These days, it can be challenging and costly to fill high-ranking executive or positions and find replacements for high-performing employees. As such, businesses and organizations across many industries have taken it upon themselves to explore new strategies to keep their current executive team engaged and willing to stay on board for the long haul. Among the greatest incentives to stay with a company are their benefits and willingness to invest in the growth of their team. Here are a few ways to optimize your current implementation of these retention strategies.
Before we get into specific ideas for revitalizing your retention strategy, it’s worth keeping in mind that a custom solution is often necessary. Not everyone is motivated, inspired, and engaged by the same incentives. To cover a range of preferences, it may be worth exploring a wide range of these benefits and incentives on an elective basis.
Learning cannot become an afterthought once individuals reach the executive level. Nothing disengages a company’s most ambitious workers more than feeling stuck in their role. In fact, several studies suggest that 80% of GenZers and Millennials would prefer to leave companies that do not offer professional development opportunities.
Unique Benefits Package
As we alluded to earlier, cookie-cutter compensation is not suitable for C-level employees. Remember, there will always be a market for C-level contributors across virtually every industry. To keep your most critical contributors’ content where they are, your benefits should meet their needs at this point in their life. For example, while no young C-level employee is going to say no to a compelling 401k plan, they may also have interest in other plans with accessible distributions prior to their retirement. Conversely, a supplemental executive retirement plan (SERP) would most likely be the more compelling option to top-level employees entering the latter half of their career.
Flexible Work Approach
After extensive time over the last two years working with the hybrid model, many companies have discovered that there is no need to abandon it even during times of normalcy. Again, your exact balance of remote working and in-person working should really be centered around your team’s ability to complete all necessary tasks remotely and their personal preferences. In addition to working from home, you could consider the following configurations to keep your top-level employees content:
- Compressed work weeks, allowing for four 10-hour work days per week
- Flexible starting and ending times, with an established core median time where everyone should be present
- Custom professional and/or personal assistant support to help coordinate their work and life tasks and responsibilities
Revitalize Your Benefits Package with TriBridge Partners
To discover how our experts can assist your organization or business, please call our office today at 240-422-8799, email Jessica Storck at Jessica.firstname.lastname@example.org, or find us on LinkedIn.