When And How To Counteroffer: Keys To Effective Retention When Employees Threaten To Leave
|Date / Time:
"I am outta here!"
An employee just walked in to say she's leaving in a couple of weeks to pursue a new opportunity. After the shock of the announcement wears off, you start to panic. This employee is a superstar, and her absence will leave a gaping hole.
What should you do? Just as significantly, what should you NOT do?
You may be tempted to throw additional money or other benefits at top employees who say good-bye, in a last ditch effort to get them to reconsider. After all, if you give them more, they'll stay, right?
Well, not always. Plus, even if an employee does stay, it may be only for the short term, which means you'll be faced with having to deal with an inevitable and disruptive exit in the near future. However, if you can provide her with what she's truly looking for, your counteroffer may well ensure many excellent years of service. The key is having a counteroffer strategy long before you need to put it into practice.
Don't miss this essential, highly strategic webinar where you'll learn:
- How to gather information on the offer you're competing against
- When making a counteroffer is a good idea and when to hold back
- How to tell what departing employees really want more of, be it rewards-based compensation, a stronger work/life balance, or something else
- Best practices for handling departure threats—before an employee has another offer in hand—and how to ensure that the period of vulnerability for your organization is minimized
- How to structure a compensation-based counteroffer package to increase your odds of getting the employee to stay on board and engaged for the long term
- Questions to ask during exit interviews to find out what's really causing employees to jump ship so you can avoid losing other top contributors
- How to develop a backup employee to assume the departing employee's role when she can't be convinced to stay
- Communication strategies for deflecting employee criticisms about favored treatment and dangerous precedents you may have set in the past
- The alternatives to counteroffers every organization should consider
- An ongoing strategy for building an effective employee retention program
- The importance of salary reviews if it turns out that money is indeed what's luring away your top performers
- When to accept that it's time to let go and move on, freeing your time and energy for grooming future stars
In just 90 minutes, you'll learn the essential factors that determine when a counteroffer may be a smart idea—and when it's best to cut ties. Register now for this informative event for HR professionals.
About your Speaker:
Chuck Csizmar, CCP,is a Global Compensation Consultant and the founder and principal of CMC Compensation Group, a professional services provider specializing in analytic, project management and consultative services for U.S. and international clients. Csizmar has a deep and broad experience in the design, implementation, and communication of U.S. and international compensation programs.
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All US States: 1.5
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