Every successful construction project begins with a sturdy foundation. Similarly, constructing a high-performing executive team starts with an excellent onboarding process. In the crucial areas of securing work, delivering work, and managing finances (or Get Work, Build Work, and Get Paid), the right leaders can make all the difference. These pillars of business are key to any construction company, and having the right individuals to oversee them is critical.
Why Perfect Onboarding Matters: The 90-Day Rule
In today’s fast-paced business world, the adage that people are a company’s greatest asset has never been more relevant. The Society for Human Resource Management estimates that the cost of hiring an executive can be as high as 213% of the employee’s salary. When you consider the executive’s salary, the time invested in the recruitment process, and the potential costs of a wrong hire, it’s clear that mistakes are expensive. This is where the importance of effective onboarding comes into focus.
Consider the first 90 days of an executive’s tenure as the ‘breaking ground’ phase of a construction project. This is the period when you lay the groundwork for your new hire, providing ongoing evaluation to confirm whether you’ve placed the right person in the right role. It’s akin to a quality control phase, ensuring that the foundation you’ve laid is strong and stable.
The Blueprint: Building the 30/60/90 Day Plan
A well-structured 30/60/90 day plan during the hiring process acts as your project blueprint. This stage should concentrate on forging relationships and familiarizing your new hire with your company’s mission and goals. Strive for a few significant achievements in the first 100 days. These early victories often indicate their potential for long-term success and can set the tone for their tenure.
Day One: Laying the First Brick
From the first day, equip your new executive with all the necessary documents, tools, and knowledge. This means sharing key company documents like organizational charts, budgets for compensation, recent performance reviews, revenue goals, business initiatives, and the product roadmap. Introductory meetings with key personnel, a warm welcome from board members and the leadership team, and daily meetings with the CEO or hiring manager should all be integral parts of this initial orientation.
Daily Check-Ins: Keeping the Project On Course
Just as daily quality control checks are important in construction, so too are daily check-ins with the new executive during their initial weeks. These meetings provide an opportunity to offer context, identify potential missteps, and provide feedback for timely course correction. This helps keep your ‘construction project’ – the integration of the new executive into your team – on track and heading towards a successful outcome.
The Power of Humility in Correcting Course
Despite our best efforts, if we realize we’ve made a hiring mistake, it’s crucial to embrace humility and say, “I blew the hire.” This admission isn’t a sign of weakness. On the contrary, taking a step back, restarting the search, and temporarily shouldering extra work to correct the course is far better than letting a poor hire fester and potentially destabilize your organization.
Conclusion: Building Success on Solid Ground
Much like a weak foundation can lead to a shaky structure, a poor hiring and onboarding process can lead to an unstable team. A well-executed onboarding process, however, can build a high-performing executive team that stands tall and sturdy. Just as in construction, getting this foundational element right can set the stage for long-term success.
Are you looking to streamline your executive team’s performance? Download our 90-Day High-Performance Dashboard to guide your new hires towards early success and ensure your construction projects stay on solid ground.