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Pay scores low on reasons for leaving.

Is it pay? No way! Only 5 percent of global executives surveyed cite inadequate or inconsistent compensation as the primary reason for leaving their last job, according to a recent Executive Quiz from search firm Korn/Ferry International. Topping the list of responses was lack of challenges or career growth (33 percent), followed by ineffective leadership (20 percent) and attractive job market alternatives (17 percent).

Further, when asked which improvement would make the biggest difference in organizations' ability to retain talent, 42 percent of the respondents said it was empowering employees to make decisions. Other suggestions included more opportunities for advancement and career development (32 percent) and better work/life quality (16 percent). Just 6 percent of respondents cited more attractive compensation packages. Executives from more than 80 countries took part in the survey.

"Executives don't leave jobs for better money, they leave jobs for better opportunities," said Jack MacPhail, managing director, Americas, for Leadership Development Solutions at Korn/Ferry. "Formalizing talent management processes and placing more emphasis on identifying and developing top performers are essential steps in retaining talent. Effective leadership is often the difference between organizational success and failure."

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The survey also explored what executives seek in terms of career opportunities. Four in 10 executives cited the company's management team as the most important factor when considering whether to accept a new position. Other popular responses were culture (17 percent), brand and reputation (16 percent) and current strategy (11 percent).

Asked what type of company they find most appealing, the largest number of executives (45 percent) cited large national/multinational firms, followed by established, stable mid-size companies and small, fast-growth companies, which both garnered 27 percent of responses. Family-owned and -operated companies received just 2 percent of responses.

Finally, when asked which professional move--a change in industry, job function or geographic location--they would most likely consider, the largest percentage of respondents (21 percent) selected a change in industry. Changes in job function and geographic location garnered 14 percent and 13 percent, respectively. Nearly half of respondents (49 percent) indicated that they would consider all three professional moves, and only 3 percent said that they would not consider any.
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Title Annotation:careers
Author:Heffes, Ellen M.
Publication:Financial Executive
Geographic Code:1USA
Date:May 1, 2006
Words:362
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