How Do I Retain Executives In Asia?

No matter it is a small firm or a large corporate set up, retention and motivation of executives are perhaps the two difficult tasks that any business owner faces. An executive, alternatively known by different names such as chief executive, CEO, and managing director, is a person who fills the position in a business organization.

In other words, executives mostly possess rare skill sets, and in fact, are valuable employees of any organization. An executive plays indispensable role in taking key decision making process, and his prime functions, among many others, are development as well as implementation of strategic plans in effective and efficient manner, scheduling day to day activities, and motivating and mentoring members in the board. In short, an executive is perhaps the greatest of all assets in a firm. Hence, it is highly important to retain them.

Retaining of employees or employee retention is simply a process of encouraging the best as well as top notch employees in order to remain within the organization for the maximum period or until the completion of a particular project. Discussed further in this article are some of the best ways or strategies to retain an executive in a firm.

Foremost among the ways to retain top employees in an organization is to hire right person to fill a position. Right person in right position means increased efficiency and minimized turnover costs. Another great way to retain top level personnel is to craft such an environment which in turn enables them for professional learning and growth.

This is highly beneficial to enhance the loyalty of a business as well as to enhance the loyalty of executives towards the organization. It is also important for an organization to provide executives as well as other employees with an effective operating system or manual inclusive of policies and procedures of the firm. This in turn allows the personnel not only to get an idea of the firm but also to carry out a myriad of functions in an effective manner.

An executive may possess decision making skills and powers. But, in most cases, it is seen that he may lack empowerment to raise a process. Hence, providing executives with bigger responsibilities than they may have anticipated can help to make working environment more significant as well as challenging.

Another important thing that is inevitable for executive retention is to have a strong rapport between the CEO and executive team. In other words, all of the members in an executive team must have a direct relationship with the boss. This is highly advantageous to keep away from misconceptions and avoid a feeling of not being respected. It also helps to build trustworthiness and loyal relationship between company’s owner and executive team.

However, in order to maintain a good relationship, it is necessary to have better communication. One of the prime causes for executive turnover in many of the Asian business firms is burnout. Hence, the working atmosphere must be made as enjoyable as possible. Further, they must be given opportunities to engage in a variety of activities that are not related to work, such as, social services, athletics, education, and spiritual purposes.

An employee, no matter he is an executive or an ordinary employee, likes to be valued. It is therefore vital from the part of employers to reward and recognize their executives for their unparalleled job. Anything in the form of gift certificates or sincere thank you notes could be a great way for employee retention.

Likewise, executives must be paid competitive wages coupled with substantial perks and bonuses. Hence, it is important to frequently review and restructure compensation programs in order to remain competitive in the market. In addition, one of the best ways to retain an executive is to conduct surveys in order to know the actual requirements of executives. Hence, feedbacks in the form of written procedures or online surveys must be collected for regular measurement.

Nowadays, many of the companies have started adopting innovative methods for executive retention such as hiring the service of an expert executive coach, innovative reward as well as excellent recognition programs, utilization of most sophisticated technologies, creation of fun-filled working environment, concierge services, and above all, providing opportunities for executives to take part in organization-sponsored community programs.

Hunt Partners is a high end Executive Search firm providing search and human capital solutions for global and regional clients who require discreet search of top management and board level positions.

Article Source: How Do I Retain Executives In Asia?