The success of a company depends on the quality of its workforce. If you have employees with tons of experience in your company, your competitor may want to have them leave you for them. According to statistics, 74 percent of employers have suffered employee poaching by a competitor at least once. Often the poaching company approaches another company’s employee with an offer they cannot resist. If employee poaching is becoming a challenge at your company, you may need to change your approach to handling your employees.
Below are some best practices for 2020 that you want to pay attention to.
Offer a Fair Pay
Money is not all there is to employee retention. However, it is a critical part of it. According to statistics, 44% of employees said they would leave an employer for a better-paying job. You do not have to pay the highest to maintain your employees. However, it is best to ensure that you do not pay your employees at a rate way lower than your competitors.
It is best to research what your competition offers and use the rate for your employees. If you cannot afford to match your payment with your competitor’s, ensure that you enumerate top performers better because they are the ones your competitor will aim for the most.
Have Your Employees Sign a Non-Competitor Agreement
If you have an employee at the top management level leaving your company for your competitor, it would mean that they will be joining your competitor with all the secrets of your company which could give your competitor an advantage over you. Having a non-competitor clause in your employment contract is important to avoid this scenario. A non-competitor clause binds your employee from working for your competitor or starting a similar kind of business within a specified time frame.
If an employee goes ahead and leaves for a competitor, you have a right to sue them for violating their employment agreement. The first step will be having your lawyer send them a cease and desist letter. Typically, cease and desist letters outline the infringement of intellectual property resulting from their move. If they insist on their move, you can sue them for infringement to recover damages.
Improve Company Culture
According to a Glassdoor survey, 77% of job applicants consider a company culture before applying for a position. Often an applicant may not know the company culture from the outside. So, many find themselves in a culture they would have never signed up for if they had known. Such people will be hanging around long enough to find another opportunity elsewhere. Even if you could have good remuneration for them, they will go if they can’t fit in your company culture.
The best way of knowing how your employees feel about your company culture is to open up avenues of communication and let your employees say what they think about your company. You will create plans to make the company culture more conducive.
Create a Career Plan for Your Employees
Almost every person has dreams of being something more than they currently are. So you may need to create opportunities for your employees to be the people they always wanted to become. Start with trying to know them and their ambitions. Combine that with their strengths at work and create a path that can help them achieve their goals one step at a time. One way of ensuring your employees advance in their careers is giving them access to training accompanied by promotions based on their earned skills.
Offering training is beneficial in two ways, it helps you develop talent from a group of people whose history you know, and it helps build employee loyalty because it communicates that you care about their welfare.