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The Top Ways To Retain Execs and Managers Now That Hiring Has Improved: Cash and Coaching |
BOSTON - Cash and coaching are the top ways that organizations are trying to retain senior-level executives and middle managers in this year's better job market, according to a survey by ClearRock, an executive coaching and outplacement firm headquartered in Boston.
The top three ways that organizations are trying to retain senior-level executives in this improved hiring climate are: better compensation and benefits, stock options, and executive coaching, according to the survey of about 100 organizations by ClearRock.
The top ways that organizations are trying to retain middle managers in this hiring recovery are: better compensation and benefits, executive coaching, flexible hours and schedules, and tuition reimbursement.
The top ways organizations are trying to retain SENIOR-LEVEL EXECUTIVES are: | Better compensation & benefits | (51%) |  | Flexible hours & schedules | (23%) | | Stock options | (37%) | | Profit-sharing | (16%) | | Coaching | (35%) | | Mentoring | (14%) | | Tuition reimbursement | (23%) | | Retention bonuses | (12%) |
The top ways organizations are trying to retain MIDDLE MANAGERS are:
| Better compensation & benefits | (43%) | | Stock options | (26%) | | Coaching | (34%) | | Mentoring | (22%) | | Flexible hours and schedules | (28%) | | Profit-sharing | (11%) | | Tuition reimbursement | (27%) | | Retention bonuses | (9%) |
About one-third (32%) of organizations reported an increase in turnover among middle managers during the past 6 months, with half - 50% - attributing the increased turnover to the better economy and job market. One-quarter (25%) of survey respondents reported an increase in turnover among senior-level executives during the past six months, with 30% attributing this to the better economy and job market.
More than one-third of respondents (34%) have implemented new or revised retention programs to try to retain middle managers, and 31% have revised their programs to retain senior-level executives in light of the better job market.
"Many organizations remember how difficult it became to retain key employees during the last good job market, and have taken steps earlier in the hiring recovery cycle to hold onto them this time around," said Annie Stevens, managing partner of ClearRock.
"Organizations are addressing key employees' immediate and long-term compensation and career development needs with such programs as raises, stock options, coaching, and mentoring," added Greg Gostanian, managing partner of ClearRock.
It's much more difficult to hold onto qualified middle managers than it is to retain good senior-level executives during this hiring uptick, according to the survey. Twice as many organizations (20%) reported that their retention methods have failed in helping retain middle managers than reported failure of their retention programs to help retain senior-level executives (10%).
"There are more job opportunities for middle managers now than at any other point in this decade," said Stevens. "Although it's important to have talented senior-level executives to develop strategy, it's the middle managers who make sure that their plans are effectively fulfilled through other people."
Added Gostanian: "Middle managers were the most affected by 'job anxiety' during the recession, and had to stay put due to the lack of available openings. Now they are leaving organizations that do not invest in their career development."
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