RETAINING YOUR TOP TALENT AS THE ECONOMY IMPROVES
According to all the statistics I read, one in every three employees is desiring to change jobs when another opportunity comes along. Should every employer be concerned?
As the economy improves, executive search firms will be seeking the best talent for their clients. Top talent will be contacted and wooed with opportunities at other companies. This has been the way things work for the past fifty years and I expect it will continue for the next fifty years.
Just because 1/3 of executives are looking to move does not mean it should be of major concern. I feel the question each company should ask itself is … “who are the 1/3 willing to leave?” If your key and high potential executives are willing to leave, you have a problem. It is time for you to evaluate your key executives to make sure their compensation is in-line with competition and that you have the benefits and stock options in place to keep these executives motivated and owners in the company. At the same time, you need to let them know the importance they play in the company and the future they should expect.
On the other hand, if the one-third willing to leave are not your top team members, maybe this is not a bad thing. If they leave, it will give you an opportunity to recruit and/or develop top talent. Turnover at the bottom performance level often allows new stars to develop and flourish.
Organizations which compensate key employees well, that lock them in with strong benefits and stock option programs, and that offer a bright future, seldom lose their best executives. Executive recruiters know that!