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Six Strategies to Retain Top Executive Talent
Even the most prominent companies can struggle to retain their executive employees. And with remote work becoming more prevalent, professionals have more access to career opportunities outside of their immediate vicinity.
As an employer, you have worked hard to hire the best leaders. But how can you ensure they stay with your organization long-term? We asked six experts how they successfully retained their top executives.
Mind the Mission
Sometimes people, even the most senior executives, need to be reminded of why they joined an organization in the first place. Money, title, benefits, and perks are all factual elements of an offer. Most times if someone is given a 30% raise, better title and bigger bonus, there’s little you can do to counter. But mission means something. And purpose has value. At the senior most level, impact and influence over critical changes is a strong retention driver. Money’s important of course, but so is legacy and putting your stamp on how a company operates.
In the end, careers are about choices – a string of decisions that take you from where you are to where you most want to be. If their mission is complete, wish them well. If not, point to the hill not taken and remind them that the charge is theirs to lead.
– Tim Toterhi, Chief Human Resources Officer of Plotline Leadership
Nurture and Promote Internal Talent
Our company’s greatest success in terms of retaining executive talent has been to mentor staff into leadership roles and promote internally. As a fully remote company, our teammates are not geographically restricted and could theoretically work anywhere.
Recognizing the potential in current teammates and guiding these individuals’ professional development breeds loyalty and gratitude and compels these leaders to return the investment. Having contributed to the company for years prior to the promotion, these leaders feel a stronger sense of ownership in the organization. Plus, promoting internally signals room for growth to the entire workforce and boosts employee productivity.
– Michael Alexis, Chief Executive Officer of TeamBuilding
Top executive talent is a very desirable commodity, and they are likely being pursued by other companies. So, it’s important to make them feel valued and appreciated.
One way I’ve been able to do this is by offering them opportunities for professional development and enrichment. For example, I’ve given some of my top executives the opportunity to attend industry conferences or take courses related to their field. This allows them to stay current on the latest trends and developments, which makes them more valuable employees.
– Claire Westbrook, Founder of LSAT Prep Hero
Open and honest communication is crucial. It’s critical to create an atmosphere where top people can grow, share ideas, ask questions, and have autonomy. Encourage your staff to be open and honest without fear of punishment. Conduct frequent meetings, maintain an open-door policy, and make it simple for your staff to interact with one another. This will make your employees feel appreciated, and it will be easier for them to get their voices heard.
– Marilyn Gaskell, Founder of TruePeopleSearch
Offer Benefits They Actually Care About
Most employee benefits are often too generic rather than personalized, which leaves many professionals with perks they aren’t particularly keen on using. By revising your employee benefits program to include health and leisurely benefits that are actually valuable to your high performers, you’ll see a drastic increase in employee satisfaction, which is inevitably linked to high retention rates.
– Harry Morton, Founder of Lower Street
Effective and Sustainable Change Management
Change management is the system by which a business decides on how to change its internal and external processes and subsequent efforts at implementing this. Change management is a crucial process that affects a business’s ability to retain or lose top executive talent through offering executive benefits.
For both large and small businesses, the organization is more likely to lose its top executive talent if they fail to effectively manage change in the company and ensure long-term sustainability. At our company, we also ensure that any structural or cultural change in the organization is suitable to our top executive talent to avoid losing them to competitors. Working with a dedicated change leader or manager who liaises with HR and other departments to manage change effectively and sustainably has helped us to retain our top executive talent.
– Ryan Yount, Chief Operating Officer of LuckLuckGo
Employee retention matters, and employers must understand their executives’ motivations to keep them engaged. By taking these retention strategies into careful consideration, you will witness your employees grow and reach their full potential for many years to come. Alongside them, your company will also thrive and reap the rewards.
Bristol Associates, Inc. is an executive search firm with over 50 years of excellence in recruiting nationwide. Bristol specializes in recruiting for the Casino Gaming; CBD; Facilities and Concessions; Food and Beverage Manufacturing; Hospital and Healthcare; Hotels and Resorts; Nonprofit; Restaurant; and Travel, Tourism, and Attractions industries.
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