How to retain high executive talent.
The great resignation phenomenon didn't extend all over the world. But it worked as a thermometer of how employees’ perspective is changing and a major consideration of work is taking place. So even do quits are not happening on a global scale; employees’ performance and relation towards work is not the best.
It is known how important it is for a business the commitment of workforces, especially those who are on the top: The high executives, who are supposed to lead and inspire others. So, how do we retain high executive talent, how do we make executives fill well and give their maximum at work?
In this article, we are going to go through four aspects that we think are essential, in today’s context to retain high executive talent.
Hire the right candidate
The first step to retain your talent, as rare as it might sound, is to hire the right candidate. Hiring a person that is aligned with what the company needs, that feels comfortable with every aspect of the role; is the first step to retaining high executives. It is very common that new high executives leave within less than a year of starting in the position. Mostly because they don’t match with the role requirements or don’t adjust to the company work culture.
Maintaining a work – life balance is essential to retain high executive talent. Business - related problems sometimes feel like they can’t wait, but it is important to respect employees’ time. Sometimes the violation of personal time it is normalized especially in high executive roles and this might lead to a very fast brain-drain.
High executives are in positions of great responsibility and a deep commitment from their side toward the company is expected. This might lead to giving the extra mile on a daily basis, which can be challenging when trying to keep the balance between life and work. Especially in times of crisis when pressures on executives are very high and the situation gets extra difficult because people under their charge also get nervous and start being less productive, doubling the pressure for executives.
Tips executives to achieve life-work balance
Learn to delegate
Train creativity to find more effective ways of doing things
Engage them in physical activities, helps executives to fight stress
Development and growth opportunities
It is true that compensations are a big influence on whether or not to change of work. But when everything comes down to the compensations there is a higher risk of losing your employee to the highest beater at any time. Nowadays there is great competition to hire and retain talent.
Compensations are important but don’t mean everything. High executives leave their job after many years because they feel they need a change. Get out of the constant monotony, high executives often want bigger and more important projects, seniority, international reach and having more directives under their command.
Tips to avoid routing and retain executive talent.
Create subdivisions (as a measure when is not possible to promote)
Constantly check high executive’s motivations
Give them the freedom to try new things and innovate
Give them the freedom to decide how to manage their time
Open and transparent communication
Open and transparent communication is very important to retain high executive talent, and is a meter of organizational culture. Organizational culture is not built immediately, takes time and hard work over the years. Executives like any other employees are keener to stay when the company has a healthy work culture, consequently, companies with a toxic environment have higher rates of quits.
Constantly listen and observe how executives are filling however, if the executive resignation is inevitable, make sure he/she help you to make the transition to the successor. This can be of great help and make the transition smoother and faster.
Tips to maintain a transparent communication with executives.
Deliver messages in the appropriate context
Don’t hide information from them
When there is a problem talk about facts and don’t make it personal
We are Zavala Civitas, we have walked alongside our clients, supporting them in matters ranging from Executive Search to broader Organizational Consulting. We are ready to be your talent and Organizational partner in China & East Asia. We are ready to tackle new challenges and risks with your firm.