How to Keep Your Best Employees From Going to the Competition

Last updated Oct 14, 2022

This scenario may be all too familiar: one of your most reliable employees gives notice, and it turns out they’re going to work for a competitor.

You not only feel disappointed but also anxious about the possible consequences. They know your customers well, have great relationships with them, and are capable of managing operations in your absence.

But the fallout doesn’t stop there—after this person resigns, you see that your customer base starts to decline.

What does this mean?

What would you do?

In this blog article, we’ll discuss why essential personnel is leaving to join your competition. Here are some suggestions for what you can do if key people leave and enter the competition, as well as what you can do if it happens.

7 Methods to Keep Your Business Safe from Losing Employees

Employee poaching is a serious issue that can hurt your business. But by taking the steps outlined above, you can keep your employees from leaving and protect your business from the competition.

1. Review your hiring process

The first step is to analyze your hiring process. This will help you determine if there are any weaknesses that can be exploited by the competition.

Take a look at what your competition offers in terms of compensation and benefits. This will help you determine if you are being competitive.

Identify any areas where you are losing employees to the competition. This will help you determine where you need to improve your hiring process. Are you offering a competitive salary? Are you providing adequate training? Do you have a clear career path defined for employees? If not, then it’s time to make some changes.

2. Offer a competitive salary

If you want to keep your employees from leaving, you need to offer a competitive salary. This is especially true if you’re in a highly competitive industry.

Do some research to find out what other businesses in your industry are paying their employees. Then, make sure you’re offering at least the same amount.

If you can, offer a better compensation and benefits package.

3. Provide adequate training

Another reason employees may leave is that they don’t feel like they’re being adequately trained. If you want to keep your employees, you need to make sure they have the skills and knowledge they need to do their job well. This includes both formal and informal training. Proper training can be provided through webinars, online courses, or in-person workshops. Informal training can be provided through mentorship programs, on-the-job training, or simply by encouraging employees to learn new things.

4. Define a clear career path

Employees also want to know that there’s a future for them at your company. They want to know that they can advance in their career if they’re willing to do the work. So, it’s important to define a clear career path for your employees. This way, they’ll know what they need to do to move up within the company.

5. Communicate regularly

Finally, you need to communicate with your employees regularly. This includes both positive and negative feedback. Let them know what they’re doing well and what areas they need to improve in. Also, keep them updated on changes within the company. By communicating regularly, you’ll build trust with your employees and keep them from leaving for the competition.

If significant workers do leave, inform your consumers and clients that service will not be impacted.

Also, keep in mind to transfer your clients – as quickly as feasible, new business contacts should be assigned to them.

This will improve the employer’s probability of keeping the client connection, and it may expose evidence of employee misconduct such as a non-solicitation agreement violation. Don’t malign the departing employee, but inform clients right away that they don’t have the authority to act on behalf of your firm.

6. Protect Trade Secret Information

It’s critical to clearly identify who owns the intellectual property if a member of staff is dealing with or creating it. It’s crucial to establish rules that define what corporate information is regarded as a trade secret or confidential.

It is also essential to develop policies and procedures that help ensure (and can prove) that certain information is treated as a “trade secret” or confidential.

Employees frequently plan their departures months in advance. With the click of a few buttons, critical files and information can be emailed to a personal e-mail address or downloaded to a flash drive. Unusual emails or bulk transmissions may indicate that departing staff has less than honorable intentions.

After an employee departs, terminate remote electronic access and change passwords – the traditional office isn’t limited to walls surrounding an employee’s desk anymore. They may access their computers and voicemail from outside the company, but also remember to return any tangible property (office keys, building access keys, etc.)

7. Conduct an Exit Interview

An exit interview may be even more essential if you have a reason to believe that a departing employee will compete. An exit interview should be conducted if the employee is willing, during which he or she should be asked about future employment intentions and reminded of legal obligations (such as non-competes or confidentiality agreements).

The interview should be appropriately documented, and the employee’s responses should be carefully considered. In some cases, it may make sense to have an attorney present for the exit interview.

Final Thoughts

While it’s impossible to keep every employee from leaving for the competition, you can take steps to prevent it from happening. By reviewing your hiring process, providing competitive compensation and benefits, and communicating regularly with your employees, you can keep them from leaving for the competition. And, if an employee does leave, you can take steps to protect your company’s trade secrets. Finally, don’t forget to conduct an exit interview. It may give you the information you need to prevent future employees from leaving for the competition.

Did you find this article helpful? Share it with your network! And, if you have any questions or suggestions, leave a comment below. We’d love to hear from you!

Looking for more hiring tips? Check out our blog post on how to hire the best talent.

By: Curran Daly + Associates


Submit a Comment

Your email address will not be published. Required fields are marked *

Share This