How Do You Match the Offer from a Competitor

“Can you match the other offer?” I asked.

“Not a chance. Most of the people on my team, we were able to get during the recession within our pay structure. But now our competitor has come back strong, they have a new owner willing to pay much higher wages,” Ray replied.

“Then you will lose them,” I nodded.

Ray was quiet. “There’s nothing I can do?”

“No, with that pay differential, you are going to lose them.”

“But, I could lose my whole team,” Ray protested. “There must be something I can do.”

“Accept the fact that you could lose your whole team.”

Ray sat back, his eyes slowly went to the ceiling, staring at a corner. “Okay, so what do I do?”

“First, look at your roster, this list of people on your team. Would this other company really come in here and hire every one of them with an offer to double their compensation? For real?”

“Well, no, there is only one person, who worked for them before,” Ray was ticking through the list. “And they are truly an A performer. They probably deserve what they were making at the other company. We just couldn’t match it here.”

“So, let’s say your team does become a target, the offers are likely to be competitive, let’s say 3 percent better. What can you do to retain your team?”

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