Having a team of qualified individuals plays a vital role in the success of a middle-market firm. You can establish yourself more quickly, take more risks, and benefit from growth opportunities. You also know that if the company were to fall on hard times, your employees could help it recover. Unfortunately, even if you were to find a team of skilled individuals, there is always a chance that you could lose them to a bigger company. Read on as we discuss strategies for how you can stop employee poaching.
Identify the Problems Faced by Employees
Leaving an organization is never an easy decision. According to a study by Entelo, most employees will consider a job offer more seriously around their work anniversary. Other events can trigger their resignation as well, like not being promoted or losing out on a project they were hoping to work on. Lack of job satisfaction automatically makes your top employees more vulnerable to employee poaching. Watch carefully for any signs that may suggest this.
If you feel that an employee is considering a job offer with a competitor, sit down with them and have a discussion. Listen to their problems and try to come up with a solution. This may sound obvious, but many employers turn a blind eye to the issues that hinder an employee’s productivity. Be more empathetic.In many cases, an individual tends to feel more committed to an organization if they think that the organization cares about them as well.
Help Your Employees Grow
Lack of professional growth is one of the biggest reasons for employee poaching. Many middle-market firms do not invest in training programs for their employees, which can put a constraint on learning opportunities and make the job stagnant. The appeal of working for a bigger company is evident in this regard because larger companies invest in the professional development of their employees. Since the workforce of such companies is bigger, they can also allow their employees to take some time off and take part in a training program.
A middle-market firm can compete with this by developing online training programs, as these training programs are more affordable than a full-scale training program. Employees can take part in such programs when they are not working which can also help minimize the loss of productivity.
Create a Retention Feedback Loop
Having regular discussions with your top-performing employees is another tactic that can stop employee poaching. This is a little different from the kind of feedback sessions discussed earlier. You can ask employees about what they like about the organization, and you can also review their career goals with them. This can help you develop a customized retention plan that provides employees with a systematic approach to goal fulfillment, while also reassuring employees about their professional development in the organization.
Let’s Sum It Up
Given the shortage of qualified employees, middle-market firms are particularly vulnerable to employee poaching. Bigger companies offer better compensation packages and more growth opportunities. However, middle-market firms can use the following tactics to compete with them:
- Develop online training programs
- Address employee problems
- Develop customized retention plans
If you’d like further advice on how to stop employee poaching, get in touch with our team at Go4ROI.