Don't Let Your Best Employees Leave—Negotiate Smarter, Not Harder

Forbes

6 days ago

If there is a superstar employee you're committed to retaining, money simply isn't enough. Employment is a transactional relationship. The question is: Will you have the imagination to negotiate fair and compelling deals with your superstars, or not?Money is, by its nature, interchangeable. Custom work conditions most certainly are not. If money is the primary currency you have for negotiating with talent, it is very easy for your employees to measure it against deals offered elsewhere. And more is always better.Managers need to start by focusing on the work that needs to be done. Examine every task and responsibility. Then ask: What aspects of completing these tasks and responsibilities cannot be changed? Which aspects can be changed?Not everything can be customized, but it doesn't have to be.
When managers set about this process, some aspects of a person's job are revealed to be flexible, while others are not. The job may seem as if it cannot be customized to meet a superstar's particular requests. In such cases, managers should unbundle the package of requirements that currently make up the job, rearrange those elements, and make a new package. If a person is willing to continue working for you, for example, but only from home, you may have to adjust that person's role so that it consists only of tasks that can be done from home.It is rarely necessary to customize 100% of every dimension of the work to retain a valuable, high-performing employee. Typically, it is enough to focus on one or two factors that really matter to them. If the employee has a child that sometimes requires that person to be at home, the question is: Can that person be granted enough scheduling flexibility that those at-home days don't compromise their success at work? A small adjustment can have a tremendous impact.Sometimes the customization a person wants has to do with specific tasks. One person hates database work, while another loves it. The right match between a person's interests and their work can make the difference between a job that is 'just a job' and one that is worthy of their very best efforts.Consider these 8 factors when negotiating
The goal is to make the value you offer to high performers very difficult for another employer to match. These are the eight non-financial factors people care the most about:
1. Performance-based compensation: How much is baseline pay and benefits? Are they comparable to your competition? Are there clearly defined opportunities to earn more based on extra-mile effort and results?2. Supportive leadership: Is there an immediate manager who provides regular guidance, support, and direction? Will they make expectations clear, provide regular feedback and recognition?3. Role and responsibilities: What is the nature of the actual work itself? Is it difficult, repetitive, or tedious? Or, is it interesting and valuable? Is it mission driven? Does it have positive, meaningful results?4. Location and workspace: Is the work done in a particular place in a specific geography? Or can the work be done from anywhere? Sometime? All of the time? If there is a particular place, is it pleasant?5. Scheduling flexibility: Is the job full-time, extra time? Or is it part-time, flex time? Is there any ability to set one's own schedule? Occasional scheduling accommodations?6. Training and development: Are there formal and informal opportunities to build new, relevant knowledge and skills? Is there a chance to become a deep subject matter expert? Or to build a wide repertoire?7. Relationships at work: Is the workplace welcoming and inclusive? Are there opportunities to build productive and mutually supportive working relationships with colleagues, leaders, clients, or decision makers?8. Autonomy and creative freedom: Is it clear what exactly is up to employees, and what is not? What is required in every job? What is allowed? Where do employees have discretion in how they complete their work?No doubt, some employees will have needs that cannot be met. It's ok. You can't please everybody. But so often, you can. Even the slightest accommodations can have immeasurable value if they manage to retain the most indispensable members of your team.