities, magic happens.
5. Make a Decision – If you’re doing all of the above, the last step is to make decisions. If you’re in debate mode, be clear about it. Seek the information and data, but then make a decision. Your team is literally waiting on you.
6. Get Help – The good news is you don’t have to do it alone. Find a good mentor (been there, done that, got this cool t-shirt), enroll in leadership trainings, and while I’m biased about this, get yourself a good coach. Your mentor will give you advice. The training will give you new tools. And a good coach will integrate everything and help you lead in the only way that is truly you.
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