Finding top executive talent takes time, money, and energy. While you expect them to bring their skills and experience to the table, they also have expectations from you and your company. What do you need to offer executive candidates to get them onboard and keep them in a tough job market?
Remember, the impression you give of your current employment culture, your team, and what you can offer will significantly impact the quality of candidates you can hire.
Here are just a few things executive talent will want from you.
Most executives will consider your salary package as they evaluate your offer. You can lose a great executive candidate if your offer is lower than expectations. You need to ensure your compensation package aligns with similar positions at competitors within your area, regionally, nationwide or globally. If you research salary information through online sources like Salary.com or GlassDoor, be sure to factor in information such as location, remote work, and other considerations. I recommend leveraging salary surveys from industry associations or a benefits management company, which can be low cost or free if you agree to share your company’s compensation and benefit information. Be sure to highlight the total executive compensation package to your candidates, including variable compensation and benefits, as base salary is only a part of what an executive will consider before accepting your offer.
Today’s marketplace calls for more flexibility and it’s become the top consideration for many executives. Flexible schedules can include remote work, hybrid programs, or flex time. I know several C-Suite executives who now work out of their homes and travel into the office for critical meetings. This was not a widespread practice as recently as five years ago, yet it is a major tool to attract great talent today.
Equitable family leave, regardless of gender, is critical to attracting and retaining top executive talent. Whether your company size requires you to follow the Family Medical Leave Act (FMLA) or not, you should consider what enhancements you can offer to your current executives and those you want to attract. Parental leave is only one way to provide family leave. You can also offer a family leave policy to take care of a sick or injured family member or provide elder care benefits. Providing family leave for executives and the rest of your staff is a proven driver for retention.
While a 401(k) with a match may work great for most of your employees, most executives expect differentiated benefits designed specifically for C-suite employees. Review your current executive compensation plan and consider the following components:
· Stock options
· Short-term and long-term incentives
· Company car or allowance
· Nonqualified deferred compensation
· Supplemental executive life insurance
Medical insurance is often considered the baseline benefit, but with rising prices in healthcare, it’s still critical to provide a good solution for your executive talent. Many companies offer supplemental medical insurance options for their executives, so take the time to explore these options with your health care providers.
While it has been viewed as a corporate buzzword, work/life balance is vital to your executive candidates, and many of the other benefits play into this. Flexible work schedules, equitable family leave, and great benefits give your executive-level employee a sense that your company values them as a complete individual.
Many essential benefits are a minimum expectation for most employees, but meaningful work can be an added bonus. Meaningful work means different things for different people. Finding a sense of purpose in what you do looks different for every candidate, so it’s crucial to discover what motivates the individual you hire. Provide opportunities to make a difference both within the company and the community.
Providing meaningful work with a sense of purpose may not always be possible, but it can be a differentiator when executives are choosing between offers. While an executive may not connect directly with the mission of your company, they might connect to other factors, like your track record of success, expanding experience in a new industry, greater geographical reach, the opportunity to develop great talent, and/or supporting the transformation of your company for increased growth.
Are you ready to hire top executive talent? Sigred Solutions is your recruitment partner. We connect great employers with amazing talent and stay to support your success. Call us to learn more today.