6 Tips to Prevent Your Competitors From Stealing Your Best Talents
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Your rivals are always finding ways to lure away your best talents, which might be more evident if your company is successful. Because behind that success, you'd likely have a solid and talented team - which your competitors will notice. When they do, they will attempt to swipe your best talents over to their company with higher pay, more attractive perks, or professional development opportunities.
If you find any key rivals looking to steal your best employees, here are several ways to pivot the situation.
#1 Review your salary and benefits
Any worker would want to feel valued and recognized by their employer, and the most efficient way to demonstrate this is through competitive salaries and attractive perks packages. Suppose your company is not offering fair compensation and outstanding benefits. In that case, it is only a matter of time before your employees switch over to your competitors, who can offer more enticing packages.
So give your employees - especially your most loyal and top-performing ones - their well-deserved raises as regularly as your budget lets on. If your organization needs to be well-financed to offer raises, you may reward employee performance with attractive bonuses or commissions instead.
Another way to show your appreciation to your employees is through benefits. Besides health insurance and dental and vision coverage, you may consider offering additional perks like subsidized gym memberships, unlimited PTO, or retirement plans.
#2 Pay attention to your employee's needs and concerns
Compensation, perks, and responsibilities are common workplace concerns that may cause workers to leave, but they aren't the only factors. Take the time and effort to communicate with your team members one-on-one and learn to listen actively to their feedback and concerns.
Although the hard truth is that you would not be able to accommodate every employee, they will still feel valued when their voices are being heard. If there are significant problems employees can't openly speak about, create an anonymous survey form for your employees so they can comfortably voice out.
#3 Create a career pathway for your workers
No other organization would know the motivation, goals, and skill set of your talents better than you do. Leverage this advantage by speaking to each team member about their professional goals and where they would like to grow in the company. With this, you could better understand their goals to plan a timeline for their professional development and training - which can lead them to a higher position and more attractive salary package in your company.
#4 Re-evaluate your company culture
A Glassdoor survey shows 77% of candidates consider an organization's culture before applying for a position. More than ever, employees now want to work for organizations that advocate work-life balance and value their job satisfaction.
When communicating with your employees about their concerns, take this opportunity to ask them what they think about your organization's culture and what they would like to see changed. Refining your company culture will not only help you attract the industry's best talents but also retain your top performers as well.
#5 Perform exit interviews or surveys
By conducting exit interviews, you can only know the real and direct reasons your workers are leaving. Whether they're going on good or bad terms, take this opportunity to ask for feedback - why they're moving on and what could have been done better during the tenure of their employment. By conducting these interviews, you can discover common factors between your workers and find ways to improve those areas to secure your current employees.
You may also make a list of all your key workers, especially those whose commitment may start to be in question, and answer these questions:
- Why might they leave your organization?
- What motivates and demotivates them?
- How can your company keep them engaged and motivated?
#6 Implement a non-compete agreement
Suppose you're already administrating positive changes at your workplace but still find workers leaving for your rivals. In that case, it may be time to include a non-compete clause or agreement in your employment contracts.
A non-compete agreement is typically a covenant that forbids workers from working for a company that competes with yours or establishing their own competing business for a specific duration after leaving your company. Implementing this ensures employees don't work for your competitors and could protect trade secrets, the company's confidential data, and client relationships.
Key Takeaway
Sometimes we as leaders get so busy with our work we tend to forget our more significant responsibilities. Key workers help your company grow today and are crucial to your succession and future business plans. Therefore, your utmost leadership priority should always be ensuring the long-term engagement and commitment of your top talents, and that will naturally prevent your competitors from luring them away.
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