A recent survey by Manpower suggests that employers across the country are planning to increase their hiring during the second quarter of 2011. Are your employees poachable? Consider the following:
1) Is employee morale down?
If so, it may not be long before the word is out. With the use of
social media growing exponentially, there are more ways than ever
before for recruiters to learn if employees are fed up with their
companies and ready to tip toe out the door. You want to know if
your employees are unhappy before your competitors do. Don't
wait until they are broadcasting their discontent on social
networks. If you are unclear about how your employees feel, conduct
an internal survey to measure morale before it's too late.
2) Is upheaval shaking up your industry?
Employees working in industries that are facing increased
regulation, an onslaught of
mergers or uncertainty about tomorrow's
profitability are more apt to want to leave to find a more stable
environment. If your industry is in transition, don't leave
your employees guessing about what's going on. Be open and
honest. Employees who feel like they are being kept in the know
feel more loyalty to their companies and are less likely to bolt
for the door when turbulence is afoot.
3) Are you experiencing turnover at the
top?
CEO turnover is higher than it's ever been. Unfortunately,
unrest in the upper levels of management can cause a chain reaction
of defections. Employees may either want to follow their boss out
the door or may feel that a new manager is chasing them away.
Before making changes at the top, consider how managers closest to
the CEO will respond. Will they likely be relieved or more willing
to leave? Conversely, involve top managers in the decision-making
process to replace their leader.
4) Are your employees well trained and/or
specialized?
Having the best of the best employees is a blessing and a curse. A
popular exchange rounding the internet these days between a
fictitious CFO and CEO reads as follows: "CFO to
CEO: What if we train our employees and they leave us?
CEO to CFO: What if we don't and they stay?" The fact is,
employees with highly specialized expertise are probably the most
poachable of all. Your competitors will be pleased to find talent
with fine-tuned skills and low-learning curves, and they may
believe such employees are well worth the risk of litigation. If
you're investing heavily in training, invest equally in
retention by rewarding employees. But, don't focus solely on
money as a motivator. Provide personalized options. Some employees
might choose a flexible work schedule over a plump paycheck and
these employees are worth being catered to.
5) Is your competition moving in?
If your competitor has opened a new office in one of your
territories, they are probably making a beeline for your back door.
It's cheaper to poach your talent than to fly in candidates
from across the country. Now is an optimal time to let your
employees know that you care.
6) Are you in the professional services
industry?
Employees who embody the product are prime candidates for poaching
because they often have clients that are willing to come along for
the ride, exponentially boosting their value. Remember that your
client list may qualify for trade secret protection, and
of course, you should protect your company with suitable
restrictive covenants. But the best prevention is to keep your
employees happy.
7) Are you sharing the bounty?
During the recent economic downturn, many employers were forced to
tighten their belts. In turn, employees were asked to make
sacrifices. Many employees responded favorably because they were
grateful to have a job, and putting in a few extra hours or
foregoing an annual raise was viewed as a reasonable sacrifice to
remain employed in a difficult economy. But as the economy
rebounds, employees are taking notice. As your profits increase,
are you sharing the bounty with employees? As noted above, this
does not always mean paying employees a bonus or giving them a
raise. Consider offering employees special training opportunities.
Ambitious employees are always looking to improve themselves. Are
you providing them with training opportunities to expand and
sharpen their existing skillsets?
In this environment where many employees are looking for a change and recruiters are happy to oblige their wishes, noncompetes are not optional. When used in conjunction with competitive intelligence and retention techniques, you can have a comprehensive strategy to fend-off intruders from absconding with your valuable talent, trade secrets and clients during these precarious times.Let your employees know you care, and cater to their interests. But of course, some employees may choose to join a competitor. For these departures, it is important to be prepared with a plan of action.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.