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Retaining top executives should be a priority for any organization. Not only is this beneficial when it comes to productivity, it is also better for the company’s coffers.

According to the MIT Sloan Management Review article “Getting New Hires Up to Speed Quickly,” a Mellon Financial Corp. study found that companies end up spending more money whenever they take in new employees. This is because new hires are expected to have learning curves when it comes to accomplishing tasks, thereby affecting productivity and possibly leading to loss of income.

According to an Industrial Distribution article, the National Association of Colleges and Employers says that when businesses recruit and hire a new person in a company of fewer than 500, they spend $7,645 on the average per hire. Think hiring costs, job posting fees, and training, among other things. It is more expensive to hire people than to keep current employees.

With this in mind, it makes sense that an organization would be more focused on building up their talented executives by creating a healthy work atmosphere with positive employee engagement. When hard work is recognized and rewarded, employees will be more motivated to stay and grow with the company.

A healthy organizational structure and development can help drive talented individuals toward doing quality work and becoming great contributors to the company’s growth and success.

In this article, we will discuss the reasons why employees leave and how we can prevent our top executives from vacating their positions.

Reasons Why Employees Leave

To retain top executives, we must first understand why employees quit. There are many factors that contribute to an upward trend in employee turnover, and below are some of the biggest reasons:

• Dissatisfaction – This could be due to lack of employee development and growth opportunities, unsatisfactory salary and benefits, or poor employee management.

• Better Opportunities Outside – The business world is a competitive arena, and chances are that if an employee feels dissatisfied in a certain area of his or her employment and sees a better opportunity elsewhere, that employee will leave.

• Work-Life Balance Issues – People have lives outside of work, and when there is a great imbalance between the two, it can cause them to leave the company and pursue a more compatible or flexible work opportunity.

How to Retain Top Executives

Employee retention is one of the most important ways to gain ROI in any business and below are some of the ways to get your top performers to stay with the company for many years.

Effective Recruiting

The first step in managing employee retention is during recruitment. There should be an alignment between the applicant’s and the company’s mission, vision, and values. The more in sync they are, the healthier the employer-employee relationship.

An employee who believes in the company’s goals is more likely to stay longer, so careful filtering should be conducted during the hiring process. If the applicant is following a proper executive resume example, it should be easy for the recruiter to check and cross-reference important items during the interview, with the goal of finding a candidate with similar goals and values as those of the organization.

Employee Development

An unchallenged employee is an unhappy employee. It is important that the company partner with the employee regarding growth and advancement and that such goals be established and made clear to the employee. Adult learners are goal-oriented, and by motivating them to reach higher goals and learn new things, they will be more encouraged to stay.

Continuous learning and development should be enforced, which will allow the employee to upskill and move to a higher position.

Recognize Talent and Hard Work

Build self-esteem and confidence by appreciating your employees’ hard work. Positive feedback is a highly effective way to reinforce positive behaviors. If your employees feel good about themselves, they will be motivated to become even better.

Adaptability and Flexibility

Much has changed within the past couple of years, and companies need to keep up with trends and current events, so their employees can continue to feel safe and relevant. It is also important to be aware of your top performers’ current needs so that the company can find ways to help them overcome challenges.

It is essential that organizations become more open to flexible work schedules, work-from-home arrangements, and remote work, if applicable. This is a great way to avoid work-life issues, which can lead to resignation.

Offer Compensation and Rewards

People who are satisfied with their pay grade are more likely to stay longer with a company. Needless to say, the company should offer competitive compensation, benefits, and other rewards.

Employees might love their job, but if not well compensated, a resignation could be inevitable.

Regular Employee Engagement Activities

Engaged employees are less likely to leave the company to find better opportunities. The more engaged an executive is, the better that person understands his or her role in the company’s success, and this is something the employee can take pride in.

Come up with strategies and activities that promote employee satisfaction and motivation.

Employee retention is a lot like customer retention. We go to great lengths to keep our customers happy so they will continue doing business with us. Why not do the same for our top executives?

Post written for Jobcast by Linda Ross.

Your hard work is finally paying off: after reaching milestone upon milestone in your small business, you feel like you are ready to grow and hire your first employee. This is a benchmark that should be celebrated! A successful small business will eventually grow, and you will have to hire someone else to help you run your expanding company. Hiring your first employee can be nerve wracking. You worry if you are doing things right, about finding the right person to hire, and about on-boarding someone new. These are all legitimate concerns for someone who spent hundreds of hours building a business. You want to make sure that each step you take brings you forward and does not set you back. If you’re not exactly sure what to do before hiring your company’s first employee, do not worry. We will discuss some of the important items that you need to consider during this important stage in your business. If you are hesitant about adding a new person to the team, you may need to evaluate your current situation to determine if it is necessary. Below are some signs that you need that extra pair of hands on your team immediately.

Signs That You Should Hire Your First Employee

• You are unable to take in new customers – A major sign that you need to expand is when you have to decline orders or accept new customers simply because you are unable to physically fulfill orders in a timely manner. This simply means your business is growing and it may be time to hand some of the tasks off to someone else so you can focus on more important business matters.

