More than half of employers who responded to a Korn Ferry Hay Group survey said they intend to expand their use of career development programs across all employee levels. These programs ensure a company has a strong bench of talent to assume more challenging roles in the future.
As a CEO, I believe you should embrace this simple truth about leadership: You don’t walk alone. It is the leader’s responsibility to make sure those followers are prepared, equipped and motivated. Leaders must think like coaches—drafting players who fit the needs of the game today, while providing them with the training and development needed to evolve with the organization’s strategic vision for tomorrow.
Perhaps most importantly, talent must be engaged and rewarded at every step along the way—not just when the final goal is achieved. Ninety percent of employers surveyed use four or more alternative rewards, including career development, spot cash bonuses, health and welfare benefits, enhanced capital accumulation programs, gift/merchandise programs, community impact programs, additional paid time off and other perquisites programs. Additionally, 71% of employers indicated they will increase the use of alternative rewards over the next year.
More than eight of 10 of organizations surveyed said alternative rewards are key to being an employer of choice (89%), remaining competitive (87%), and engaging employees (81%). Furthermore, considering that a lack of career development opportunities is the number one reason employees leave organizations, it’s no surprise that 87% of respondents agreed that alternative rewards are an important tool in talent retention.
Making career development a centerpiece of alternative rewards prepares the future leaders of the organization. Looking longer-term, 73 percent of respondents agreed that the importance of alternative rewards for employees will increase over the next three to five years.
At the same time, it would be extremely naïve to completely dismiss monetary rewards. Forty-six percent of employers plan to increase the use of spot cash bonuses across both manager/professional and clerical/skilled trade employee levels. For executives, they are more likely than other employee groups to see expansion and enhancement of capital accumulation, retirement and deferred compensation programs in the next year.
Knowing how to inspire, engage, and reward people in meaningful ways is essential to the leadership journey—literally taking people from “here to there” through every economic climate and global terrain. Because leaders do not “walk alone,” rewarding people must be part of making an emotional connection with their followers. Seemingly simple, but highly important, gestures (such as an email or an encouraging comment) broadcast that the leader recognizes the contribution and value of individuals and teams.
To engage talent for the long term, leaders must provide the kind of rewards that recognize employees today while preparing them for tomorrow.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
