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There’s a lot of value in hiring long-term leaders. They’re entrenched in your culture, possess organizational knowledge, and are dedicated to the lasting success of your company. Leaders who are with your company for the long haul—who are also a good fit—can be a key to your success. In today’s talent market, though, they’re hard to come by.
We’re here to guide you through the executive search process, ensuring you find the right leaders—ideally, those who will make good long-term additions to your team.
Once you’ve hired the right people, though, how can you ensure they stay? Of course, there are always a variety of factors impacting someone’s career progression, but these three strategies can help you hire and retain top talent for the long term:
Focus on Culture
Hiring leaders who align with your company culture is essential, but even more so when your focus is on long-term retention. Leaders who share the company’s values and fit well within the team are more likely to stay and thrive. This doesn’t mean you should only hire people who are carbon copies of the rest of the team, though. We recommend focusing on “culture add”—someone who will bring something new to the table, work well with the existing team, and enhance the culture—rather than on exact fit.
Your interview process should be set up strategically to give you insight on candidates’ values and work styles. If you’re a CEO, it’s also a good idea to get feedback from other members of the hiring team, who may have a slightly different perspective on company culture. Check out what guests on The Daily Bolster have to say about interviewing executives.
Offer Competitive Compensation
You likely already know you need a competitive compensation and benefits package to attract top talent, but if you want to retain that talent, they need to see the benefit of long-term tenure. Leaders are more likely to stay if they feel valued and see a clear path for growth within the company. Ensure your compensation packages include a competitive salary, benefits that promote work-life balance, and long-term incentives such as equity or growth opportunities.
If it’s clear—through reputation, observation, or conversation—that you’re focused on long-term growth for both the organization and its leaders, you’re more likely to attract candidates who are looking for a long-term fit.
Maintain a Positive Work Environment
A dynamic and supportive work environment is key to retaining strong employees at any level. Of course, there are an endless number of things you can do to foster a positive work environment, but we suggest implementing continuous feedback, providing opportunities for career growth, and building trusting relationships between members of your team. A workplace that adapts to its leaders’ needs, supports open communication, and invests in employee development will encourage long-term commitment.
Investment in your work environment extends to the hiring process, too. Hiring a search partner can help you develop an effective talent strategy. Open communication goes a long way toward building trust with your hiring team, candidates, and recruiters, and creating a positive interview experience will set the tone for onboarding and beyond.
Hiring executives who are well-suited to your organization is essential for the company’s stability and growth. By focusing on cultural fit, offering competitive compensation, and fostering a supportive work environment, you can ensure you attract—and retain—top leadership talent.
At Bolster, we’re here to help you find and retain the best leaders for your organization. Want to know more about what it’s like to work with us? Let us know what you’re looking for.
