Salary, Flexibility & Company Culture are key to retaining executive level talent in UK workplaces

New research, conducted by executive search firm Novo, found that 14% of people are currently considering a new job, even in these uncertain times. Interesting, this figure skyrockets five-fold for those at executive level, with 70% currently seeking a new executive role.

With many considering to switch roles in 2020, it’s increasingly important for businesses to retain the talent in its workforce, particularly at Executive level. The research also showed that 84% of execs have considered taking a role in another country, highlighting that fears over Brexit might be the cause of this. There is also a perception amongst executives that it is currently harder to get a new role, with 62% of people feeling this way. When asked whether the current economic and political turmoil in the UK has made executives feel less safe in their role, 71% replied yes, perhaps fearing the possibility of downsizing and streamlining if the economy takes a hit.

As part of Novo’s research, 100 executives were asked to rank certain factors in order of importance when moving roles, from 1 being the most important to 6 being the least. Increased salary was found to be the biggest draw, however this is followed very closely by flexibility and company culture. Other factors, including career progression, perks, and health cover level, trailed behind these top 3 aspects.

Of these three main factors, probably the cheapest and easiest to improve is company culture, and staff engagement (especially at the executive level) is vital to make this work.

The main ways to improve employee engagement to create a better company culture are:

1) – Freedom and flexibility – avoid micro-managing employees, especially executives.

2) – Health and wellness – people are increasingly health-focused and expect employers to provide Employee Assistance Programmes which may include gym membership, mental wellness support, etc.

3) – Collaborative working – workplaces that embrace collaboration have been shown to be more successful and engaged than those that don’t.

4) – Transparency – honesty and openness build trust which is paramount for success. Ensure a free flow of information from the top director level, through to the C-suite, to the workforce and vice versa.

5) – Empowerment – empowering employees is a direct result of trusting them to do their job properly. Encourage accountability and avoid creating a blame culture.