One Size Fits None: Why You Need a Bespoke Talent Strategy

Remember when a competitive salary and a roomy corner office were enough to attract and keep executive talent? Those days are gone. Today's leaders are redefining what it means to be professionally fulfilled, and organisations are scrambling to keep up.

Getting it wrong can be costly. SHRM reports that bringing a new team member on board costs three to four times their annual salary. For executives, that’s a hefty sum. In this context, getting your talent strategy right isn't just good practice — it's essential for your bottom line.

So, what makes leaders join a company, stay engaged and commit for the long haul? We’ve covered some of these issues in Page Executive's Talent Trends 2024 Report. In this article, we will dig even deeper into the data to learn more about today's executives' shifting priorities and expectations.

Attraction: Decoding What Top Talent Wants

What catches a leader's eye in today's job market? It's not just about the salary anymore — although that still plays a pivotal role.

When leaders scan a job description, here's what they're most interested in, according to the Talent Trends data:

• 27% named salary as the most critical piece of information
• 14% prioritised job/company location
• 12% focused on the description of company values
• 12% homed in on the description of company culture

Interestingly, these intangible factors — company values and culture — outranked more concrete elements like working hours (2%), company perks (2%) and DE&I programmes (2%).

These priorities shift depending on who you're talking to. For instance, men are more likely than women to rank salary and description of company values as the most important information.

Women, on the other hand, are more than twice as likely to prioritise environmental sustainability policies and working hours.

Age plays a role, too. While salary is the top priority for executive job seekers in their 30s-50s, only 13% of those in their 20s named it as the most critical factor. These young leaders have a more balanced set of priorities, putting much more emphasis on DEI programmes, for example.

Diversity at the top can be a powerful driver in attracting talent. However, the leadership gender remains a challenge globally, with some striking regional variations:

• North America leads with 34% women in leadership roles
• Africa follows closely with 33%
• Europe stands at 23%
• APAC at 21%
• South America at 19%
• The Middle East at 15%

True gender equity goes far beyond giving women more flexibility. We need to pave clearer, more accessible paths to leadership for women. This means reimagining our approach to onboarding, offering targeted mentoring and facilitating access to female leadership networks and support groups.

Beth Horsley
Partner, UK

The principle that a diverse leadership team attracts diverse candidates extends beyond gender. Take leaders with disabilities. While 8% of our global respondents identified as having a mental or physical condition or impairment, this figure jumps to an impressive 19% in North America. That's nearly one in five North American leaders — a significant presence in the C-suite demonstrating that disability is not a barrier to leadership.

What lessons can we draw from this? It's not just about being open to diverse leadership — it's about actively promoting and embracing it. Companies that prominently feature diverse leaders, including women and those with disabilities, send a clear message: there's a place for everyone at the top. This approach doesn't just widen your talent pool; it enriches your leadership perspective and can drive innovation.

Engagement: Keeping the C-Suite Sweet

There’s little point in making talent arrive if you can’t make them thrive. What does our data say about the factors that keep leaders invested in their roles?

Here's an eye-opening finding: leaders feel more appreciated by their peers (78%) and customers (76%) than by senior management (73%). This seemingly small gap reveals a significant opportunity. The very executives who excel at building strong relationships with clients and colleagues aren't feeling equally valued by their superiors.

The solution? Senior management could take cues from how peers and customers express their appreciation. Whether it's more frequent feedback, public recognition of achievements or simply more personal interactions, closing this appreciation gap could significantly boost engagement. Perhaps one of the most striking findings from our report is the growing emphasis on work-life balance and wellbeing. Nearly half (48%) of senior leaders would prioritise their personal wellbeing over a promotion. This trend varies across industries and regions:

• 69% of leaders in life sciences prioritise wellbeing over promotion
• In contrast, only 26% in media and agency roles would make the same choice
• 68% in both the UK and Australia put wellbeing first

This shift challenges traditional notions of career progression and success. Organisations that can offer flexible working arrangements and promote a culture of wellbeing are likely to see higher engagement levels among their leadership teams.

It's also worth noting that different demographics have different engagement drivers:

• Women are more than twice as likely as men to prioritise environmental sustainability policies and working hours
• Young leaders (in their 20s) put much more emphasis on DEI programmes and workforce diversity than their older counterparts

The most forward-thinking organisations are taking note. They're reimagining leadership development as a journey, not a destination. It's about creating flexible career paths that can adapt as priorities shift throughout a leader's career. This might mean offering sabbaticals for those craving new experiences, cross-functional projects for the perpetually curious or mentoring opportunities for those looking to give back.

Retention: What Makes Leaders Stick, Not Twist?

Globally, retention seems to be a bit easier than recruitment. While 33% of companies find retention easy, 38% still find it difficult. Digging a little deeper, we find some intriguing regional variations:

• North America is leading the pack in retention ease, with 46% finding it easy compared to 28% finding it difficult
• APAC isn't far behind, with 38% reporting easy retention versus 29% finding it challenging
• Europe tells a different tale: 32% easy, 35% difficult
• South America faces the biggest retention challenge: only 26% find it easy, while 42% struggle

So, what's keeping leaders in their seats? Unsurprisingly, competitive salaries top the list, particularly in South America and the Middle East. However, in North America, work-life balance is nipping at remuneration’s heels, trailing by only 4 percentage points.

And don't underestimate the power of a simple "thank you." Gratitude, recognition, and appreciation rank surprisingly high on the retention factor list. In most markets, they outrank career progression, belief in the company's leadership team, DEI policies and opportunities for international transfers.

The future of talent management is all about flexibility and personalisation. Organisations offering a menu of career paths, development opportunities and working arrangements will be best positioned to retain star performers in the coming years.

Peter Kitchin
Managing Partner, North America

Our research also shows that what keeps a leader loyal changes over time:

• Leaders with 1-3 years in their role are most likely to look elsewhere if they're unhappy with the company's strategy or direction (32%)
• Those hitting the 3-5 year mark start eyeing the door if they're dissatisfied with their salary (27%)

Looking ahead, remember that by 2025, millennials will make up 75% of the overall workforce and a growing proportion of the leadership contingent. This generation has a particular affinity for companies with strong ethical and social values. Organisations need to walk the talk regarding ESG and DE&I initiatives to retain this growing cohort of leaders. It's not just about having these policies—it's about communicating them clearly and living them authentically.

Finally, a word on the future of work. Our data shows significant regional differences in artificial intelligence (AI) uptake, with markets like APAC significantly ahead of markets like Europe in leveraging this technology. Forward-thinking organisations are using AI not just to automate tasks, but to make work more fulfilling for their leaders.

Imagine a world where AI handles the mundane chores, freeing up your executive talent to focus on strategic thinking, innovation and relationship-building. That's not just a retention strategy — it's a recipe for a more engaged, productive and satisfied leadership team.

Your Talent Strategy 2.0

There’s no universal formula for attracting, engaging and retaining leadership talent. What clicks in New York might flop in Singapore. What appeals to a seasoned executive might leave an up-and-coming Millennial cold. 

Page Executive can help you tailor your talent strategy so that it flexes with the times while staying true to your core values. Get in touch with us today — let’s future-proof your talent strategy together.