Businesses are said to be competitive when every business strives to outperform its competitors by legal means such as innovation, product improvement/enhancement, customer relationships, etc. However, every business wants to retain the best hands and that’s where employee poaching comes to play.
Employee poaching is the recruiting of employees who work at competing companies. In simple terms, luring the talented staff of the competitor, generally in the same industry, with an objective to save training costs and gain a competitive advantage over the competing firms. Employee poaching isn’t illegal or unethical but abstaining from such practice can help to ensure a competitive job marketplace.
Meanwhile, the above can also be argued, as some experts feel employee poaching is an unethical approach taken by some firms with the objective of offering better pay.
Over the years, this practice has made it very difficult for companies to retain their top performers. When an employee possesses highly sought-after skills and experience, it’s common for companies to want to attract these employees so they can have top talent in their organization.
One of the ultimate defenses against employee poaching is a solid employee retention plan that ensures that pay rates are competitive. However, whether high and competitive rates alone are enough to retain the best employees is a question that puzzles the mind.