Today’s C-Suite executives prioritise factors such as work-life balance, mental health support, and a company culture that supports wellness from the board level down.
Earlier this year, a profitable financial services firm’s board was left frustrated when a top candidate for a senior role turned down what they believed to be an “irresistible offer.”
Despite being offered a record annual salary and performance-based bonuses, the candidate declined after requesting “two weeks to think it over.”
“He said our offer fell short of his expectations for professional development, coaching, and wellness support,” shared a non-executive director on the board, who requested anonymity.
This experience highlights a growing challenge: attracting and retaining top executives—like CEOs, CFOs, COOs, and CIOs—is no longer just about high salaries and bonuses.
Evolving C-Suite expectations
Human resource experts observe that since the Covid-19 pandemic, the mindset of top-tier executives has shifted significantly. Monetary rewards like annual salaries, bonuses, and stock options are increasingly seen as standard.
Today’s C-Suite executives prioritise factors such as work-life balance, mental health support, and a company culture that supports wellness from the board level down.
Caroline Kayando, Competency Lead at PricewaterhouseCoopers’ (PwC’s) People & Organisation Advisory, points out that top executives increasingly seek enhanced “work-life” balance, including flexible work hours and remote work options, and a commitment to climate and sustainability initiatives.
“The CEO of today is young,” she notes. “With millennials increasingly stepping into CEO roles, there’s more emphasis on ESG (environmental, social, governance) principles including diversity, equity, and inclusion. CEOs now look for alignment between their values and the company’s.”
Traditional benefits are no longer enough
Historically, Kenyan blue-chip firms have provided luxurious perks to retain top executives, including luxury holidays, private club memberships, bodyguards, and elite school fees.
Other perks often include first-class or private jet travel, housing allowances, and tax reimbursements.
In some cases, firms offer support for a non-working spouse.
“There is also job sharing where an expatriate comes in with a spouse and they share a job. So, while a firm may have a policy that says someone cannot work with a spouse within the same department or even organisation, they will break that rule when recruiting a CEO,” points out Ms Kayando.
However, as corporate boards are finding, these traditional perks don’t appeal as strongly to the emerging generation of leaders.
CEOs today want more than material rewards; they’re looking for organisations that support their personal and professional growth and align with their values.
Perminus Wainaina, managing partner of Corporate Staffing Services, which recruits CEOs for family-owned small- and medium-sized enterprises, notes a similar trend.
“Increasing flexibility is becoming critical for retention and succession planning, especially for founders whose children are not interested in running the business,” he notes.
“Instead of losing it, they [family busness founders] are looking for CEOs and top managers who will continue what they started. But they initially give short-term contracts and renew with improved benefits, including shares, if they deliver,” adds Mr Wainaina.
Facing a complex environment
Modern CEOs must navigate a challenging business landscape with uncertainties like inflation, foreign exchange fluctuations, AI advancements, and shifting geopolitical dynamics.
To adapt, executives now prioritise continuous learning, particularly in technology, both for themselves and their teams.
“Pre-Covid-19, CEOs focused heavily on financial rewards. The pandemic shifted this, as many realised they could work effectively from anywhere,” explains Ms Kayando.
“Executives now ask about tools and resources not only for their productivity but for their employees as well.”
Emerging non-monetary perks—such as comprehensive mental health programmes, upskilling opportunities, and mentoring—are becoming essential to contract negotiations.
Leaders view these as critical for tackling contemporary challenges, including corporate sustainability and ESG goals.
“There’s now an emphasis on professional development and networking,” Ms Kayando adds.
“CEOs often seek mentorship from other high-level leaders, particularly in international markets, to enhance their adaptability and productivity.”
CEOs as strategic partners
Company boards increasingly view CEOs as strategic partners with whom they collaborate to achieve specific goals. Unlike other employees, these executives are hired with clear objectives and receive immediate access to full benefits, skipping probation periods.
Companies now offer executives comprehensive medical and wellness packages that extend beyond traditional healthcare plans.
“There’s a growing focus on wellness. CEOs want comprehensive medical coverage that includes family wellness support and access to services beyond traditional medical packages,” notes Ms Kayando.
In an era where leadership involves far more than meeting quarterly earnings, companies are rethinking how to support their executives to meet evolving personal and organisational goals.
With flexibility, wellness, and alignment to purpose at the forefront, today’s C-Suite perks are about more than a paycheck—they’re about partnership.
