How to Keep Your Best Talent When They Get a Better Offer

HR Insights for Professionals

HR Insights for ProfessionalsThe latest thought leadership for HR pros

Wednesday, October 2, 2019

Every business needs to be prepared to keep hold of their best members of staff, but doing so can be easier said than done in today's competitive world.

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Every company has been there; a highly-valued member of staff has received an offer to work elsewhere and they’re seriously considering doing so. For businesses trying to convince people to stay, it can be hard to know what to do in these situations.

Understandably, the easiest way to ensure your best and brightest workers stay with you for the long-term is to focus on ensuring they are happy and well-rewarded in their role. However, when it comes down to it and a tempting new offer is put on the table before them, it's only human nature that it be considered.

Doing all you can to make yourself as attractive an employer as possible is therefore essential, but knowing how to do this can be a challenge. Allow us to share some insights:

Why do employees leave?

Every company wants to have the best talent in their industry, so the competition to attract and retain top employees is fierce. This means that, in many cases, the main reason why individuals leave a business is simply the fact that they’ve received a better offer from elsewhere.

Meanwhile, issues like managers not listening to their employees' frustrations, having an unhealthy work/life balance, work that doesn’t sufficiently challenge the individual, or a perceived lack of appreciation or sufficient remuneration are all key factors in employee unrest.

The key then is to understand what’s happening with employees in your business. Often, when these issues eventually do come to light, the damage has already been done. Retaining the services of a valued member of staff can therefore be a complicated process, but it’s one that can be successfully navigated when businesses know what they’re doing.

Successful strategies to hold on to talent

The first thing to remember is that each instance of a valued team member potentially leaving should be assessed on its own; there is no one-size-fits-all solution to this problem.

Find out the problem

It’s important to first ascertain why someone would leave the business. This could be due to some of the reasons listed above, or it could be something else entirely. What's important is that you approach the situation with a full understanding of what's prompted that person to leave.

From here, it’s a matter of reacting to this information. For those who feel they’re unchallenged or are undermined by their manager, a change in their role and responsibilities could be the answer.

Increase their salary

Meanwhile, in cases where it is a matter of insufficient pay, the company has the option to make a counter offer and to increase salaries or other benefits, if it deems that person is of true value to the business.

Making a competitive counter offer relies on appreciating the wider market for staff in your industry and relaying the understanding that the person it is being offered to is valued by the business. Indeed, companies should also take into account the cost to replace an employee should they leave and make their offer accordingly.

Take a look at the company culture

What’s important is that the person leaving is treated with respect, and ultimately this boils down to the culture of the business. In companies where individuals are supported properly and appreciated for the work they do, this can be far easier than for those who see their staff simply as a resource.

Understanding and appreciating that you won't be able to keep hold of every member of staff who receives the offer of employment elsewhere is important for any business. However, having a well-thought strategy in place to make the right decisions that could change their mind is equally essential.

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