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ExecuNet Research Reveals Companies Not Doing Enough To Retain Key Executives As Employment Market Tightens
www.execunet.com – November 7, 2006 – With the unemployment rate recently falling to a five-year low of 4.6 percent and job growth at the executive-level rising sharply, a recent survey conducted by ExecuNet, the executive career management and recruiting network, reveals corporate efforts to hold on to top talent are coming up short, as nearly three in four executives are unhappy at work.
According to the survey of 102 employed executives with an average salary of $192,000, 73 percent are "somewhat unsatisfied" or "not satisfied" with their current job – up from 67 percent in December 2005. Of those who report being unhappy at work, 87 percent say they are planning to leave their company within the next six months.
"Eroding corporate loyalty and a very tight job market are a dangerous duo for Corporate America," says Dave Opton, CEO and Founder of ExecuNet. "Given the quality and quantity of new job opportunities being created every day, companies need to take a long and hard look at why their key leaders may be looking to jump ship."
The most common reasons why employed executives are not happy with their current jobs include:
Lack of challenge or personal growth (14.2%);
Limited opportunity for advancement (13.9%); and
Unfavorable company prospects (11.4%).
"Communication breakdowns – not compensation packages – often send executives in search of greener pastures," says Opton. "Companies that fail to keep their executives engaged are essentially creating an attractive candidate pipeline for competitors."
ExecuNet, the leading executive-level career building, business and recruiting network, provides exclusive access to confidential six figure job listings, expert advice, and high-level business connections for professionals while helping corporate and search firm recruiters find qualified executive candidates. Founded in 1988, ExecuNet helped transform the executive recruiting industry by launching the first website designed to bring senior-level professionals and search firms together in a cooperative and confidential environment.
Based in Norwalk, Connecticut, ExecuNet is a recognized authority in recruiting trends and proprietary employment market research. For more information, visit www.execunet.com
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