Picture this: all of your employees are working and behaving with a collective attitude, functioning harmoniously in a regular, deliberate & positive manner. This is known as culture collaboration & when achieved, it can transform your environment!
Most businesses know that losing a leader can feel like losing a piece of the company. That’s why it’s important to take proactive steps towards retaining executive employees.
Of course, executives rarely stay in their role for good. Natural progression or retirement is a given. But with an executive retention plan, you can keep your top players on side, minimise early exits, and protect your organisation from any growth-stunting departures.
Let’s take a look at just how important retaining executive employees can be, and outline a few retention strategies that you can incorporate into your business.
Why is it important to retain executive employees?
Once upon a time, high-level employees would settle down into their roles without a thought as to whether the grass was greener elsewhere. But company loyalty isn’t what it used to be, and top talent is more mobile than ever. Opportunities are everywhere, and companies are constantly coming up with innovative ways of attracting and retaining key talent.
If this sounds all too familiar, you’re probably no stranger to the imbalance felt by the loss of an executive. Besides the vital responsibilities of their everyday role, leading personnel form ties and vital relationships that stretch down through your departments. When these are cut, company performance can take a hit. Then there’s the mammoth task of recruiting, onboarding and embedding their replacement.
So, what can you do about it? For a start, watch out for signs that executives are losing interest. Then, make sure your grass is greener than the rest, with strategies and benefits tailored to keeping your leaders on side.
Effective executive retention strategies
Whatever your strategy, be sure to focus on the individuals you’re targeting. One size doesn’t always fit all, but to get you started, here are some top tips to retain executive employees:
Recognition and Rewards
The daily demands of an executive are likely to involve hard work, high pressure and big deliverables. Recognising this with positive feedback will build self-esteem and keep them motivated, instead of under appreciated and dispirited. Nail this down with rewards, leaving the door open for negotiations around salary, benefits and other perks.
Be mindful of the impact of change
Change is great, but don’t forget your executives in your plans for evolution. Remember, they’re with you for a reason, and if they feel the tables are turning without their best interests at heart, they may look elsewhere. Get them on board during the planning process, seek their contributions and be clear about how the transition will benefit them.
Offer exciting opportunities that are tailored to your top talent
Executives are skilled, savvy and conscious about the direct impact their work has on the company. Keeping them engaged reinforces their belief that they’re making a difference. So try to come up with activities that will pique their interests and feed their ambition.
There are times to stand firm and times to bend a little. When it comes to retaining executive employees, flexibility is a must. This could be scheduling and location changes to help them maintain a work-life balance, or accommodating skill development. If you push the boat out to meet their needs, they’ll keep on meeting yours.
Focus on wellbeing
Stress rears its head in any top-level role, and while some thrive off it, others may struggle. Out of the blue, a resignation letter might land in your lap. But whether work related or not, forward-thinking companies are putting time and resources into their employees’ wellbeing. Make sure you’re one of them and look after your teams.
Attract execs that stay, with Propel
Now you’re familiar with a few executive retention strategies, you can start putting them into action – even at the hiring stage. At Propel, we’ll help you promote your retention initiatives as part of the talent acquisition process.
Our experts know what it takes to catch the eyes of the best executive prospects out there. We offer potential candidates a vision of fulfilling employment, whilst securing the right cultural fit to make a lasting difference to your business. Find out more about how we can build your leadership team with senior appointments today or get in touch with us today.