When looking to fill C-Suite positions, it is the overall package on offer that will help your organisation to attract, secure and retain to top C-level talent. Company boards and HR teams need to put together a package that is compelling and captivating for prospective candidates. Packages should blend a competitive salary, benefits and bonuses, alongside a long-term retention plan.
Much is made these days of the notion that a high salary is no longer seen as being the be-all and end-all for many workers. That may be the case – and is especially true for millennials – but this does not mean that the salary is no longer an important part of the package of any job offer. Indeed, a recent JobsOutlook survey conducted by the Recruitment & Employment Confederation (REC) found that 42% of employers having difficulty recruiting candidates have responded by increasing their salary offer.
This is perhaps all the more important for C-level positions. Organisations should carefully research the typical salary ranges for particular C-level roles and look across their sector to ensure that the salary on offer is competitive.
The package of benefits on offer should be customised and individually tailored for each individual C-level candidate. One-size-fits-all benefits packages should be avoided at all costs. Not only are they are an outdated model, they also send out the wrong message to candidates. Another important thing to consider is that C-level talent is likely to be considering several job offers at the same time. Not only does the salary package need to compete – the benefits package needs to as well. This is a way that an organisation can set itself apart from the competition, by listening to the needs of the individual and tailoring a benefits package to the candidate.
C-Suite candidates in different age brackets and with various personal circumstances will be looking for a benefits package that reflects their needs. Therefore, being flexible and innovative with the package offering will always be a good way of attracting and retaining executive talent.
Another important consideration to secure and retain C-level talent is the bonus and incentives package offered to candidates. It is important that the offer has clear goals and is incentivized with structured bonuses. The promise of receiving rewards for hitting goals and targets is always likely to attract the top C-level talent. Incentive bonuses are particularly attractive to new executive talent and act as a great motivator. Obviously, it is important that all bonus schemes are transparent and easy to follow for all parties. It also goes without saying that all goals should be SMART: specific, measurable, achievable, relevant and time-bound. Targets set in this way are clearly understandable for all concerned.
The final aspect that really needs to be considered is not just what will we attract and secure C-level talent, but how the organisation then keeps hold of the talent. Retaining C-level talent requires long-term retention plans being in place. Again, the emphasis should be on tailoring plans to meet the needs of the individual.