• Quality of service or product is compromised- When you spread yourself too thin, there is a big chance that something is being compromised down the line. Usually, it is the product quality. You cannot do everything on your own and expect to cover everything perfectly. This is a clear sign that you need some help and hiring an employee can allow you to balance things out again.

• You skip breaks and vacations in favor of your business – Like they say, all work and no play makes the CEO a cranky and irritated person. As a business owner, you need to stay motivated and energized and this is hardly possible if you are not getting the rest and relaxation that you need. Sooner or later, the business is going to feel like a burden, and it could go downhill from there.

What to Do Before Hiring Your Company's First Employee Now that you are certain about this move, and have identified the type of employee you’re taking in, let us take a look at some key elements that need to be taken care of prior to hiring your first staff.

• Prepare the Job Description for the Role - Before you hire someone, you need to identify the role and scope of the work. This will not only help you identify skills to look for in a candidate, but this helps to set the proper expectations in both parties.

• Draft Salary and Benefits - Ensure that you are offering a competitive salary for the role that you are filling. Do a quick market check, and make sure everything is clean on paper. Highlighting growth opportunities and practical benefits can help in attracting quality candidates.

• Identify the Recruiter - Finalize who will conduct the screening and the interview process. Who will contact prospective applicants? Who will review the applications? Do you need help to figure out if you want to see a functional resume so you know what is standard for your industry? Lastly, you also need to identify who will conduct the job offer. You can either do these things on your own or you can outsource this process to a recruitment professional. The most important thing is to ensure a seamless process. You don't want to leave an applicant hanging or miss out on an opportunity to hire someone great simply because you forgot to call.

• Prepare On-boarding Process - To make the transition smooth for both you and your new employee later on, make sure you have an on-boarding process in place. Make a list of all the tasks assigned, a time frame for shadowing, and of course discussions on company background, mission, and vision. This way, you and your new staff can start off from the same page.

• Prepare All Legal Documents - To ensure that both you and the new employee are legally protected right from the start, all legal documents should be in place. Seek legal advice to ensure that all terms, clauses, and pertinent paperwork are in place.

• Payroll System - Perhaps most importantly, you will need to set up how you are going to pay the salary. You can hire an accountant, bookkeeper, or outsource to a payroll service. You can also learn to set this up on your own. Regardless, you need a system ready before you hire your first employee.

Hiring your first employee is the milestone you have been waiting for. This information will support you through this new and exciting phase in your business journey. Congratulations! Post written for Jobcast by Linda Ross.

Receiving a new job offer is extremely exciting, but it's very important that you don’t just jump into a decision. There are a range of issues that it's important to consider before saying yes or no.

Salary

Before even applying for jobs, you probably should have a desired salary range in mind, based upon industry, your experience and your job requirements. Do your research and consult people you know within the industry. Make sure that any job offer you get meets these expectations - you don’t want to sign up in the excitement and then come to terms with a low salary when it’s too late. Think about how the salary will impact your lifestyle and that of your family. A difference of just 5% can have a big impact! Will you be able to afford all of your weekly expenses and still have money to spend? Perhaps draft some budgets to forecast what your future might look like on the offered salary. If you receive an offer lower than you are willing to take, don’t be afraid to negotiate! Make sure you can make a case as to why you deserve more and use industry statistics to bolster your argument if possible. Be confident and know how to sell yourself.

Benefits

Lower salaries can be offset by a good benefits plan. It’s important that you spend some time to weigh up the benefits being offered and determine their true value. Make sure to pay attention to insurance plans, holidays and the flexibility of your schedule. These will all come up at some point and it's important that you don’t sign up to anything too restrictive. Don’t be overawed by a large quantity of benefits, as it's definitely the quality that makes the most difference.

Costs

There are a lot of hidden costs involved in different jobs that you may not consider at first, when signing up. Think about all of the variables that may end up costing you money or time. How long will your commute be? Will you need to move areas of residence? Will you need to purchase a vehicle? Do you need to buy more expensive clothing? Will you have to buy food everyday? These are all basic things that many people overlook, that come back to bite you later. Consider all of these hidden costs and factor them into your evaluation. The biggest thing to remember when evaluating a job offer is that you always have the power to say no! Determine your BATNA, or your “Best Alternative to the Negotiated Agreement” and use it as a tool for negotiating a better contract or flat out rejecting.

A period of unemployment doesn't have to be a slow time for your career development, in fact if the time is spent wisely, it can be hugely beneficial for your career. Unemployment gives you a great opportunity to examine your skillset, your potential job opportunities and your career goals. Whatever your field, there’s always opportunities to continue to work even without classic 9-5 employment. Here are some tips that will help you spend your unemployment improving yourself and your chances of finding the perfect career opportunity.

Take up a volunteer position

While simple, this rather easy solution for the boredom of unemployment can be an incredible catalyst for future opportunities and growth. Whether you’re interested in getting involved with a not-for-profit or a professional association, these positions are plentiful and will provide you with great connections and references. Also, anytime you’re able to do extra, different work, you’re bond to learn new skills that will help you develop. Make sure you take advantage of any opportunities that come your way, or better yet, seek them out!

