TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent research suggests that cash doesn’t always talk.

A study, commissioned by specialised recruiter Robert Half surveying 160 chief financial officers in Australia, shows more than 94 per cent of Australian CFOs have extended counteroffers to employees while 66 per cent of the same CFOs also say that the same employee ended up leaving the company.

David Jones, senior managing director at Robert Half Asia Pacific says these figures demonstrate employees are looking for more than just financial incentives to stay with a company.

“Counteroffers are often an immediate reaction to a skilled employee resigning, however offering a purely financial incentive to remain with the company rarely works. It can be a very costly way to delay the inevitable,” says Jones.

Extending counteroffers is definitely common practice in Australia, according to the survey. More than 34 per cent of CFOs “always” made counteroffers to employees in a bid to retain the talent. A quarter said they applied the practice “often” and 26 per cent said “sometimes”. Read more

David Simmons – Business News Australia – 25 July 2017