The Downsides of Making a Counteroffer to Retain an Employee

During the Great Resignation, many have said “I quit” and moved on from their organisations. As the talent pool shrinks, leaders are prepared to do just about anything to keep good employees from walking out that door. The counteroffer is one retention tool at leaders’ disposal. In fear of losing an employee, a leader may counter with a promotion, a merit increase, a one-time bonus, equity grants, or an opportunity to move to another team. But leaders, beware the perceived power of the counteroffer. Based on her experience leading teams, the author presents a number of downstream consequences you likely haven’t considered if the employee accepts. Here’s why making a counteroffer to an employee who has resigned can do more harm than good.

To read the complete article please click:

https://hbr.org/2022/05/the-downsides-of-making-a-counteroffer-to-retain-an-employee

LEARN MORE
News

In Uncertain Times, the Best Strategy Is Adaptability

Companies everywhere labour under the illusion that the key to a great strategy is a good handle on the future. But meteorologist Edward Lorenz demonstrated that small differences can have massive consequences or none at all, which means that unless you have a perfect, complete picture of existing conditions, forecasting the future with any precision …

...read more.
LEARN MORE
News

Ready to Move Faster in Your Career? Here’s How.

Telling people to “pay their dues” to move up the career ladder is no longer useful advice. We’re in a time where companies want to see immediate impact. Performing tedious or unchallenging busy work for years isn’t going to show that, and worse, it could burn you out in the process. So, how can you …

...read more.
LEARN MORE
News

A Simple Way to Introduce Yourself

Many of us dread the self-introduction, be it in an online meeting or at the boardroom table. Here is a practical framework you can leverage to introduce yourself with confidence in any context, online or in-person: Present, past, and future. You can customize this framework both for yourself as an individual and for the specific …

...read more.