With ‘Black Friday’ rapidly approaching, now seems like an opportune moment to raise the issue of fighting for something worth having. As with every year, Friday will see thousands of people panicking to get hold of some bargains from their favourite retailers. Despite being very different, the moment a valuable member of staff accepts an offer to move elsewhere, similar panic is experienced within a company. They start to contemplate how they will cope in their absence, and how they will be able to replace them adequately. Individuals fighting over a cut-price item may seem bizarre and irrational, but attempting to retain an important employee is not. However, even though this is the case, there are potential drawbacks of battling to keep a staff member who has been lured by the prospects offered by another organisation.
If successful, you retain an in-demand talent.
Persuading a member of staff to change their mind on an accepted job offer from another company can be challenging. By managing to do so, it can be viewed as a major triumph. They were clearly in-demand from the competitor, meaning retaining them should be celebrated. It means that the skills they possess can continue to generate positive results for them, as oppose to them benefiting somebody else. If the individual continues with their contribution moving forward, the effort put into retaining them will be well worth it.
But you may have to offer them an increase in salary…
Despite there being various reasons why an individual can be tempted by a move elsewhere, being offered more money is a common explanation. As a result, it’s likely that you will have to counter that with the proposal of an increase on their current salary. Even though this must fall in line with the overall company wage structure, paying more money could be the difference between keeping and losing them. However, this will increase business costs, meaning a company must consider the decision carefully.
It sends out a message of strength.
By retaining a highly rated member of staff, a company sends out a message of both strength, and intent. It proves that you have the capabilities of keeping high performing talent, and the determination to continue growing and improving. Such a display of defiance is likely to be felt across the marketplace, and you may begin to be regarded as a bigger player. Moreover, an impact will also be felt by those within the company, and other top achievers are likely to be impressed by the ability to see off the threat posed to them.
But it may prompt other staff members to try their luck…
Even if you succeed in your attempts to retain an individual from the clutches of another company, it can lead to problems being created elsewhere. Especially if you have succeeded as a result of offering that person an increase in salary. By doing so, other similarly high performing staff may look to use such a chain of events to their advantage. They may also threaten to leave, in the hope of being offered more money to stay. This could cause serious problems, highlighting the dangers of bowing to the demands of one member of staff, no matter how valuable they are.