Magazine article Personnel Journal

When the Recruiters Come Calling

Magazine article Personnel Journal

When the Recruiters Come Calling

Article excerpt

WALL STREET'S TOP PERformers are being lured away by global companies, both one at a time and in groups.

"These raids are no longer isolated instances. They amount to a legitimate trend," says Joan Zimmerman, a partner in the executive search firm G.Z. Stephens Inc. based in New York City. She explains that before firms employ defense tactics, they need to evaluate whether the individual or the team is critical to the business. If the employees are key players, the next question is how far should the company go in trying to retain them?

G.Z. Stephens states three common strategies have emerged as those most effective in combating the recruitment frenzy. These strategies apply outside the confines of Wall Street.

I) Counteroffer. Offer equal or more money. Of course, management needs to watch how these inflated compensation levels impact the bottom line. This tactic also may throw compensation scales out of balance. And counteroffers can become a dangerous precedent, creating the expectation that they're standard practice. …

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