How to Retain Executives in Asia
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Business > Careers
Oct 12, 2007
WJaegel
How to Retain Executives in Asia
An executive is a highly skilled personnel or a member of a professional body, who is responsible for actions, policies, and regulations of a business organization. In other words, executives are usually high level managers or employees with rare skill sets. In most cases, executives play a dominant role in the decision making processes as well as during the procedures of the introduction of some innovative strategies. In fact, an executive finds a key position in an organization. But, when an executive leaves the company, it may badly affect the culture and morale of an organization, which in turn may sometimes result in significant loss. Here comes the importance of employee retention. Retaining an executive has now become an important segment of sound management practices. Executive retention enables to build a healthy client relationship and allows to keep employing and training cost in tact, thereby ensuring longevity and financial success of a business firm. Discussed further in this article are some of the most popular ways to retain an executive in Asia. The most popular way to retain an executive is the selection of right employees through such measures as behavior testing and competency tests. The suitable person in the suitable seat is the starting point. After the successful recruitment of right personnel, it is important to provide them a pre-work training, which should include a review of the company's policies and procedures. Another great way for executive retention in Asia is the creation of an environment for professional learning and growth, ie, the opportunity to constantly procure professional knowledge and skills. This in turn is not only pave way for the success of a business but also enables to enhance the loyalty of executives towards the organization. A good operating system or a manual covering policies and procedures of the firm is indispensable for the retention of executives. This in turn allows the executives and other employees to get an idea of the firm and easily handle a plethora of duties and responsibilities. It is usually seen that an executive may possess decision-making powers, but he often lack empowerment to raise a process. Hence, providing executives with bigger responsibilities than they may have anticipated can help to make working environment more significant as well as challenging. There should be a strong rapport between the CEO and executive team, ie, each of the members in an executive team must have a direct relationship with the boss. This is highly advantageous to keep away from misconceptions and avoid a feeling of not being respected. It also helps to build trustworthiness and loyal relationship between company's owner and executive team. However, in order to maintain a good relationship, it is necessary to have better communication and employer as well as executive being a good listener. One of the prime causes for executive turnover in many of the Asian business firms is burnout. Hence, the working atmosphere must be made as enjoyable as possible. Further, they must be given opportunities to engage in a variety of activities that are not related to work, such as, social services, athletics, education, and spiritual purposes. Everyone, whether it is an executive or an ordinary employee, likes to be valued. It is therefore vital from the part of employers to reward and recognize their executives for their unparalleled job. Anything in the form of gift certificates or sincere thank you notes could be a great way for employee retention. Likewise, executives must be paid competitive wages coupled with substantial perks and bonuses. Hence, it is important to frequently review and restructure compensation programs in order to remain competitive in the market. In addition, one of the best ways to retain an executive is to conduct surveys in order to know the actual requirements of executives. Hence, feedbacks in the form of written procedures or online surveys must be collected for regular measurement. Apart from these, companies across the Asian nations have now adopted many innovative methods for executive retention, such as, - Hiring the service of an expert executive coach - Innovative reward as well as excellent recognition programs - Utilization of most sophisticated technologies - Fun-filled working environment - Providing opportunities for executives to take part in organization-sponsored community programs - Concierge services Above all, careful planning is also vital for the success of employee retention programs.
Hunt Partners is a high end Executive Search firm providing search and human capital solutions for global and regional clients who require discreet search of top management and board level positions throughout China, Hong Kong, India and across the Asia Pacific region.
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