2021 has been another whirlwind year. Disruption ran rampant. When managing your business through chaotic times, one of the most challenging issues to grapple with is the loss of critical talent. This past year, businesses across industries faced month over month of rising departures. Prime mid-career employees (generally between the ages of 30 and 45) represented the greatest increase in resignation rates.
Here’s how two clients proactively engaged NextLevel to mitigate the unexpected from threatening their business.
“I did not want to hear this from my CFO”
Business is full of unexpected twists and turns. Are you ready?
The CFO role is critical to every business—especially during a time of rapid change. That’s why it was so troubling when the CEO of a significant financial institution received word that his CFO was resigning during a critical growth period. He had to act quickly, because the finance team needed guidance, support, and direction, and the board needed to feel confident that the train would stay on the tracks. A CFO with direct industry experience was needed, so the CEO was referred by a trusted partner to NextLevel. He learned about the NextLevel’s interim leadership services, broad bench, and depth of expertise. Then two things happened in rapid order: First, NextLevel identified a seasoned interim CFO with a financial services background to step in to fill the gap. Shortly thereafter, NextLevel launched an executive search to identify the permanent hire. A strong CFO partner to the CEO was successfully placed. The planned overlap period with the interim CFO facilitated a smooth transition, helped to mitigate any handoff risks, and resulted in an ideal outcome for all.
“We could not sustain a ‘Great Resignation.’ We decided to act.”
Navigating through 2021 was like no other year for this mid-market industrial products manufacturer. The executive team knew that times were unprecedented. While actively managing significant business issues like supply chain uncertainty, the company was keenly aware that if another tidal wave hit, the impact might be too great to absorb. Retaining leadership during the competitive market conditions for talent was deemed a critical business issue. It was also something the CEO and Board could proactively address. NextLevel was their first call to build a leadership retention plan. The strategy included a compensation assessment and recommendations for total rewards packages that were meaningful and effective to retain and properly align the team’s goals with the business objectives. This allowed the company to avert the risk of losing key talent and to remain on their success trajectory.
The Takeaway
NextLevel is here to help when and before the unexpected happens. In addition to Interim Executive Leadership engagements, Executive Search services and compensation planning, as an E78 Partner company we now bring even more services and qualified resources to help you proactively manage your business through these unprecedented times. Contact us today to start a conversation.