Don’t Lose Your Best People: Competing in the Labor Market

Episode #159 // With a hot labor market emerging in many countries at present, the threat of your people being headhunted by a competitor is increasing. What steps can you take to keep your people committed to your organization? Who should you be trying to retain, and why (because it’s NOT everyone!)?

Even when other companies are able to pay more for the same skills, there are things you can do to ensure you don’t lose your best people. But you may need to make some tough decisions pretty quickly, rather than waiting for the situation to deteriorate to the point where you’re forced to react.  

In this episode, I offer some ideas for identifying your key people and locking them in (even when you don’t have a lot of money to throw at them), and I reveal a method for looking at the bigger picture, so that you see the pay disparity issue in the context of the broader performance of the business!

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