It seems like it would be a slam dunk- take high performing staff and put them into management roles. But it’s not. Sixty percent of new managers fail in the first 24 months.
Management Mindset and Skill Deficiencies
Why? A primary reason is that the transition from staff to manager requires a different mindset and different skills. Once an outstanding individual contributor, the new manager now has to learn how to achieve success through the performance of others.
The skills that made the high performer shine are different from the management and interpersonal skills they’ll need. Surveys reflect this, showing that the top five skills that managers need to improve are:
- Communicating effectively (41%),
- Developing and training the team (38%),
- Managing time and delegating (37%),
- Cultivating a positive and inclusive team culture (35%), and
- Managing team performance (35%).
The Cost of Poor Management Skills
Due to this skill deficiency, 75% of employees who voluntarily quit their jobs do it because of their managers. The cost? Six to nine months of the employee’s salary to fill each vacancy.
If employees are unhappy and don’t leave, those disengaged employees cost companies $3,400 for every $10,000 they make in salary.
The obvious solution to help new managers succeed and retain high performing staff are: (1) pre-supervisory training prior to promotion and (2) intensive training and coaching support after promotion.
Besides helping them to succeed in their jobs, there are at least six additional reasons for training and coaching managers:
- Employee morale will improve
- Employee productivity will increase
- The company will save the cost of replacing employees
- Production and service goals will be met
- Potential applicants will be attracted to the company
- Revenue will increase
Train to Retain
Managers aren’t born, they’re made. If they’re not made well, the entire company suffers the cost. High performers don’t automatically become managers the minute they take their new positions. They need training and support to grow into their management roles.
Don’t throw new managers into the deep end of the pool without preparing them with the skills they need to stay afloat. Their primary job as managers is to set their employees up for success.
They can’t do that if they are floundering themselves.
You’ve promoted them. If you want to retain them, you have to train them.
Contact Laurel and Associates, Ltd. for new management development.
May your learning be sweet- and safe.
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