As the hiring landscape continues to evolve, companies must focus not only on attracting future talent, but on keeping their current workforce happy. In a candidate-driven market, it’s become clear to leaders in all industries that employee retention needs to be a top priority for maintaining talent for the long term. Employees of today have many options and will be quick to look for greener pastures if they become dissatisfied with their salaries or their work environments.
Over recent years, many organizations have begun to offer counter-offers as part of their employee retention strategies. While having a counter-offer policy can be helpful in retention, it’s critical to have some guidelines in place so that it’s executed as effectively as possible so not to upset the rest of your employees. Before offering any counter-offer, you must first see if it makes sense for the employee. Not every employee who chooses to leave your organization will be valuable or worth fighting for. It may just be best to hire a new, more enthusiastic individual. Evaluating the employee’s performance history will help you determine how badly you want to keep him or her, as well as how expensive it would be to replace them.
You’ll then want to start the negotiation process by finding out the employee’s needs. For example, did they look for work elsewhere because they feel they’re underpaid or under-appreciated? Or, are they looking for a change of pace? Asking the employee about what they’re searching for will help you formulate a counter-offer that will be most appealing to them.
If offering the employee a higher salary is not feasible, there are other options you can consider. Some examples of non-financial benefits may include increase flexible time, remote scheduling or professional development opportunities. These types of benefits often mean more to employees than their salaries, as they can positively impact lifestyle and career.
Establishing counter-offer guidelines should be an integral part of your retention strategy. The more effort you make to retain your best workers and show them they’re valued, the more inclined they’ll be to stay and grow their careers at your organization. This not only benefits your bottom line, however, improves all aspects of your company culture.
Are You Losing Top Talent?
It may be time to rethink your recruiting and retention efforts. Assessing your culture & getting feedback from your employees can be an excellent way to improve your retention. By developing a search partnership with WorldBridge Partners, you can improve your culture, grow and retain a workforce that’s equipped to meet your organizational goals for many years to come.