What can employers do to prevent Buy-Back situations? What action employee should take? What problems might exit if he accept the buy-back? Saving Changes...
Hi Mounir, This is when employee for example spent two years with no raise and found a job with 2000 raise he tell his boss that he is resigning, then the boss try to show him how crucial he is to the business then offer him 2500 to stay on his job. This is one of the HR management is used here for my question.
Also when a company do buying back their own shares from the stock market to enhance their value of the business and keep more profit means repurchase of its outstanding shares that reduces the number of its shares on the open market. Saving Changes...
Anonymous
I know the term buy-back is when a public company buys back some of its publicly traded shares but I do not see how this is related to employees or why it should be prevented.
What you described in the first part of the response - is what we call counter offer. Why should it be prevented? Saving Changes...
Because the demerits are more than the merits and can create a disturbance among other employees so I meant to prevent been in this situation as they can offer continued opportunities to progress,
Competitive compensation with performance-related bonuses, a pattern of
flexible working arrangements to accommodate a work life balance, and to have clear strategy/vision of where the business is going with employees, I wanted to hear from SME like you more strategies to retain employees, I am in favor of the employee should not stay once he submit his resignation even if old employer offer him more after few times he will be depreciated and they will get replacement and then he will loose any chance with other company because he broke the trust of the second company which made him the offer and the opportunity to be able to submit the resignation. Saving Changes...
To prevent this they should just make sure they give regular raises in line with the local market. The last thing a project needs is regular changes of key staff. Saving Changes...
The golden rule of counteroffers is to not accept them. In capitalist countries, market pressures will ensure there isn't a dramatic variation in base compensation between comparable companies, so it's rare that a few thousand dollars would be the only reason someone is looking to switch companies.
Retaining employees requires:
- Good people managers
- Aligning corporate and personal goals
- Regular informal and formal recognition
- Development opportunities
- Avoiding Lencioni's Three Signs of a Miserable Job!
Kiron
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1 reply by Najam Mumtaz
Dec 18, 2017 8:06 AM
Najam Mumtaz
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Kiron, you summarized the requirements of retention of employees very precisely.
