(CNN) -- In the current business climate, retaining talent is one of our key objectives. What things should we be focusing on in terms of organizational benefits?
Jo Causon, Director, marketing and corporate affairs, Chartered Management Institute
A competitive pay packet will play a role in attracting and retaining the best talent. But this is certainly not the only motivator for individuals to accept and stay in a role. Indeed, this year's National Management Salary Survey shows that despite increases in basic pay across all levels of UK executives, the resignation rates remain consistent with last year's figures. The data suggests that individuals are looking for more from their remuneration package than financial reward alone.
Wider research by the Chartered Management Institute shows that managers are highly motivated and looking to be stretched. They are also focused on their long-term development and building the skills necessary for career success. So to retain talent in the long-term, organizations need to find varied ways of tapping into an individual's enthusiasm for learning. But to be worthwhile, any development must be linked to the business strategy, with a clear return on investment.
To maximize development for both individuals and the organization, it is important to take a multi-faceted approach. It is not just about classroom learning, although this certainly plays a part. Think about other avenues of professional development including mentoring programs, networking events, online learning resources and cross-functional working opportunities. Project management is also an effective way of developing individuals' leadership and collaborative skills. In today's environment, individuals are looking to build a portfolio of skills that will open up a wide range of possibilities for them.
We also know that they are looking for transferable skills which can be applied to a number of different employers and industry sectors. Indeed, wider research by the Institute shows that 76 percent are looking for transferable skills that are portable to other positions and sectors. And while many employers may question the value of building skills which can so easily be taken elsewhere, providing individuals with the opportunity to develop professionally will have an impact on how well organizations attract and retain the best talent. Why? Because evidence shows that if you don't provide development opportunities, managers will vote with their feet and look for an organization that does.
In terms of wider benefits, think about the lifestyle choices that will impact on managers' job preferences. Many individuals are looking for flexible working or remote working options that enable them to look after children or elderly relatives. There is also a growing concern for environmental issues, especially from younger managers and generation Y. Studies suggest that these managers are looking to work from home to reduce their carbon footprint. To retain key individuals, organizations need to be ready for this transition by putting systems in place to support individuals who chose to work in this way.
Director, marketing and corporate affairs
Chartered Management Institute
The Chartered Management Institute is the only chartered professional body that is dedicated to management and leadership. It is committed to raising the performance of business, supporting and advising individuals and organizations, and to help tackle the management challenges you face on a daily basis.