Why senior executives quit
Robert Walters has outlined the the top reasons for senior executives leaving their jobs in its report ‘Retaining your Senior Executives’.
Contrary to popular belief, money is not the main driver for embarking on new employment offers. Opportunities for self development and progression are said to be the key factors for departure. Successful individuals may reach a point where they are ready to embrace a bigger role with greater accountability. Some may have aims to work for an international company – such as a FTSE 250 or FTSE 100 company.
The report also stresses the importance of communication. Clear and consistent communication between the senior management team often allows for executives to feel fully involved within a business. “Without this, they are likely to feel excluded, undervalued and lack the confidence to make suggestions to company management,” explains the report.
Company direction is a further factor for restlessness amongst executives. The marketplace is competitive and requires companies to restructure and re-evaluate their position in the marketplace, which may not always fit in with an executive’s personal direction. On the other hand, lack of action, could cause frustration if problems are not dealt with.
Belief in the company’s core values, branding and products is also crucial for a successful company. Companies and brands do tend to evolve over time, thus if an executive is not able to identify with and believe in the brand then they may consider moving elsewhere.
Personal cirumstances are a further driver for new employment opportunites. Executives may want more family time, a shorter commute or less national/international travel.