5 Things New Executives Need to Do to Succeed

For finance executives, the hiring process can be grueling. Most candidates are put through 15 to 20 interviews with everyone from recruiters to managers to human resources. So, with such a serious hiring process, why do so many top financial executives fail so soon?

According to Psychology Today, many newly hired executives don’t live up to expectations, and the first 90 days on the job are the most critical for success. New executives have a hefty learning curve to overcome and must to adapt to the company’s culture, drive results quickly, and build relationships. This is a lot of responsibility to handle, and expectations are high.

Successful execs combine a variety of skills to adapt to their new job and avoid the chopping block. When it comes to adjusting, soft skills are some of the most important. Social skills, communication, friendliness, and optimism can define relationships, and building positive relationships quickly is one of the first keys to success.

Culture is a key factor in finance organizations, and new executives have to learn to go with the flow. Fighting a culture war isn’t only unproductive, it’s unpopular. Disrupting culture isn’t a good way to begin an executive tenure. An executive’s objectives need to stay aligned with those of the firm so that management has a shared sense of working together with the same initiative.

Success can also be bolstered by forming a 90-day plan. Having set goals in mind within a reasonable timeframe can keep the executive’s direction on track. Finding an ally or coach within the company who can offer mentoring and support is also invaluable. The process of creating a support network, or “onboarding,” is becoming popular enough that many companies are developing official programs that can last anywhere from months to years.

In a tight economy, it’s more important than ever to prevail in a new job. While taking on executive level responsibilities and managing a myriad of cultural challenges can be difficult, with a positive attitude, flexibility, and a solid support network, success is achievable.