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Thursday, June 2, 2016

Five tips for dealing with competing job offers

NO MANAGER wants to hear that someone on his team received a job offer from another employer. But how should you respond? And how can you tell if the employee is just bluffing to get a raise?


Here are five tips for making the most of this situation:

 1. Keep your cool and listen: "Immediately make as much time as possible to let the person tell you in great detail about the company, the sector, the boss, the colleagues and the job," says Claudio Fernández-Aráoz, a senior adviser at the global executive search firm Egon Zehnder.

2. Call out bluffs: Fernández-Aráoz says that you can often figure out whether the person would really leave by asking detailed questions and watching for cues that indicate genuine excitement. If you’re sure he doesn’t plan on following through, don’t be afraid to call his bluff.

3. Consider the employee’s value: If you’re not sad to see the employee go, find out why the person is leaving, but then just wish him well. However, if the employee is a star, understand how the other opportunity compares with what you can offer, and then highlight the benefits of staying.

4. Do not burn bridges: Do not hold a grudge. Instead, arrange an exit interview so you can gather more feedback. At the same time, plan "a proper farewell celebration, or lunch, with the team," Fernández-Aráoz says.

5. Prevent the next departure: One side benefit of your employees getting other job offers is the inside look you get at other employers. What entices employees to leave their job, and what are other companies offering? This will help you improve your retention efforts.

(Adapted from “What to Say and Do When Your Employee Has Another Job Offer” at HBR.org)
© 2016 Harvard Business School Publishing Corporation

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