When key or senior managers fail, it costs time and resources to recruit, select, and train new ones. A poll of senior human resource executives estimated the cost of derailment to be between $750,000 and $1,500,000 per senior manager. Another study estimated the cost of a failed executive to be as high as $2.7 million. Those figures do not include other costs such as missed business targets and damaged employee morale. An alarmingly high percentage of managers fail in the first two years after being promoted to the senior ranks.
In many cases the problems are apparent long before a manager rises to the executive level. Many extremely bright people have remarkable skills in a technical or financial function, but lack the emotional intelligence and interpersonal skills or executive presence required of a leader. Often managers struggle with trying to manage a highly talented and valuable employee whose behavior or performance (or both) is out of sync with what is needed in a key role.
Intensive one-on-one coaching over a period of several months is an effective and cost-effective way to prevent derailment, and is a better alternative than replacing the person or putting up with the behavior for the sake of the talent. This intensive experience can prove a good investment for any talented, valuable employee. Investing a small amount in coaching can mitigate the risk of allowing a poor management style to further damage the organization, and can avoid the cost of replacement.
AlexanderHancock’s targeted developmental coaching is tailored for the specific needs of the individual. Our philosophy is to propose a time-limited approach (usually 6 months) with checkpoints and evaluation of progress built in, and options for longer term work as needed,
Although each situation is somewhat different, most situations include the following elements:
- Contracting with the subject person and his or her manager
- Psychological testing using instruments appropriate to the situation. Options may include MBTI, DiSC, NEO 5 Factor, EQ-I (emotional intelligence), TKI Conflict style, Decision Style, Influence Style, etc., as appropriate
- Interviews with appropriate colleagues
- Feedback sessions
- Development of an action plan
- Weekly or bi-weekly coaching sessions with assignments
- Evaluation sessions with the subject, and with the subject’s manager