Retention
The 20/80…Turnover can zap the strength and
competitive advantage from any organization. 80% of executives participating in a recent survey had
changed employers within the last 2 years. And, if that was not bad enough, almost 50% of those
appointed to the office of president of a US public company can be expected to
leave within four years2.
Many companies are facing this
issue, which survey after survey tells us is not about compensation. We believe this is an opportunity for
leadership to step in and develop plans for valued executives.
There are no short-cuts for the basic blocking and tackling of
retention - Executive-level
retention plans need to be crafted to create “stickiness”. - It is our view
that there are four basic dimensions that are critical to successful retention
initiatives.
Link the individual into the
organization and into the community. Look for ways to
build their relationship to and within the organization through teams,
mentoring, coaching, choosing their own clients. Additionally, increase their community relationships through
there external interests of charity work and community groups.
Consider providing individualized
Business Coaching to Key Executives. We have found that individualized Business Reality-based Coaching
helps key executives with their fit in the organization and provides them with
self-awareness which maximizes their ability to manage themselves and others.
Plus, it demonstrates that the organization is interested in investing in their
success.
Assure fit within the organization and
the community. This is best done
by looking at the stage of an executive (e.g., recent hire, new to division,
lifer in home-office). For
example, we know an executive who recently changed companies and has not once
in his first six months been to lunch, or had an informal discussion with any
of his peers nor his supervisor, the CEO.
How well do you feel his new company is managing fit for his retention?
Increase the sacrifice the executive
must make to leave Traditional
themes here are retirement and long-term compensation in the form of
options. A not so common sacrifice
might be increasingly better seats each year for sporting events, and paid
tuition for college bound dependent.
Look for the golden handcuffs which fit most snug to each individual.
