Issa Asad Explains 4 Huge Blunders New CEOs Make
Organizations spend a significant amount of time and money, hiring CEOs or senior executives to take the company forward. However, according to the Harvard Business Review, there is 50% chance that the new CEO will leave the company.
“This failure leads to enormous financial costs while disrupting the organizations’ flow,” explained Issa Asad Florida entrepreneur since 1996. Mr. Asad is the CEO of Q Link Wireless and Quadrant Holdings, located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
These individuals leave for several reasons, often citing inadequate boarding, poor cultural fit, or even lack of appropriate support. The truth is, most of these new senior executives set themselves up for failure. Here Issa Asad Explains 4 Huge Blunders New CEOs Make.
1. Under-estimating Institutional Knowledge
Most new CEOs feel the urge or pressure of enacting new changes and making a personal statement as soon as they are hired. Most of them are likely to implement large changes within the organization, just to ensure everybody knows there is a new boss in town. However, new senior executives are advised against such an approach. Instead, they first need to determine what needs to be done, and how it can be achieved. They need to seek for guidance from or advice from senior personnel within the organization. That approach will enable them to fit seamlessly within the organization, uphold the traditions of the institution and undertake changes gradually.
2. Instilling a Culture of Fear and Uncertainty
When new CEOs assume their positions, most employees tend to be uncertain about their future with the company. Some new CEOs will fire certain employees, in a bid to bring their own or people they have worked with before. Although staff management and streamlining are necessary for every organization, it remains a delicate and emotive matter, which needs to be handled with care. Therefore, if you are a new CEO and you feel that a certain employee is not up to the standards of the organization, you first need to observe them, before asking them to resign. Give them a month or two, and confirm whether the allegations are true or false. When you do that, you will instill confidence within the entire organization, while giving everyone the peace of mind they need to perform optimally.
3. Poor Hiring Decisions
Hiring is another mistake that most new senior executives run into. Hiring a great team will determine your success within the organization. You need people whom you can trust with the operation of the organization. According to Glassdoor, more than 95% new CEOs have made poor hiring decisions, within their first year of their respective organizations. If you are working alone, it is impossible to find the right fit for the organization. That’s why new senior executives are advised to invest in rigorous and structured recruiting processes.
4. Failing to Emphasize the Company’s Vision and Mission
Every successful organization has a clear vision and mission statement. Emphasizing the company’s mission and vision statement gives the employees an opportunity to revisit them, and align their goals and objectives accordingly. Take your time in the organization to assess the vision and mission, and then implement the necessary changes.