Retention can be just as important as your recruitment strategy. Keeping top executive talent in-house needs to be a top priority for organizations. Losing a key executive can be a crushing blow. Finding a suitable replacement is no easy task in today’s very tight talent market.
We all know the cost of employee turnover is steep. When you hire executives, recruitment never stops. Here are five effective strategies to retain top executive talent:
1. Retention Starts Day One
Keeping your top talent starts during the recruiting process. You need to lay the groundwork early on to ensure the people you are hiring are interested in staying with your company long term. You need the right culture and the right recruiting process to attract the types of candidates who fit your company and are more likely to stay.
2. Promote Transparent Communication
Open and honest communication is essential. Fostering an environment where top talent can thrive, share ideas, ask questions, and have autonomy is extremely important. Encourage your employees to be honest without the fear of repercussions. Hold regular meetings, have an open-door policy, and make it easy for your team to communicate with everyone. This will help your talent feel valued and make it easier for their opinions to get heard.
3. Have a Clear Career Advancement Path
Top talent wants something to work toward. They want to know they will be rewarded for their hard work with an increased salary, more opportunities, better titles, and greater responsibilities. They want to clearly understand the path to getting promoted internally.
4. Help Them Grow
Your best performers want to get better. They want to grow professionally. Give them the opportunity. Provide professional development opportunities, and make education a focal point of your retention strategy. Offer lunch-and-learn events, pay for certifications, seminars and courses. Allow your talent to attend industry conferences and improve their skillset.
5. Always Be Recruiting
Turnover happens. It’s part of the recruitment cycle. So, you need to be ready for it at all times. Always be recruiting. Have a program to nurture your up and coming talent. Always be on the lookout for top talent, and passive candidates. Have a strong retention plan to minimize turnover. The better prepared you are to handle a loss of a top executive, the more effectively you’ll be able to manage the transition.
Read More About Talent Retention From Toronto Executive Recruiters
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IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.