How to attract and retain talent for senior and executive jobs

In today's competitive business landscape, finding and keeping the right people in executive jobs can define an organisation’s future. Senior and executive professionals play a crucial role in setting strategic direction, driving growth, and shaping company culture - meaning that hiring the wrong person, or losing a key leader, can have lasting consequences.

In a world where exceptional leaders are in high demand and short supply, the challenge is not merely to fill these pivotal roles but to inspire, engage, and empower these individuals to stay and contribute to the organisation's long-term success. With the right talent attraction and retention strategies in place, your business can assemble a dedicated leadership team with the skills to provide strategic guidance, generate innovation, and drive prosperity.

In this guide, we will explore the importance of hiring high-calibre candidates for executive jobs and take a look at strategies you can implement to attract and retain top talent.

The importance of hiring exceptional talent for senior and executive jobs

Recruiting high-quality candidates for senior and executive jobs is vital for businesses looking to secure long-term success. These professionals shape the strategic direction of the business, influence company culture, and inspire teams to deliver against shared goals. Without strong leadership at the top, organisations risk poor decision-making, reduced competitiveness, and reputational setbacks.

However, hiring outstanding candidates for leadership and senior jobs can be a difficult process, especially given the various challenges affecting the executive recruitment space. Due to a limited pool of senior-level talent, sourcing high-quality candidates with the right skill set for your leadership role will likely be tricky. Research shows that 86% of the most qualified professionals are already in employment, meaning the ideal candidate is often not actively job-seeking.

Beyond the talent shortage, employers must also navigate a range of other recruitment hurdles - from high salary expectations and intense competition from other organisations, to ongoing concerns around diversity at the executive level. The latter continues to be a significant issue, while 43% (450) of FTSE 100 directorships are held by women, there are just ten Chief Executive Officers, 24 Chief Financial Officers, 165 are Chairs, and 409 are Non-Executive Directors.

Given that Millennials and Generation Z are more likely to join an organisation that celebrates a diverse and inclusive culture, companies must address this issue if they are to attract the next generation of senior and executive talent. In fact, according to a Monster survey, 83% of Generation Z candidates claim that a company’s commitment to diversity and inclusion is a key factor when choosing a new employer.

If you would like to learn more about the promise and potential of Millennial and Generation Z professionals in leadership roles, take a look at our blog: What will the future of Millennial and Gen-Z leadership look like? 

The importance of filling your senior and executive jobs with high-calibre candidates cannot be understated. With a senior team of effective leaders capable of making key decisions and inspiring their colleagues, your organisation has a greater chance of overcoming the hurdles and emerging as a major player in an increasingly competitive, candidate-led market.

Strategies for attracting senior and executive talent

As noted earlier, attracting the right candidates for executive jobs presents a unique set of challenges - from limited talent pools to fierce competition and rising expectations. However, with the right strategies in place, your business can stand out and successfully recruit high-calibre leaders.

According to Gallup, effective leadership can boost profits by up to 29% - a clear indication of the impact top talent can have on business outcomes.

Below are four proven strategies to help your organisation attract senior and executive talent:

1. Strengthen your employer branding

If one aspect of a business influences a senior-level candidate’s decision to join, it’s their employer brand. It’s understandable that the best and brightest leadership candidates are far more likely to join reputable and financially stable organisations. Having a strong and compelling brand identity will show potential candidates that your organisation is a leader in its industry, driven by a clear set of core values, and, importantly, a place where people want to work.  

A significant factor to consider is that senior and executive candidates typically have a higher reputational risk than junior candidates when taking up a new role. From making operational decisions to managing the budget, those in leadership are responsible for a variety of critical tasks, so it’s unsurprising that they are more selective about the job opportunities they choose to pursue. By making your brand identity as unique and esteemed as possible, you’ll be able to attract candidates willing to lay their reputations on the line to support your organisation in achieving its strategic objectives.

