Executive Talent is Hard to Come By: Here’s How to Attract and Retain Top Candidates
Executive level talent has all of the power in the job market right now. Employers are feeling the repercussions of a worker shortage, yet there is a clear understanding that, when it comes to executive talent, it’s imperative that employers remain choosy. When the stakes are so high, employers can’t afford to miss out on a top candidate due to an uncompetitive benefits package.
I’ve seen it happen. Organizations seeking out C-suite level talent are looking locally and out of state, competing against other businesses that have robust benefits specifically tailored to executive employees.
Those organizations that skip out on executive benefits can find themselves skipped over by the very individuals that could have made an impact on their business.
What are Executive Benefits?
Executive benefits are defined as additional benefits that your organization puts into place for a targeted group of people, above and beyond your core benefits and your 401(k) plan. They can be simple benefits or more complex plans. Your options are typically customized to your organization.
Typically, these benefits are extended to C-suite or leadership-level employees as an extra carrot to attract and retain experienced talent that may be actively recruited by other organizations. These benefits show that you value the impact that executives bring to your organization and can actually create the “golden handcuffs” beyond W2 compensation that encourage employees to stay with your business instead of moving on to another opportunity.
What Executive Benefits Should My Organization Provide?
The short answer is: executive benefits should be customized to your organization’s culture, total compensation package, and even industry.
What are the demographics and psychographics of the individuals you are looking to hire or retain? Where are you located? What socioeconomic factors come into play for your candidates when they’re making a decision about whether to choose your company or a competitor?
All of these questions become discussion points when considering your executive benefits. These discovery sessions can lead to recommendations for benefits ranging from options for a higher level of income replacement, cash accumulation for retirement, guaranteed lifetime income at retirement, concierge medical plans, and more.
Our M3 Financial team is continuously leading the market in providing our clients with creative and effective executive benefits that actually help them attract and retain C-suite level talent. We’d love to start that conversation with you.
Reach out to Chris Henderson, Managing Director of M3 Financial, to learn more about what executive benefits might make sense for your organization to add to your executive recruitment strategy.