Much of the naturally occurring turnover in the labor market did not happen in 2020. Many employees stayed where they were to avoid increased uncertainty during an unstable time or because they felt loyalty to their employer. However, the pandemic-related lockdowns provided plenty of time for employees to reflect on their current roles and careers. This resulted in a significant number, including senior leaders and executives, seeking new opportunities in 2021. Now more than ever, HR leaders need to incorporate ways to keep the senior leaders in their organizations engaged and retained.
Here are five ways to encourage your executives to remain loyal to your organization.
Increase Income
Provide additional opportunities for leadership to increase their income. This may include promotions, salary increases, bonuses, positive changes to incentive plans, or equity awards. It should cost far less to invest in your current executives than hire new ones to replace them.
Offer Remote Work
Let executives work remotely as much as possible. As the past year has shown us, much of their work likely can be done from anywhere. This allows additional time to prioritize personal values and goals along with professional ones. Your leaders are likely to stay when they have control over their schedules, which contributes to work-life alignment.
Increase Recognition
Publicly praise leadership for their personal and professional navigation during the past year. Everyone experienced substantial turbulence, uncertainty, and loss. This is why every employee, including leadership, should be commended for their contributions and results. Include specific ways executives made difficult decisions with limited information and time. Also, share how their results positively impacted the organization and team members. Additionally, talk about how leaders held themselves and everyone else accountable for their actions to continue moving the company forward. This may involve pivoting the business strategy in another direction, such as offering different products and services to help customers get through the pandemic. Express how valued and respected leadership is for their hard work and dedication to the organization.
Conduct Stay Interviews
At regular intervals, talk with executives about what makes them remain with the organization. For instance, find out what they look forward to when they begin work each day, what would make their jobs more satisfying. Next, analyze the information to uncover patterns. Then, find out where action is needed. After that, create and implement plans to retain your leaders.
Increase the Meaning in Work – Increase Engagement
Executives want to know that they contribute to the greater good of the company as well as to their communities. It’s important that they see their impact. This increases their engagement and feelings of value within the organization. Finding new and additional ways that leaders can leverage their passions to contribute enhances productivity in ways that align with their values, encouraging them to stay.
Fill Your Employment Gaps
If members of your executive team decide to leave, reach out to Corps Team to fill the gaps. Get more information today.