Retaining your staff, Securing new candidates & The impact of a counter offer
Well, what a difference a year makes! The market as it stands today is incredibly buoyant, and is certainly a candidate led market. What does this mean for employers? Not only do we need to recruit great people quickly before they are snapped up by other companies, but we also need to look after our own staff, retaining great talent to avoid the temptation of them moving elsewhere!
As recruiters, a common scenario that we come up against is candidates who are offered a new role to then be counter-offered by their current employer. Whilst this is of course very flattering, it does beg the question, why is this only happening now? If that candidate was so valuable to you before, why does it take them being offered another job to give them the recognition they already deserve? This might be in the form of salary, bonus, promotion, additional opportunities etc. If you have that talent in your team – nurture it, celebrate it and retain it!
Of course, sometimes the money is just not an option but it is so important to keep your talent engaged where you can – so how do we do that?
- Celebrate Success! If your employees aren’t being recognised and rewarded for their hard work then of course they will naturally lose some of that drive to be productive and excel in their job. If someone is doing well, celebrate it!
- Encourage personal development – do you know what makes them tick? Where they really thrive? This information could come from appraisals or just from your regular 121’s. As a leader these meetings will teach you a lot about your employees, you’ll learn about their challenges and priorities both inside and outside of work, and help you to become a better leader.
- Create a safe environment for sharing ideas – are new ideas encouraged and supported? If ideas are continually shut down, naturally people will feel closed off and stop sharing – create an environment where this is celebrated!
- Encourage collaboration amongst your team – this doesn’t mean everything needs to be a team activity but encourage sharing of ideas, meeting colleagues for tea / coffee (virtually or in person!) and asking each other for advice making it a happy and collaborative place to work.
- Offer training and personal development – understanding in 121’s where employees want to develop, what training needs they might have, or might hope to have in future helps build a plan which you can support them in facilitating by offering the relevant training or mentorship to help them get there!
Whilst not always the case, if a great member of your team has sought out a new opportunity and is successful. The likelihood of them staying for a long time with your business following an acceptance of a counter offer is slim as they will always have the same doubts in their mind about the role and company, and potentially be seeking more . So the way to counter that is to understand their needs in the first instance, nurture the talent and help it grow!
It is of course a natural cycle for employees to move on from their jobs, but I hope this gives some relevant insight into other motivators that could drive employees away, and some small hints and tips on how employers can give them the best experience so they continue to grow and be challenged in their current roles.
If you are recruiting, or indeed looking for a new role then please don’t hesitate to get in touch with Inspired Selection, the specialist publishing recruitment agency where we would be delighted to support you.
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