There are various methods you can employ to bolster your employer brand, including:

• Clearly define your employer value proposition (EVP) - what sets you apart? Find out here how to create your employee value proposition.
• Leverage social media platforms to ensure that your brand reaches a wide audience of potential candidates.
• Encourage your employees to share stories about what your company culture is like to build authenticity. 
• Get involved in your local community to demonstrate that you’re committed to making a positive difference.
• Promote your diversity and inclusion efforts clearly and consistently. 

Exceptional employer branding not only helps attract outstanding talent but also plays a crucial role in talent retention. In fact, research from Officevibe revealed that companies that invest in employer branding can reduce staff turnover by 28%. Employee turnover at the executive level can have profound implications on a company, such as a loss of institutional knowledge, uncertainty, and additional hiring costs.

2. Utilise executive search firms

Another effective strategy for attracting senior and executive candidates is by utilising an executive recruitment agency, like Sellick Partnership. Many companies looking to recruit top talent for management positions are often hampered by limited talent pools. This is especially the case for smaller organisations without established talent networks. By partnering with a firm that offers executive search services, you’ll gain access to a much wider pool of potential applicants, many of whom may be passive candidates who aren’t actively looking for new roles.

Executive search firms usually employ staff with significant senior and executive recruitment expertise. They’ll have in-depth knowledge of identifying outstanding senior-level talent, approaching them, and negotiating with them. In addition, they’ll understand how important privacy is to executive-level candidates, so they’ll be well aware of how to handle a recruitment process with the utmost confidentiality.

Here are the key tasks that executive search specialists can perform:

• Support in identifying and approaching prospective candidates.
• Conduct assessments and confidential interviews which are often critical at this level. 
• Check references and work background.
• Offer guidance with the negotiation process.

Although there are some considerations associated with using executive search services, such as finding a firm whose offerings are within your budget, the right service provider will be able to overcome these pain points and gain a thorough understanding of your business. By choosing a firm with exemplary executive search services, you’ll be well-equipped to find an executive professional with the skills to drive success at your organisation.

3. Offer competitive compensation and benefits packages

Given the number of organisations competing for the same senior-level talent, offering appealing compensation and benefits packages is a crucial talent attraction strategy. The executive jobs market is extremely competitive and with compensation packages being a crucial element when considering a job offer, it is very likely that providing executive candidates with stand-out pay structures and benefits will make your company all the more appealing.

An effective executive compensation plan might include:

• Performance-linked incentives and long-term bonuses. 
• Non-cash benefits (e.g. company car, membership allowances and health perks - that may be extended to immediate family). 
• Professional financial advice or executive coaching. 
• Severance protections and golden parachute clauses, where appropriate.

Before finalising your package/s, be sure to get in contact with a compensation consultant to get expert advice on whether what you plan to offer aligns with your company’s goals, as well as your competitor's. Another top tip is to regularly review and update packages, ensuring that they remain competitive. 

4. Implement inclusive policies 

It's not just about what you offer, it's also about what you stand for. Thinking not just about the package you’re offering, but the policies you have in place for all employees will go a long way in boosting your recruitment and retention efforts with executive hires and beyond. 

The key is that everyone is considered in the creation and application of policies, even if they may not have a direct impact on some groups. For example, having a menopause and/or menstruation policy in place could impact many people in your organisation, but also training those who aren’t impacted such as male members of staff who may need to have conversations (professionally or personally) and need to be comfortable having those discussions. 

Other examples of inclusive policies include: flexible working, mental health and wellbeing, and disability and reasonable adjustments, to name a few.

3 strategies for retaining senior and executive talent

Successfully attracting and recruiting candidates for executive jobs is only half of the battle. Retaining exceptional talent is of equal importance, especially considering the high costs involved with replacing an executive hire, not only financially but also culturally. If you want to guarantee that your new executive hire feels motivated enough to remain at your organisation, putting the right talent retention strategies in place is vital.

