Local Business Leader Transition Research Finds that Businesses Could Lose Millions

The retirement exodus of about 3.3 million Canadian employees over the next decade will have an impact on business continuity, financial stability, and business growth.

Kathleen Ozmun and Marielle Gauthier, both experienced professional leadership coaches, conducted discovery research focusing on retiring and incoming leader transitions in Saskatoon.

“A change in leadership is a time of flux and change for everyone – the leader and the team,” says Marielle Gauthier, founder of Redworks Communications and Coaching. “These transitions create potential risks at every level of the organization and profitability, productivity and positivity can be negatively affected.”

The report found that the financial costs to the businesses if the transition failed were significant – from tens of thousands to more than $3 million dollars.

“When a transitioning leader struggles, the impact goes beyond individual performance,” says Kathleen Ozmun, CEO of Crossing Point Coaching and Consulting. “The leaders’ struggles and the lack of a transition support plan can affect the business services to the point that whole programs are in jeopardy.”

Based on the findings, there are opportunities for greater attention to better manage the transition for the retiring and the incoming leader and from one leader to another.
It is paramount that businesses look at decreasing and preventing some of the challenges as stated in the findings, to ultimately lower the risks, increase productivity and quality of work, and foster better stakeholder relationships, all of which impact the bottom line.

Ruth Kinzel, PhD, CPHR, Kinzel Cadrin & Associates Consulting says that the research provides rare insight into the lived experience of local leaders in transition. Kinzel also states there is a backlog of unaddressed transition issues in every sector, the costs of which continue to accrue and it is in the best interests of organizations and the people within them to move forward proactively.

“The stakes are high and the wave is upon us and these research findings can inform your way forward. Gauthier and Ozmun identify key issues as well as productive ways to address transition challenges,” says Kinzel.

The study findings included challenges and struggles of the leaders; impacts and potential risks to the organizations; levels and types of supports in place and the financial costs if transitions failed.

Business owners can create successful transitions for both their organization and their new leaders by establishing consistent key practices.

Download the full report at https://crossingpointcoaching.com/leader-transition.

Kathleen Ozmun | Contributing Writer

Do’s and Don’ts of Hiring

Everyone makes mistakes from time to time, and these errors can have a large effect on a company’s procedures, revenue and goals. When these errors impact the staffing process, the repercussions can be much more dire. Hiring the wrong individual can adversely affect the organization’s work environment by sabotaging project deadlines, customer satisfaction and overall profits. To avoid encountering these problems, below are some of the do’s and don’ts of hiring.

Don’t be too specific
It’s good to create clear requirements and qualifications for the position, but don’t limit your options by being too selective. Great candidates may avoid applying because they don’t meet all of the requirements or they will be overlooked by the HR manager for the same reason. It’s important that it’s clear what the company is looking for from the beginning and that the requirements reflect what is needed rather than the absolute ideal. Keep an open mind to candidates that may not be a perfect fit but still looks able to perform the job to or above expectations.

Create a plan
Design a recruitment strategy, and set up dates for each part of the process, while ensuring that you meet deadlines. It’s imperative to set a realistic time-line because finding the right individual can take at least a month. Make sure all assessments or technical evaluations are appropriate for the particular job. If you are unsure, involve knowledgeable people in the process and ask them to attend interviews or set up processes with you.

Don’t hire just to fill the position
Sometimes managers don’t realize the amount of work and time it takes to hire a new employee and end up rushing the staffing department. Due to this pressure, hiring managers are often forced to hire the first person they think is qualified for the job. This leads to HR overlooking faults and inexperience that might otherwise have disqualified a candidate. If the hire turns out poorly, valuable time and money will have been wasted on training and important work will be delayed. Staffing managers need to be clear with their superiors regarding the time they need it to fill the position properly.

Prepare thoroughly for interviews
First, limit interviews to only the people you feel are completely qualified for the position. Research and plan your questions ahead of time, and only ask questions that are relevant with the position or the company. Try to avoid subjective questions outside of personality testing. If it’s clear that the person has the ability to do the job, it’s important to get to know the person’s attitude, work ethic and interpersonal skills. After all, this is someone everyone has to work with henceforth.

Don’t hire anyone by recommendation
There will always be someone who asks for this type of favour or will recommend someone they know for the company. Never hire people solely based on someone’s recommendation, every individual should meet all the qualifications and go through the hiring process.

Do reference checks
Always ask for two or more professional references, even if they seem perfect after meeting with them. Some people excel on interviews, they know how to showcase their skills and experience and will leave an excellent impression by selling themselves well. References will let the hiring manager know and confirm whether the candidates experience matches their sales pitch.

Hiring the right individual from the beginning, will save any company money and time. Follow these tips and you can not only make hiring more effective but less stressful as well.

 

Viviana | DBPC Blog