Attracting and retaining top performing executives is the true lifeblood of successful organizations. Yet identifying and attracting them can be a challenging endeavor. Top performers, in leadership roles, will deliver about 50 percent more than the average and will improve their organization’s competitive position. But according to McKinsey & Company, 82 percent of Fortune 500 executives don’t believe that their companies recruit highly talented people.
There are many reasons organizations do not target A-Level talent: lack of resources, concern about internal pay inequities, lack of managerial confidence, chemistry/fit, etc. Organizations of all types, however, must strive to both attract and retain talent that will improve their competitive position, said Walter Baker, managing director of Cornerstone International Group, in a new report. “Specifically, organizations must develop and embrace a strategy that supports the hiring of talented executives,” said Mr. Baker. “They must live the concept that a rising tide floats all boats…that to win in the market they must accept new ideas, concepts, and recruit and retain top talent.”
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