Resignations are a reality of business, especially in hot job markets where openings outnumber qualified candidates. Being proactive with fair compensation, a high-trust culture, and intentional communication will help motivate your top people to stay.
If employees are being wined and dined by your competition, though, they only see the best of what that company offers. Reminding them of the perks they currently have allows for apples-to-apples comparisons.
5 Ways to Prevent Employee Poaching
1. Create an Employee Value Proposition.
How do you present yourself to potential employees during the hiring process? Employee value propositions help you easily communicate what you have to offer. We often sell ourselves during the hiring process and let things slip once people join our team.
Creating a specific Employee Value Proposition and regularly communicating it well beyond the hiring process is an excellent way to remind your team why your company is a great place to work. Look at the unique benefits, perks, and compensation you offer. What sets you apart? Why should people choose to work at your organization?
Developing these ideas and continuing to communicate them through internal newsletters, company blogs, or town halls helps keep the message alive.
2. Watch for Trends at Exit Interviews.
Conducting regular exit interviews is an incredible way to get insight into why employees leave. Keep an eye out for trends, find the gaps, and get in front of them. Once you see the issues, you can create strategic plans to remedy the problems.
3. Focus on the entire compensation package.
Be sure to paint the complete picture of your total compensation packages. Consider holding regular benefit spotlights to highlight offerings your team may not utilize. You can pinpoint extended benefits, RSP contributions, tuition reimbursement, or vacation time. Employees can lose sight of all the other perks when they only see the after-tax amount deposited in their accounts.
4. Develop regular open communication.
Regular check-ins to see how employees are doing open lines of communication. Intentional communication with a foundation of mutual respect is key to creating a high-trust culture. Team members should feel safe to ask questions, raise concerns, or clarify information. It's the perfect time to listen to your team's needs while highlighting their perks, benefits, and opportunities.
5. Highlight Advancement and Growth Opportunities.
Employees who feel stuck with no growth opportunities are prime candidates for poaching. Employees who are focused on their future with you will be much less likely to leave for the unknown. Creating Individual Development Plans for your top performers helps them see the possibilities in front of them.
Reminding your team of perks and strategically communicating why the grass isn't always greener helps reinforce why your company is a great place to work. Staying one step ahead and committing to an employee retention plan helps ensure you aren’t left scrambling with unexpected losses.