Why are you losing your best talent ... and how to turn it around.

• Author: Lattin, Trevor K.
• Position: Benefits

Whether it's a well-known global brand, a high profile up-and-corner or an established conglomerate, companies are faced with the challenge of keeping their best performers and brightest employees. There's a shake-up at the top as executive turnover continues its increase. This is a total reversal of the past two years when executives staved firmly in place to weather the economic downturn.

But now, triple digit increases in departures have been reported on both the chief executive and chief financial officer level and a 94 percent jump from the C-suite down through corporate vice president levels. No industry is being spared as everything from banking through the energy sector is witnessing this uptick in the shakeup.

Why are so many executives leaving the boardrooms and hitting the bricks? There are any number of reasons ... from bureaucracy to shifting priorities, lack of accountability to limited career development - and all of these can drive employees out the door. Top talent isn't driven by money alone, but instead by the opportunity to contribute significant achievements

within an organization and by the opportunity to be part of something meaningful where the individual's passion is ignited.

Generational Differences

A recent study by Deloitte reveals the primary incentives preferred by executives in 2012:

* Generation X executives (ages 32 to 47) rank additional bonuses or incentives as number one; strong leadership from top management and compensation round out their top three incentives.

* Baby boomer executives (ages 48 to 65) find additional benefits to play a more significant role than financial incentives.

Additionally, 10,000 baby boomers are turning 65 years old every day until 2030, adding more fuel to the fire. Considering that baby boomers, as the most experienced people in the workforce, make up most of the executive talent in the U.S. today, the ongoing loss of executive-aged talent is extreme.

The next youngest group in the workforce, Generation X, does not have nearly the human capital numbers to make up the vacuum left by the boomers' eventual workplace exit. The Millennial generation that makes up the youngest sector of the workforce, is as large a population segment as the baby boomers, and will be increasingly driving the economy with its consumer spending over the next 20 years as they marry, have children, buy homes, etc.

The poor economy of the last few years and its effect on retirement account balances has...