What are Best Practices Relating to Counter-Offers?
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[Excerpt] While counter-offers virtually disappeared in the great recession, they have regained popularity in recent years in an attempt to retain employees as the labor market tightens. While the use of counter-offers is widespread, many organizations are failing to use counter-offers effectively. Ineffective and poorly planned counter-offers result in negative consequences and poor results for all parties involved. Following the acceptance of a counter-offer, 55% of employees report greater unhappiness and decreased levels of commitment. Only 16% of employees who accept counter-offers believe their relationship with their employer improved post-offer. In fact, he majority of employees who accept counter-offers turnover within the following 6 to 24 months. Counter-Offers are a short-term fix when firms need a long-term solution.
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human resources; counter-offers; HR; talent management; talent toolbox; talent retention; high potentials; culture of openness; succession planning
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