Is it the pay or just
time to move on? According to a recent survey conducted by executive search
firm Korn/Ferry International, more executives cite a lack of career growth
rather than inadequate pay as the primary reason for leaving their last job.
Just 5 percent of executives said inadequate or inconsistent compensation was the
main reason they left their previous job, while 33 percent blamed their
departures on lack of challenges or career growth. Other respondents cited
ineffective leadership (20 percent) and attractive job market alternatives (17
percent). The survey also asked executives what companies could do to improve
executive retention: four in 10 executives (42 percent) said empowering
employees to make decisions would make the biggest difference in the ability to
retain talent, followed by more opportunities for advancement and career
development (32 percent) and better work/life quality (16 percent). Surprisingly,
just 6 percent of respondents cited more attractive compensation packages as
the way to retain talented execs.
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