The Talent Shortage: Why Retaining Top Employees is More Important Than Ever
Studies often range on the exact financial burden of losing a senior leader. At the Manager, Vice President, and Director levels and their equivalents, businesses can expect a minimum cost of 6 to 9 months of the employee’s salary, plus the impacts on momentum, morale, and perception. Strategic and essential roles can have an impact multiple far beyond the averages.
At the C-level, impacts expand dramatically, with estimates ranging from twelve to fifty million for the wrong executive officer, and seven to eight-figure impacts in Finance, Accounting, Revenue, People/Human Resources, Marketing, and Operating Officers.
Today’s competitive executive hiring landscape is still very much candidate-driven, making compensation and opportunity an essential element of long-term hiring success.
This blog will address compensation elements and related considerations that separate top employers from the rest. It will cover how to benchmark your benefits packages to ensure they are best in class and how partnering with a search firm like BrainWorks can help you acquire the ideal candidates committed to your company’s culture and differentiated results for the long haul.
Crafting Attractive Long-Term Compensation Structures
Building compensation packages that are clear, competitive, well-articulated, and enticing to effective leadership and high performing talent often requires creativity, particularly crafting competitive year one compensation against the backdrop of existing equity agreements, capital counterparts, bank covenants, dilutive concerns, and more.
Whether its equity, restricted units, options, warrants, profit sharing, and/or other participatory structures, thinking in terms of functional equivalencies can create opportunities to overcome limitations arising from waterfalls and cap tables, external and investor expectations, nuance of acquisition or joint venture, and more.
Competitive benefits packages help secure talent that is otherwise unavailable in the market, and creating correct near-term, longer-term, and/or exit compensation structures can make the difference between secured and lost opportunities.
Partnering with an Executive Search Firm
Tackling the entire process of locating your next executive leader is an enormous challenge, with many high-stakes variables on the line. Executive search firms like BrainWorks help alleviate these challenges by leveraging decades of expertise finding, vetting, and ultimately hiring lasting C-level executives.
BrainWorks Executive Search
BrainWorks understands the nuances and the industry depth and insight required to help you win.
At BrainWorks, we have access to a vast pool of talented C-level and senior executives that span a wide range of practice areas. Our 30 years of data-driven, deep network expertise gives us a competitive advantage over our peers, which will translate directly to your results.
If you’re looking to secure your next long-time executive leader, the BrainWorks team can help noticeably accelerate your executive search process.
Contact us today to expedite your candidate search while recruiting differentiated senior leaders and C-level talent.