There are few things more critical to the long-term success of your organization than selecting the right team of executives.
Why? Putting the wrong executives in place can lead to a decline in productivity and profitability—and a major turnover in key talent. Even one misplaced hire can weaken consumer, investor and employee faith in your company.
But comprehensive executive assessments can help you eliminate that risk.
Here are seven reasons why doing one should always be a priority before filling out your executive team.
1. Recruitment and selection
An executive assessment will help you refine your recruitment and selection process. You’ll get a better feel for which candidates have the highest leadership potential, and focus your time and energy on developing them. More importantly, you won’t waste time, money and resources on ineffective employees.
2. High potential evaluation
Executive assessments let you see your future leaders’ strengths and weaknesses, uncover their natural abilities, and give you a feel for their personality and work ethic. By helping you look at the whole spectrum of leadership, an executive assessment can give a more accurate forecast of how each person will function in a leadership role.
3. Individual development
Doing an executive assessment lets you tailor a development plan designed to fit an individual employee with high potential. There is no such thing as a one-size-fits-all executive, and the same is true for an individual development plan. It should always be crafted to foster growth in areas where growth is needed.
4. Promotion opportunities
Who you choose to lead matters. Good leaders can elevate everyone around them. Bad leaders drag others down as they stumble and fall. An executive assessment can paint a clear picture of which employees will flourish with greater responsibility. In other words, it will tell you which ones deserve a promotion.
5. Succession planning
Succession plans flow much more smoothly when you do executive assessments. Your organization can identify its leadership needs before they arise and develop people who are best qualified to fill each position. This means a reduced risk of turnover, wasted money during transition periods, and reduced productivity.
6. Team development
Effective leadership trickles down to the rest of the team. When you put the right people in place in executive roles, you can also fill out other roles with the best qualified candidates. Effective leaders will always surround themselves with the best available talent. It stands to reason, then, that an executive assessment can help you create a healthy talent pipeline within your organization.
7. On-boarding/performance management
Transitioning a qualified person into an executive role is easier with an assessment that uncovers what they bring to the table and outlines how they can reach their highest level of performance. And it will give you what you need to know to assign a mentor who will show them the ropes, so they can hit the ground running once they take over full-time.
Do you have an executive assessment process in place?
An executive assessment process can help you identify which people in your organization have the skills, experience and talent to become effective leaders.
Remember—a bad decision here or there can have a devastating ripple effect. You’re smarter (and safer) to start a rigorous executive assessment regime to help you develop your leaders before the consequences become all too real.