The Top Three Ways To Retain Top  Executive Talent In Your Business

No matter what industry your business belongs to, you’re always going to have to deal with the same question: how do you retain top talent? Attracting top executive talent in the first place can be difficult, but it’s just as hard if not harder to keep that talent around once they have joined your team. Read on for the top three ways to retain your star performers and keep them working hard for you!

Attractive Salary and Benefits

Making a salary competitive is important for two reasons. For one thing, you can’t expect your best and brightest workers to stick around when you’re not willing to give them something comparable to their next employer. For another thing, companies with lower-paid employees tend to have higher employee turnover rates—there’s just less incentive for your most productive workers if they can find better pay elsewhere.

Better pay and benefits remain one the most common motivators to switch jobs. While this isn’t to say that good pay can erase any other requirements executive talents have, 35% of employees still consider the gains they make through their roles. Executives do not have the highest priority when it comes to salary. Nevertheless, gender pay gaps at this level can drive talent away. 

Flexible Work Arrangements

According to an ADP Institute survey, 70 percent of employees said flexible hours were critical for keeping them at their jobs. For many, a rigid schedule can make it hard to balance work and life—and all too often, employees who need flexibility aren’t able to access it. But, there are ways businesses can support workers seeking flexible arrangements. 

More and more British employees are even considering the advantage of a 4-day-week schedule that would keep the same amount of working hours but provide one extra day off. Executives are not strangers to the trend and are quit to declare they would look for another option elsewhere if the company fails to meet their requirements. Employee loyalty is not a given anymore. It has to be earned by ensuring the needs of your team, including executives, are met.

Fair Treatment for Disciplinary Matters

When an employee has been reprimanded for a transgression, he or she expects fair treatment. Failing to maintain a level playing field when handing out disciplinary actions only breeds contempt from employees who feel like they’re being singled out and mistreated. The best way to avoid creating animosity among your staff is by treating each person with respect and implementing a fair punishment for infractions when necessary.

Remember that people are observant and quick to spot disparities. It would be unfair when two executives commit the same mistake to hold only a disciplinary hearing for one of them, for instance. Your executives, just as much as any other worker, expects the business to comply with the ACAS code of practice, ensuring fairness in all situations for all. When they feel that discrepancies are frequent and some individuals are treated less fairly in the face of disciplinary actions, they may worry about discrimination, favouritism, and internal politics. 

Executives have access to higher benefits and salaries than the rest of the team. However, in most cases, the reasons executives name for quitting echo the sentiments of your other workers. They want better pay for their expertise, they want flexible work, and they want transparent practices.