Go For Selective Hiring
In order to ensure a high executive retention rate, it is important to appoint the right executives first. This depends on the kind of hiring choices made by the recruiters, who need to consider not only the skills and experience of the prospective candidates but also the other important aspects of their personality. Choosing the right candidates maximizes the chances of the candidates also feeling satisfied with their position within the organization. This naturally brings down the probability of the candidates looking for other more satisfactory career opportunities elsewhere.
Be Sure To Offer The Right Package
One of the key reasons responsible for low retention rate of executives is their dissatisfaction with the package being offered to them. If you want to keep great talent you are going to have to pay in more than just money. This high competition levels combined with the shortage of good talent has provided a major advantage to the right candidates. They can take their pick from a choice of job options offering a great compensation package and other benefits. That is why it is essential for the business organizations to review and revise the packages being offered to their top performing executives on a regular basis to minimise the risk of losing them to competitors.
Develop A Comfortable And Motivating Work Environment
The work culture and environment within a business organization play a major role in enhancing the executive retention rate. This is because most executives spend more than 8-10 hours at their workplace. Hence, it is essential for the hiring organizations to ensure that their executives feel comfortable and happy during the time they spend at the workplace. This involves creating a positive environment and a motivating work culture where the executives have ample opportunities to grow professionally. According to the experts from the leading international search firms in India, organizations having such an environment and culture tend to face the problem of executive turnover by a significantly lesser margin.
Provide Them Opportunities To Improve
Many executives chose to leave their current organizations simply because they no longer see a scope for personal and professional improvement. The sense of having reached a saturation point within the organization often makes the top performers extremely restless and this leads them to seek more interesting opportunities elsewhere. As such the hiring organizations need to ensure that they offer ample opportunities for growth and improvement to their top executives to keep the job position interesting enough for them and minimize their chances of leaving.