The Retention Regimen™
"What is the point of getting it right, if you don't keep it right?"
Retention of key executives is an essential element in a successful business. But studies show that 30% to 40% of newly hired executives either quit, under-perform significantly, or are fired within their first two years of employment.
The cost of replacing key executives has been estimated at between 70% and 200% of compensation. One authority rates the cost of a mis-hire at 27 times salary in terms of opportunity cost. The turmoil generated by a mismatch in a key role, followed by the disruption of recruiting a replacement, can sabotage operations and jeopardize critical projects and timelines. Yet most organizations do not have an institutionalized program to support the people they hire; they are left to sink or swim on their own.
GAAP's Retention Regimen™ addresses this problem by proactively facilitating the integration and long-term retention of newly-hired executives. It assures a long-term, productive relationship between the executive and the organization.
The Retention Regimen™ is an outgrowth of our hands-on style. It has been enthusiastically endorsed by clients who regard it as an invaluable service that distinguishes GAAP from other search firms. The underpinning philosophy is that recruiting is a process, not an event.
We initiate our Retention Regimen™ even before the new executive starts his or her employment. First, we ensure that an effective onboarding and integration plan for the executive exists, which is, sadly, not always the case. If there is a plan, we develop one, tailored to the organization and the executive. This helps the executive get out of the gate quickly.
We ensure that performance expectations and timelines are clearly defined and understood at the outset. We stay in recurring and frequent contact with the new executive and his or her superior. We review the executive's performance to ensure that objectives are being met and that the executive's value to the organization is being maximized.
The Retention Regimen™ permits GAAP to sustain a meaningful partnership with clients and add recurring value. We are constantly looking for strategies and ideas that we can share with our clients to help them retain their key employees. On a regular basis, we meet with our clients and review their retention practices, their successes and disappointments, and we help them to implement retention best practices.
A consequence of the Retention Regimen™ is GAAP's industry-leading guarantee, our aggressive "hands-off" policy, and our fee structure that is unique in executive search.
"We owe it to our clients and to the executives we recruit to get it right and to keep it right."