I am lucky to call some amazing women my friends. On a recent evening out, one of these amazing friends shared her story of leaving a company she was at for 10 years after being recruited within her industry. On her last day she was told she is on the short list for a promotion and they offered her more money to stay.
Another smart woman at the table, a lawyer, shared that when she left her firm in NYC to move to Chicago, again after being recruited by another firm, she was offered junior partner to stay.
So why didn’t either of these companies make their appreciation for these employees known prior to them being wooed by another?
Do you feel appreciated at work? Are you having conversations about your next steps? Are you having conversations with your employees (if you have direct reports)?
You may think your team will stay with you even without praise or advancement… but when there’s a knock at the door, what do you think they would do?
So, employers: Make it a practice to give regular feedback to your employees. Be honest, even if it’s not all good, chances are by building awareness you’ll get better performance. Also, be fair in terms of compensation. If you are willing to pay more to keep someone after they tell you they are leaving, would you be willing to pay to show your appreciation for their continued loyalty (before someone else comes calling)?