Here are 3 key methods for retaining top performers in senior and executive jobs:

1. Deliver a strong onboarding experience

Effective onboarding processes can be decisive in achieving talent retention goals. When properly onboarded, senior leaders are more likely to feel valued, connected, and engaged in their new positions, which can lead to longer-term retention. There is a strong correlation between successful onboarding processes and talent retention, with research indicating that positive onboarding experiences improve long-term job satisfaction by more than 2.6 times.

The main goal of any well-structured senior and executive onboarding plan is to ensure that the new leaders quickly integrate into their roles. If they are made well aware of the expectations early on, they are more likely to develop a sense of purpose, making them more inclined to remain at their new organisation.

Your onboarding plan should also include plenty of opportunities for them to work with and get to know their new colleagues. Senior and executive jobs typically involve a high amount of collaboration, so it is vital to help them establish connections with their team early in the process.

Here are the best practices you should follow to improve your senior and executive onboarding strategy:

• Provide early access to strategic plans, key metrics, and cultural insights. 
• Ensure that your new executives spend ample time with their colleagues and stakeholders. 
• Provide your new hire with plenty of chances to provide feedback about the process.
• Create a personalised onboarding plan that includes a variety of relevant activities, such as shadowing other executives and meeting with key stakeholders.
• Give them access to resources that enhance their knowledge of the company’s products, history, and competitors.

This level of investment builds trust and confidence, crucial foundations for leadership longevity.

2. Invest in leadership development and growth opportunities

Providing senior and executive talent with an abundance of development and growth opportunities is an excellent strategy for reducing employee turnover and boosting retention rates. Professional development is particularly beneficial for senior executives, as their expertise in subjects like people leadership, business management, and systems thinking is a pivotal factor in guaranteeing success for their organisations. In fact, a study by Training Industry found that companies that invested in leadership development training had an ROI of 29% within 3 months.

Key elements to include in your development strategy:

• Customised learning plans tailored to career goals.
• Access to executive education. 
• Participation in peer roundtables and industry events/seminars to learn about latest industry trends. 
• 360-degree feedback tools and coaching opportunities. 

Providing these resources shows your executives that their growth is a priority - and reinforces your long-term commitment to their success.

3. Be flexible and accommodating to their needs

Being accommodating to the needs of your senior and executive staff is essential for retaining them at your organisation and maintaining a productive work environment. Work-life balance, autonomy, and trust are likely high on their list of retention drivers. Fostering a work environment that promotes open and honest communication is also an important step, as it provides them with the platform to voice their needs and concerns.

Facilitating flexible working arrangements is a great way to make it easier for your executives to carry out their responsibilities. With increasing managerial and senior jobs advertised as flexible, not implementing a hybrid work model or flexible working hours will put your organisation at a significant disadvantage. By embracing flexible working options such as remote work, compressed workweeks, or flexible hours, you’re likely to see a substantial uptick in talent retention. Research from the TUC suggests that 82% of workers in the UK are in favour of flexible working arrangements.

Attracting and retaining executive talent: key takeaways

Exceptional leaders play a valuable role in shaping a company's strategic direction and culture, and their efforts are fundamental to securing long-term success. It is crucial to implement effective talent attraction and retention strategies to navigate executive recruitment challenges, such as a limited pool of suitable candidates and high remuneration expectations.

By prioritising the recruitment and retention of high-calibre leaders, businesses can position themselves for long-term success and sustained growth in a competitive, candidate-driven market. Outstanding leadership is integral to an organisation’s prosperity, and with the right strategies in place, companies can build dedicated leadership teams capable of guiding them to new heights.

Experts in senior and executive recruitment

Since forming in 2002, Sellick has been at the forefront of providing Senior & Executive recruitment services. Connecting top talent with managerial and executive jobs throughout the UK, our consultants have an in-depth understanding of how to support companies with their executive hiring needs. Whether you are looking to recruit a senior-level candidate on a permanent or interim basis, we provide market-leading support.

Reach out to us today to learn more about how we can help you achieve your recruitment ambitions.