One of the key success factors that I pay attention to when conducting an executive search is that of corporate culture. Why? Because without cultural fit, your new candidate will ultimately fail. In fact, studies show that a senior executive who does not fit well with the organization culture will typically leave on their own and/or be transitioned out within eighteen months. As you can expect, this departure will come with a cost, anywhere between three and five time’s salary.
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Congratulations, you’ve completed a thorough executive search and made the decision to promote an internal candidate! The individual has been groomed for years and was seen as the best candidate overall. The individual had all the qualifications you are looking for and you’re therefore confident they can take the assigned business unit to the next level.