How To Retain Executive Talent
This video has tips to consider when you’re trying to keep hold of your top talent. The experts in executive search company Bretherton Day manage some of the top global hires in a range of sectors, so we are used to finding out what companies are doing to keep their executives on board.
If you’re wrestling with how to make sure business rivals don’t poach your top staff, we put together this top eleven tips, which expand on some of the points we made in this film.
1. You can make sure you are on top of developing your team, giving them a push to invest in themselves to keep them for longer. https://hbr.org/2010/05/how-to-keep-your-top-talent
2. Keeping your executives challenged can make all the difference, even in tough economic times because nobody joining at the top for a boring ride. http://www.wsj.com/articles/SB10001424052970203946904574302011865406286
3. Make a choice about how you are going to manage your talent and stick with the programme. A cohesive plan, based on known and successful talent management systems is going to be easier than building your system from scratch. http://iveybusinessjournal.com/publication/the-talent-challenge-creating-a-culture-to-recruit-engage-and-retain-the-best/
4. If you can understand what competitors are doing then you can match or offer different rewards, the task of trying to retain talent is the same the world over and tailoring benefits for individuals doesn’t have to be just about the wages. http://www.entrepreneur.com/article/248685
5. Retention plans should reflect the age of your hires. Look at an age group, like baby boomers or generation Y executives and reflect on the benefits you’re offering, not just in the hire stage but as you develop that individual. What’s important to a person at a stage in their life – if you find out, you can offer it up. https://www.ashridge.org.uk/insights/blog/february-2015/how-do-consultancies-attract-and-retain-the-best-g/
6. To retain executives effectively, it is important to consider the person, not the role. You’re trying to retain them by developing their skills, not their place in that role. https://books.google.co.uk/books?id=YKLUQ075hZUC&pg=PA28&lpg=PA28&dq=how+to+retain+executive+talent&source=bl&ots=Sl3nqz_dwk&sig=bILuIh-V-F0jv6faqW5Uw0DshZk&hl=en&sa=X&ved=0ahUKEwiy_dydgt7JAhUGwBQKHbaFCRM4ChDoAQhNMAY#v=onepage&q=how%20to%20retain%20executive%20talent&f=false
7. You may wish to consider alternate strategies for keeping your talent, have you considered that by demonstrating gender diversity in your workforce you can often have a higher success rate in keeping women executives, that’s potentially 50% of your talent staying on board. http://www.bsr.org/en/our-insights/blog-view/how-can-companies-attract-and-retain-female-talent
8. Think a bit beyond your own world, what processes do other industries consider when remunerating their executives, have you considered a different approach? https://www.nafcu.org/NAFCU_Services_Corporation/Partner_Library/Attracting_and_Retaining_Executive_Talent_with_Fair_and_Reasonable_Compensation__Webinar_/
9. Can you judge the satisfaction levels of your top team, have you even asked them? If you can gauge who’s looking to leave your executive team you can prevent the expense of another hire by getting to the source of their dissatisfaction. http://www.theglobeandmail.com/report-on-business/careers/leadership-lab/leadership-lessons-for-retaining-top-talent/article23404295/
10. Some companies adopt simple solutions to attracting and retaining executive talent from managing their families move, to ensuring that their cultural integration into a new job, in a new city is super smooth. Those tiny little incentives can far outweigh their financial cost to your company. https://www.bluesteps.com/blog/attracting-executive-talent-off-the-map
11. When you consider executive talent is a global commodity, their are organisations that have been meeting the challenge of attracting and retaining executive talent for much longer than yours, some of their methods provide the best staff from a range of every single country in the world. http://www.unsceb.org/content/hlcm-sp-a