- The past two years have been filled with many challenges for businesses, from navigating the remote workforce to operating during a global pandemic.
- Now more than ever, companies need proactive executives who can inspire employees about the organization’s purpose, vision, and values.
- To help businesses prosper in 2022, companies need experienced, knowledgeable leaders who can engage with their teams.
- They could be the key to the organization achieving growth and expansion in a post-COVID-19 world. Thus, making executive-level recruitment vital for business success.
Following the Great Resignation of 2021, organizations have experienced increased hiring and turnover. The Great Resignation is the term used to define the ongoing trend of the record number of people leaving their jobs at the height of the COVID-19 pandemic.
As the world gets back on its feet and recovers, some businesses are considering if a full or partial return to the office is beneficial. Moving forward, it will involve managing a hybrid workforce.
2022 could actually be a year for the “Great Retention” for executive talent. With the right leaders in place, organizations need to build their strategic plans for business recovery and to give people compelling reasons to feel engaged and valued.
As organizations deploy their business plans, there are many HR strategies companies can apply to provide an exceptional employee experience.
The Need to Attract and Retain Executive Talent in 2022
The past two years have been filled with challenges for most businesses, from navigating the remote workforce to operating during a global pandemic. The reality is that most organizations spent the last two years in a crisis. Companies have become conditioned used to crisis management and providing short-term stop-gap solutions.
Now, it’s up to leaders to meet the ever-growing challenges in a post-COVID-19 world. It’s time to really focus on the employee experience. Needless to say, 2022 should not just be about retaining all the new executive hires and the employees that remained in the organization. The conversation this year should be about how to make them thrive.
The Three Rs of Executive Recruitment
Organizations understand the high cost of recruiting and retaining employees, especially senior-level executives. Companies need experienced, knowledgeable, executive-level employees. They are the key to the organization’s growth and expansion in a post-COVID-19 world. Here are the three Rs for effective executive recruitment:
· Recruit
Recruiting talented executives can be challenging in today’s business environment. Before organizations begin their recruitment process, they need to make sure they know exactly what they are looking for. So when the right candidate is identified, the person will have a clear understanding of your expectations.
The “right fit” is also really important. No matter how impressive a candidate’s experience is, they could still not be a good fit for the company if they can’t adapt well to the culture or don’t interact well with the rest of the team.
· Reward
To provide a compelling offer, companies also need to offer a competitive salary and attractive benefits package.
Some non-cash executive benefits may include remote work plans, profit-sharing, disability insurance, deferred-compensation, and life insurance. Ultimately, the benefits package of executives should revolve around the business objectives and goals for the company’s future.
· Retain
Once the company finds the best candidate, retaining them is the next step. While salary is obviously a key component in executive-level recruitment, retention activities such as bonuses, incentives, public recognition, and one on one coaching are essential.
Today’s current business landscape makes it even harder for companies to retain their top executives. This means that organizations should be doing more than their best to create an environment that will help nurture individuals and encourage them to commit to for the long term.
Other Tips to Attract and Retain Executive Talent
TIP 1: Retention starts on the first contact.
Keeping top talent begins at the first contact during the recruitment process. Organizations need to start laying the groundwork early on to ensure that the executives they hire will stay with the company for the long term. Companies need to find the best talent that will fit right into the company culture to attract candidates who are more likely to stay for the long haul.
TIP 2: Promote transparency in communication.
Open and transparent communication is essential for retaining executives. Fostering a culture where the top talent can thrive, share ideas, and have autonomy is incredibly crucial for career growth. Make it easy for talented executives to communicate with everyone and have an open-door policy. This will make executives feel valued, making it easier for their opinions to be heard.
TIP 3: Have clear career advancement.
Talented executives thrive in a challenging environment. Consequently, they also want to know that they will be rewarded for their hard work with an increased salary, more opportunities, better titles, and greater responsibilities. They need to have a clear understanding of their career path and how they can get promoted internally.
TIP 4: Help them grow.
The best executive talent wants to get better and grow in their roles. Organizations need to give them this opportunity. Companies can provide development opportunities and make education a vital aspect of their retention strategy. Offer to pay for certifications, seminars, and even post-graduate courses. This will allow your top talent to improve their skillset.
TIP 5: Always keep recruiting.
Turnover is part of the recruitment cycle, and organizations need to be ready for it at all times. Always be on the lookout for top talent and passive candidates. Have a program that will nurture internal talent with a strong retention plan to minimize turnover.
Common Mistakes in Retaining Talented Executives
MISTAKE 1: Underestimating the power of engagement.
It’s a common mistake for organizations to assume that job satisfaction equates to job engagement. This leads to engagement being an underappreciated factor that is crucial in retaining top executives. A Gallup Study noted that the right organizational culture is more than just employee satisfaction. Employees who are actually more engaged with their work are up to 21% more profitable.
Engagement involves more than just being treated well by the organization. It’s about how much recognition is given, what their long-term prospects are, and whether their role is tied to the success of the business. Talented executives expect all of these because they work harder and smarter for the organization. Without these compelling elements, they will most likely start looking for a job elsewhere.
MISTAKE 2: Failing to identify the executive’s true potential.
Any organization knows that while a candidate may look impressive on paper, they may not always bring actual value to the business. True potential can be seen in an executive’s ability, engagement, and aspiration. Identifying executives who possess these three essential attributes may be challenging. Still, it’s necessary to do so if the organization wants to attract the same types of people to the business and retain their loyalty to the company.
MISTAKE 3: Mishandling the career path of rising talent.
Even if the company recognizes the promising talent in the organization, it can be easy to alienate them and drive them to look for a role with competing companies. This often happens with mismanagement by failing to nurture rising talent correctly. Ideally, the progression of top talent should be managed across those at the more senior level. As such, a clear performance appraisal system needs to be in place, where employees can give structured feedback and advice from senior management roles. This direct form of performance appraisal means that the top talent’s needs can be met, their career aspirations realized, and their engagement levels satisfied.
Let us help you find top-notch executives so your business prospers in 2022.
Curran Daly and Associates are here to help you craft the best hiring and retention propositions for your executive hire. As one of the top recruitment agencies in Asia, we can help organizations find the best executives for the right role in the most efficient timeframe possible.
Contact us today to learn more.
References:
4 tips to help you retain and hire employees into 2022. (2022, January 18). HR Executive. https://hrexecutive.com/4-tips-to-help-you-retain-and-hire-employees-into-2022/
Balogh, D. (2022). The Three Rs of Executive-Level Recruiting. Retrieved 18 February 2022, from https://blog.swbc.com/businesshub/the-three-rs-of-executive-level-recruiting
Laker, B. (2022). How Leaders Should Recruit And Retain Talent During 2022. Retrieved 18 February 2022, from https://www.forbes.com/sites/benjaminlaker/2021/11/02/how-leaders-should-recruit-and-retain-talent-during-2022/?sh=288eca261dc1
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