Can counter-offers stop top talent from leaving?
Today’s recession-hit times have ‘necessitated’ large-scale downsizing and lay-offs at all levels. Yet, while companies are voluntarily trimming down personnel, they still cannot afford to have their top employees walking out of the door, that too of their own accord. The downturn itself has made retaining skilled members of the staff a topmost priority. And why not, after all you cannot afford to simply stand by and watch the organisation’s valuable investment in the employee going down the drain, as he is enticed away to greener pastures! So, once a human asset announces his decision to leave, the management has to go all out to stop him at the door. They try to lure him to stay by sweetening the pot as much as possible, at times above and beyond the new job offer. This is what is known as the ‘counter-offer’. Yet, convincing an employee to stay after he has decided to leave is tricky territory. It requires careful groundwork and handling to be successful. The counteroffer should be