Attend

Finding events in your community to attend and network with fellow job seekers and employers is a no-brainer for anyone unemployed. These events are often put on by community centers and can, obviously, be extremely beneficial. As a quick tip for attending, do your best to show up with business cards and other work samples to make sure employers remember you.

Start a Blog

Whether industry specific or simply personal interest based, starting a blog can help you create a more developed personal brand. Also, having a blog can be a perfect addition to your application package. Most employers expect new hires to have some kind of online presence outside of basic social media pages. Do remember that any blog you create needs to be appropriate. Having something NSFW is okay, but make sure you keep it password protected, or better yet, don’t associate yourself with.

Treat your unemployment like a full-time job

It’s tempting to lax into a lull during a time of unemployment. This can harm you in many ways, but the biggest is just that it takes you out of your routine. Try your best to maintain your work routine while unemployed. In saying this I mean continuing to get up early, shower and spend all-day working on bettering yourself and finding a job.

Exercise

Keeping fit while unemployed is all about maintaining your motivation. It’s important that throughout your period of unemployment you maintain your fitness routine. Aside from staying fit, it will improve your mood and allow you to continue to stay positive.

It seems like right now is a great to be looking for a job. Steady growth seems to be a trend that's going to continue in many industries, and U.S. unemployment rates are down below 5%. Whether you're currently unemployed looking for a job, employed looking at your options or just coming out of school, now's the time to look at something new. The job categories that grew the most this year have been Community and Social Service, which grew 14.61% and Computer and Mathematics, which grew by 14.49%. These two grew by far the most, however next up with slightly smller, yet still impressive growth numbers are Health Care Practitioners and Technicians, which grew by 9.89%, and Construction and Extraction, which grew by 9.24%. Rounding out the top 5 categories is Art, Design, Entertainment, Sports, and Media with 8.42% growth. The national average for growth is 4.47%. As far as cities are concerned, New York grew the most in all categories. They were leaders in 4 out of the 5 categories, as well as saw growth of almost 10% higher than the next best city in Computers and Mathematics. While the large centers on the east and west coasts saw tremendous growth, large growth was seen in every corner of the country. The full list, provided by ABODO, with a full breakdown of each sector is below.

Breakdown of Top Performing Cities in Each Occupation

This is a more specific breakdown of the top 10 cities in each occupation field. Categories below are:

• Arts, Design, Entertainment, Sports and Media

• Health Care Practitioners and Technical

• Construction and Extraction

• Computer and Mathematics

• Community and Social Service

Major Jobs in this Category:

• Actors

• Journalists

• Public Relations and Communications Practitioners

• Social Media Specialists

• Designers

• Musicians

• Athletes

As you can see, these type jobs are concetrated in the urban metropolitan areas. Unsurprisingly, Los Angeles leads the country. Its location quotient of 2.69 reflects the extensive infrastructure of the film and television industries. Similarly, New York City — the publishing, theater, and art capital of the United States — holds an extremely high location quotient of 1.95.This map looks like a cultural heat map of the United States, with cities like San Francisco, Seattle, Austin, and Nashville confirming their general reputations for artsy cool. One surprise on this list could be Columbus, OH, which even at the #10 spot shows a robust location quotient of 1.11. The city, home to both Ohio State and Columbus College of Art and Design, has emerged in recent years as an art and fashion mecca. In fact, Columbus employs more fashion designers than any city in the country not named Los Angeles or New York City.

Major Jobs in this Category:

• Physicians

• Surgeons

• Support Technologists

• Lab Technicians

• Dentists

• Chiropractors

• Therapists

Because of the nature of this field, the playing field is incredibly level across the board. The aspects of growth in this category could involve an aging population in those cities, or a growth in the amount of labs moving in those towns.

Major Jobs in this Category:

• Carpenters

• Plumbers

• Welders

• Heavy Machinery Operators

• Construction Workers

• Roofers

The data in this graphic shows where the biggest growth in the housing market is happening. The extensive population growth in Texas is displayed here, as well as the housing lull happening throughout the Midwest. Skewing mainly to the South and West, the booming economies of Texas, Arizona and, to a lesser extent, California are evident. Denver is seeing a large boost in it's housing market and economy, making them a diamond in the rough as far as the Midwest is concerned.

Major Jobs in this Category:

• Software Developer

• Marketing Coordinator

• Graphic Designers

• Digital Specialists

• Programmers

• Web Designers

This fast-developing industry continues to see its major growth on the West Coast. Major hubs in San Jose, San Francisco and Seattle are expected, while the spots for Denver, Boston and Columbus are slightly more unexpected. Because of the lighting fast nature of this category, the growth and decline numbers are always going to be skewed in one direction or the other.

Major Jobs in this Category:

• Social Workers

• Counselors

• Probation Officers

• Religious Officers

• Environmental Workers

• Substance Abuse Workers

Philadelphia is the leader in this category, while Boston, New York, and Detroit follow closely. While the other categories tend to lean towards more metropolitan areas, this category is more concentrated in smaller, less densely populated areas. For a more in-depth breakdown check out ADOBO full analysis.