CEO Turnover during 2020 was at an all-time high. Given the pressures of the on-going COVID-19 pandemic, company executives are busier than ever. All this pressure can make holding onto your top executives more difficult.
Executives are like any other member of your organization. If they are satisfied, they will stay with you. If they are unhappy, they will look to leave you. Consider the following ways to keep your executives satisfied during these challenging times and beyond.
Five Ways to Retain Executive Employees
Get the Basics Right
When trying to retain talent at any level, it is critical to get the basics right. This is easier said than done. For instance, most companies know they should offer paid sick leave, but there are many different schemes for providing it, and companies should pick the one that works best for them.
In addition to a strong retirement plan, paid sick leave, life insurance, and health insurance, many executives enjoy some form of profit-sharing scheme. Also, many companies are making family benefits a high priority. Offering paid time off for new parents shows an executive that they and their family are essential to the company.
Though an executive’s wage is the ultimate material incentive, additional incentives may help to persuade your executives they are in the right place. These individuals will be expecting the same benefits as those below them, as well as additional perks. Some benefits that talented executives may want include exclusive club memberships or a luxury car service.
Leverage Individual Talents
Sometimes, executives can get siloed, resulting in them not being exposed to many challenges, even if they are swamped managing their personal silo.
Top executive talent often flourishes in high-stakes situations. Those with strong leadership abilities can adjust and overcome. A restricting environment can cause a talented executive to feel unfulfilled, and they may start to look for challenging opportunities somewhere else. Connecting executives to challenging projects and goals that let them have a bit of freedom and creativity is a good way of making top executives happy.
Executives should always have room to try outside-the-box ideas and develop new strategies. This not only keeps executives engaged but can also move the business forward.
Prioritize Diversity and Inclusion
Research has shown that diversity in the workplace is not just good for society, it’s also good for everything from employee engagement to the bottom line.
Having a diverse workplace is more critical than ever, and many companies are going a step further and embracing inclusion initiatives. Prioritizing diversity and inclusion should involve an on-going review of both workplace demographics and policies, including for executive positions, and responding accordingly to any shortcomings.
When everyone sees that the company cares and respects their personal concerns, it increases engagement up and down the organization.
Provide a Healthy Work-Life Balance
Work-life balance has become more popular and more possible, thanks to remote work technologies. At the executive level, people expect the ability to work remotely or change their schedule to take care of family responsibilities.
We Can Help Your Company Find and Keep Executive Talent
At ZDA, we help our clients target and hire best-fit executive talent. Please contact us today to find out how we can provide this service to your company.