Retaining Your Organization's Best TalentThe inability to attract, and keep, new leadership is one of the top dilemmas facing senior management today. World-class companies know the value of hiring key employees and the importance of keeping these top contributors on board. The loss of an integral leader can shake an organization's foundation and disrupt a business that had been running smoothly. In small to mid-sized companies the loss of a high-impact executive can be especially difficult to overcome. In building and retaining a management team, companies must take into account several critical factors including their recruiting strategy, compensation plans, short and long-term incentive plans, culture, and employee recognition. The time to address retention is now. Over the next decade, a large number of baby boomers will be retiring from key management positions and the incoming population of leaders is not sufficient to fill the vacated jobs. We will see a much greater dependence on older workers and thus the need for greater flexibility in work environments to encourage them the put off retirement.
Why High-Performing Leaders QuitMany people believe that money is the top reason high-level employees leave their jobs. This simply is not so. While compensation is important to everyone, when you look at the big picture it does not provide a complete answer to why people leave companies. Consider a recent survey developed by a leading North American Recruiting Firm, whereby 150 executives with the nation's 1,000 largest companies were asked which of the following is most likely to cause good employees to quit their jobs. Their responses were as follows:
|Lack of recognition||25%|
|Inadequate salary and benefits||15%|
|Unhappiness with management||10%|
|Bored with job||5%|