Senior-level management churn on the rise: Headhunters

Improved business climate has set the ball rolling for top executives to go after more lucrative job opportunities with one in every 10 C-level executives switching jobs since the economic recovery, experts said.

"We are definitely seeing increased C-level executive turnover. To give an idea about rise in attrition at the top management level, our business volumes have trebled in the past two months and are nearing the pre-downturn levels," executive recruitment firm Korn/Ferry International's office managing director Deepak Gupta told PTI.

Another executive search firm GlobalHunt director Sunil Goel said, "post-slowdown, we have witnessed every 10th C-level executive has changed jobs... When action is back in the market, a large pool of C-level executives want to try their hand in something new and innovative and are looking for challenging assignments."

Some top executive exits in the past few months include private equity firm ICICI Venture president Jayanta Banerjee and two of its directors, Sonjoy Chatterjee who quit as executive director at ICICI Bank to join Goldman Sachs as co-chief executive and Unilever's food, home and personal care business president Vindhi Banga.

Planman HR director and managing partner Deepak Kaistha said, "as the economy stabilises, some firms are taking up the opportunity to nab stars from competitors...Industries seeing more poaching include technology,entertainment and marketing."
    
The C-level executives job switch obviously brings a considerable rise in their compensations, which companies dole out to attract the top talent.
    
Staffing firm TeamLease vice-president for sourcing Rajesh AR said average salary hike possible for top level executives on shifting jobs can be anywhere between 25 per cent and 35 per cent.

Meanwhile, GlobalHunt's Goel said, "companies remain quite flexible for compensation and benefit while trying to bring in top executive on board. Companies are geared up to pay more anything between 40 and 100 per cent."
    
They also said apart from offering golden hello (joining bonus etc) and attractive compensation, firms are adding exciting preposition in roles of top executives.
    
"Family packages, education for kids and post-retirement plans are few incentives which companies offer," Stellar Information Systems HR manager Anshuman Chatterjee said.
    
While, HR solutions firm Unison International managing director Udit Mittal said, "stock options, international assignments, inducting them on the board," are other incentives to poach talent.