Finding out an employee is considering jumping ships is no surprise in the corporate industry. Businesses only want the best on their teams—even if it means poaching one of yours.
The thought of losing an exceptional staff member can be daunting. Not to mention, the tedious process of searching for the perfect replacement would require hours of reviewing resumes and conducting interviews. But, there are ways you can avoid losing exceptional employees to counteroffers.
1) Design an incentive program
Once upon a time, before all the hustle and bustle of deadlines and deliverables, all your staff members were excited about coming to work. By introducing an employee incentive program, you can expect your employees to be motivated again and be inspired to stay.
2) Invest in professional or personal growth
In a research conducted the Massachusetts Institute of Technology (M.I.T), they discovered that monetary rewards work best for the rudimentary task. But, when faced with complex challenges that require cognitive thinking, financial incentives catapult workers to perform poorly.
The study demonstrates that money is not all that the workforce is after. They want to be in an environment that cultivates self-autonomy, master of their craft, and a sense of purpose. One of the ways you can help them attain these three ingredients for self-motivation is by investing in them through corporate training.
You do not have to limit corporate training to subject matters that are related to the business. Ask them about their interests and let them get creative.
3) Listen first
Employees entertain counteroffers for various reasons. You might have heard them say ‘it was an offer I couldn’t refuse.’ Maybe other companies are offering flexible hours, or it could have been a career-shift they have been meaning to take. Let them voice out their concerns first so that you can address their needs appropriately.
4) Increase benefits
Staff members, especially excellent ones, rarely look for another job that requires more responsibility. But, if it’s packaged with a promotion and fatter salary check, they might just reconsider.
Always make sure that your employees are growing as much as the business is. If he or she is due for a promotion, reward their efforts not just when they consider leaving.
5) Pave their career path
Another reason employees consider taking counteroffers is that they do not see where they are going in your company. No one wants to stay with a company that only thinks about lateral growth.
They need to know that each day they spend in the office is helping them work their way up. Make them appreciate and see why it is worth staying with you by being transparent about their career growth.
6) Always treat them as V.I.Ps
They say the best offense is the best defense. The best way to avoid losing exceptional employees to counteroffers is to make sure they do not have a reason to entertain other offers in the first place.
Though, they may be paid by the company, always treat your employees with respect, dignity, and appreciation. Apart from your products and services, your staff members are the bread and butter of the company. For without them, the business could fall into shambles.
Even though you have an excellent product that people could not resist, without the people behind sales, marketing, processing, and other business operations you might have, there would be no product to sell in the first place.
Counteroffers are now more valuable than ever, especially since the market is getting more and more competitive. Do not take your people for granted and listen to their needs. Make sure that you are giving them the right avenue to grow—both professionally and personally. Evaluate you working hours, corporate training opportunities, and other benefits.
About the Author
Karthik Subburaman is currently the Country Manager of ECC International (ECCI) and Apex Global Learning. He has notable experience as a lead consultant and solution architect for clients across industries – in the areas risk management, business process re-engineering, corporate sustainability strategy and organizational learning management. Among other expertise, he has an eye for problem solving, decision analysis, and quality excellence helping a number of companies across industries to improve business processes and learning improvement and sustainability.