Here are eight top retention strategies:
•Top talent wants top challenges: First, beware of anyone who tries to sell you on a gimmick for retaining top employees. Remember that more than anything else, top talent simply wants to be exercised.
•It’s the money: Of course, many of us mere mortals are motivated by big financial carrots that can be claimed in a year or five. For senior employees, a competitive salary is only part of the story.
The chief forms of deferred compensation for retention of executives are stock options, long term incentive plans (LTIPs), profit sharing.
What matters to young Boomers and old Xers
•Let's face it: Today’s multigenerational workforce differs when it comes to retaining senior employees.
“Executives in their 40s or 50s have been around for a while, and they’re driven by influence and power,” says Angelo Kinicki, a professor at the W. P. Carey School of Business at Arizona State University. “They want to stay in an organization that gives them opportunities to make change."
• What matters to Millennials and younger Xers: Younger, fast-rising managers may be looking for more coaching and better preparation for further advancement -- particularly with mastering soft skills.
“Execs in their 30s have often been promoted without having all the skills -- from managing people to interpreting financial statements -- that they might need,” says Kinicki. “What might keep them at their companies is the opportunity to train and to be on projects where they can hone those skills."