Your Competitors are Wooing Your Top Talent ─ Here’s How to Stop Them

February 19, 2014 | Talent Management, TalentBridge News

Your top performers are the shining stars of your company. These individuals do amazing work, have great ideas, inspire other employees, and drive sales to impressive levels. You value all the hard work they do and the wonderful contributions they make to your company.

Unfortunately, you’re not the only one taking note of their incredible skills ─ your competitors are also keeping a close eye on them, as they believe these workers would make a great addition to their team.

As a company, you put a great deal of time, effort, and money into recruiting and training your employees. It can be very frustrating when a competitor dives in and woos them away with offers of a higher salary, better perks, and other enticing incentives.

Ways to Retain Key Employees

Don’t sit back and allow your competitors to steal your best workers. While there’s no guarantee that your top talent won’t decide to find work elsewhere, there are a number of ways to make leaving your company an extremely unlikely move. Try these strategies to increase your retention rate:

  • Create a Positive Work Environment. Money isn’t everything. These days, culture and environment are key. People enjoy coming to work when they’re respected and feel like their ideas are heard. When presented with such a positive work environment, most people value this and would need an extremely appealing offer to take them away from this.
  • Keep Communication Lines Open. Tribe HR cites regular employee review and an environment where all employees are free to share their ideas and feedback. If you find that an employee is being wooed by a competitor- discuss it. Asking what your employee finds attractive about the competitor will help you understand what you need to do to retain your talent.
  • Offer Attractive Incentives. It’s important to provide employees with an incentive package that makes your company stand out. Perks like flexible work arrangements, a casual dress code, fun company events, 401(k) match, good health insurance, and generous paid time off makes workers feel appreciated.
  • Use Non-Compete Agreements. Having employees sign non-compete agreements can fend off competitors trying to steal your top performers. This legal agreement prevents your workers from going to work for a competitor for a designated period of time after leaving your company.
  • Reward Loyalty. When an employee has been with a company for several years, begin to reward their loyalty. As the years increase, continue to reward the employee and enhance their workplace experience. This can be done by offering promotions, adding new responsibilities, giving bonuses or raises or even increasing the vacation time an employee can use. These gestures will make an already happy employee even more loyal to the company.

 

At Talent Bridge we know you’re looking for the right employees ─ not simply anyone qualified for the job. Our customized staffing approach allows us to find candidates that are both a good fit for your open positions and your company. Contact us to get started.