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Will Counteroffer retain employees?

Employers often tend to make counteroffer when an employee is about to leave the company. Anyway, the counteroffer is very tricky. This acts as a ‘quick fix’ but does not work for a long-term retention. Although counteroffer helps you to retain a potential employee, it may lead to other disadvantages. The major drawback is, it may demoralize other employees. They may have a thought like “So this is how I get a rise or promotion?!” . Another drawback is this may raise the ego of the person receiving the counteroffer. However, there are advantages like saving the time and money spent to hire and train a new professional. Review the performance of the employee and make the counteroffer if the person is potential enough to be retained. The counteroffer need not be monetary but even a new career path for the employee with more challenges. Analyze the reasons behind the exit of an employee and try to solve the problems. This may serve the long-term strategy to retain employees.