The ability to find and attract the best candidates is pivotal in any recruitment strategy. However, even more important is knowing how to retain them once they’ve joined. Knowing what it takes to keep them motivated while optimising their contribution to your company’s success is crucial, especially when with executive level staff.
Millennials, who make up a large percentage of the current workforce and are gradually moving into executive positions in companies, can be eager to change jobs as soon as the next best opportunity comes along. Job loyalty can feel like a thing of the past. So, fostering an environment that is tailored to valuing your staff is vital.
Beyond the factor of the changing workforce demographic, with the ongoing pandemic and the consequent global economic downturn, the current job market is more competitive than ever before. Attracting and retaining talented executives in this landscape is no easy feat.. But we’re here to help. In this article, we will walk you through some of the best strategies you can utilise to keep executive talent at your company.
Learning and Development
Companies can secure the loyalty of their executive talent by contributing to their learning and development. You want your top level personnel and employees in general to grow and progress professionally. It can be the case in top-level jobs that this isn’t a necessary factor in attracting and keeping great people, but this isn’t the case! Continuing to contribute and encourage continuous learning, whatever that may be, is important across every level of business. Encourage them to get professional accreditations and join professional bodies that will propel their careers. Investing in your employees through offering opportunities to learn new skills, techniques, and opportunities to continue developing their skill set is one way to attract new dynamic talents while encouraging the current employees to stay and continue to bring value.
During the peak of the pandemic, several companies deployed remote working strategies in compliance with government directives to keep workers at home during the lockdown. While some people are gradually returning to their offices, many employees are still working remotely at the moment. One of the many benefits of remote work is the flexibility it gives employees. The time employees spend commuting to and from work can be channelled into better use like spending more time with the family, going to the gym, and so on. Essentially, giving employees flexibility allows talented executives to be efficient at home and still contribute effectively to the company even without being physically present in the office. Companies that aren’t heading in this direction are at huge risk of missing out on great employees that have come to expect a level of flexibility and trust between themselves and their employer.
As earlier stated, the demographic of executives in companies is changing and millennials are filling up these roles. Now here’s a fact about millennials: when it comes to choosing an organisation to work for, this generation is not just driven by salary alone. They look at your benefits package as a whole, and the expectations constantly change as to what they want to see as part of their remuneration. To recruit and keep these executive personnel, it’s vital that your company’s benefits package matches the working environment and beats out your competitors in the industry. Benefits that are attractive to the next generation include a good pension scheme, sick pay, maternity/paternity leave, health insurance, life insurance, transport allowance, an employee share scheme, and so on. It’s imperative to understand that the above named benefits are basic employee benefits and hence bare minimum. Thus, your organization must be willing to go beyond this standard if you want your executive talents to commit to your business in the long term. Knowing what constitutes a benefit, as opposed to a perk – like casual dress, or free coffee – is important too, when planning robust remuneration packages for executives.
Every business should have a clear structure of development. Without this structure, your company might be unintentionally stifling the growth and progression of high-potential employees. While they may be at the top of their profession (or close to), it’s recommended that employers offer their executive staff progression routes or other opportunities around the role that will keep them engaged and interested. Promoting internally and actively encouraging your employees to apply for open positions in the company tells candidates that there is a path for development and progression. A stifling environment can leave executive talents feeling unfulfilled and disengaged. Without aspiration to succeed, your executive personnel may seek out opportunities elsewhere that present a more challenging and nurturing environment that will provide the financial rewards, recognition, or advancement they seek.
Benefits alone cannot make up for a poor working culture. Developing a powerful and positive culture that people admire and want to be a part of can work wonders for your talent attraction and retention strategy. A great company culture will encourage top talent to want to work for you. When potential candidates look up your company online, you want the information they find on the internet to paint a picture of an inclusive, diverse, challenging and welcoming work environment. Make your executive staff proud to work for you and your reputation will precede you.
What attracts prospective employees to your company? What is it about your company that makes your people happy? How much does your company value its employees? What matters to your business? Beyond the benefits and remuneration, the employer brand is part of the job package. Top executives that know their talents, qualifications or experience know they are highly sought after in the job market and in a situation where they are offered two similar roles with similar benefits from two different organisations, the employer brand may be the deciding factor in their choice. So ensure you are effectively communicating your company as a great place to work to enable you to attract those highly skilled professionals to your business and retain their services.
Your company must be at the top of its game when it comes to creating an environment that will nurture talented executives and encourage them to commit their long-term future to you. If your firm is lagging behind in any of the aforementioned points, you may struggle to both attract and retain top executive talent.
We can help. Our ability to dig into the DNA of your company and utilise our networks of both passive and active candidates to find your next hire is unmatched. Contact us today to find out more.