Self development and progression opportunities rather than bigger salaries are often the key to retaining senior executives, the latest White Paper from Robert Walters’ executive search team reveals.
The Paper, entitled Retaining Your Senior Executives, claims that offering new challenges, supporting executives when they are faced with difficult personal circumstances and having clear and consistent communication channels can also lead senior staff to stay with a business.
David Chancellor, head of Executive Search at Robert Walters, comments:
“When a senior executive resigns, an organisation must first establish how detrimental this really is for the company’s future. The senior management team is intrinsic to the identity and running of a business, but changes at the top can sometimes be beneficial. Attempting to retain an executive who has a strong desire to leave is also generally counter-productive.”
“However, a business may encourage them to stay if they have valued qualities. Establishing the primary motivations behind the resignation is not only a crucial part of this process; it can also help to prevent similar instances occurring again in future.”
“From our experience, opportunities for self development, rather than money, are often the key factor behind a senior executive’s decision to move on. Inevitably, successful individuals get to a point where they feel ready to embrace a bigger role with a larger remit and greater accountability. Businesses able to offer career progression generally have most success in retaining senior executives.”