October 26, 2016 – US firms are lacking serious retention strategies to keep hold of their most precocious C-suite talent.
Worse still, many of them are seemingly nonplussed about crafting a plan to shoo away potential suitors looking to raid their C-level talent.
A talent retention study of close to 400 HR professionals that was conducted by Marlin Hawk, a global leadership advisory firm, and Hunt Scanlon Media, a key source of human capital information, revealed that 54% of HR heads said their firm either possessed no plan to deter poachers, or even if it does, are ignorant of it.
For those whose businesses do have a plan at their disposal, only 39% were contented with it.
“No organisation would let an intruder stroll in uncontested and walk off with financial assets or intellectual property,” said Mark Oppenheimer, Marlin Hawk’s Chief Commercial & Innovation Officer.
“But when it comes to defending talent, the figurative gates are wide open. It’s a huge mistake that can have an adverse impact on readiness to compete, growth targets, and share price.”
The survey also highlighted that while only four percent of respondents think talent raids have been decreasing during the past two years, just 47% of respondents claimed their organisations possess a definitive plan to spot vulnerable talent.
In spite of the significance of retaining C-suite talent, only 14% of respondents use an external advisory partner for crafting retention strategies.
“That’s a missed opportunity,” said Hunt Scanlon Media Chief Executive Scott Scanlon.
“There are many innovative advisory firms out there whose expertise in enhancing retention can mitigate the risk of losing top executives to poachers.”
The study amassed information from companies in sectors including financial services, technology, retail/consumer goods, healthcare, government, and manufacturing.