Over the past two months, HR functions have found themselves immersed in reviewing their hiring agendas. The current crisis has given talent leaders a rare opportunity to stop and analyse their recruitment processes and openly challenge how successful their lateral hires have turned out to be.
It is well-documented that firm’s often struggle to maximise the success rates of senior lateral hires. Some reports claim that only 20% of hires deliver at the expected level after two years in post, while others claim that up to 50% of lateral hires fail.
How accurately these figures represent any one firm’s experience will vary greatly, but it is clear that there is more that can and should be done to hire the right individuals, taking care to ensure not only that their business plans align with the firm’s strategy, but also that these individuals are successfully integrated into their new firm.