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Amid the high global talent shortage, if you notice more competitors eyeing your C-suite level talent, you’re not alone.
According to a recent talent retention survey by Marlin Hawk and Hunt Scanlon Media, more than a quarter (27%) of U.S businesses are experiencing a marked increase in talent raids at the C-suite level. While only 4% believe that talent raids have been declining during the past two years.
Yet more than half (54%) are either unprepared to combat this poaching of their most capable people, or simply unaware of it happening.
Polling nearly 400 human resources professionals, the survey found that of those whose companies have a strategy in place, only 39% were satisfied with it.
To make things worse, the talent retention survey – which collected information from companies in sectors including financial services, technology, retail/consumer goods, healthcare, government, and manufacturing – indicated that just 47% of respondents said their companies have a definitive plan to identify vulnerable talent.
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“No organisation would let an intruder stroll in uncontested and walk off with financial assets or intellectual property,” Marlin Hawk’s chief commercial and innovation officer Mark Oppenheimer commented.
“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.”
Despite the importance of retaining executive talent, the survey pointed out that only 14% of respondents utilise an external advisory partner for devising retention strategies.
“That’s a missed opportunity,” Scott Scanlon, chief executive of Hunt Scanlon Media concluded.
“There are many innovative advisory firms out there whose expertise in enhancing retention can mitigate the risk of losing top executives to poachers.”
For the full survey results, check out the infographic
Photo / 123RF