Deloitte poaches 300 KPMG executives, triggers talent war among top four advisory firms
In what is being seen as a controversial move, Deloitte is in the process of wooing 20 top partners along with their team from KPMG to challenge Ernst and Young (EY) for the top slot in the advisory practice space.
According to business media reports, “Around 300 people across 20 teams will join Deloitte.” Reportedly, Deloitte has 55 partners in advisory role, while EY is the biggest player with 125 partners in the advisory vertical.
Poaching from competitors is not new in the business world. Despite the fact that non-compete agreements and non-solicitation contracts are used by companies as a standard practice to keep employees from leaving, and competitors from poaching, in terms of modern business practices it is not very effective.
In the light of this talent war between Deloitte and KPMG, here are a few pointers for companies to deal with such eventualities and prevent their top employees from leaving.
- When your high-performing employee begins to be absent frequently without a reason, it is time to take notice. Pay attention to such signals. If possible, have a one-on-one conversation with them and try to fix things.
- Have regular meetings with your team to make sure team members are motivated and challenged. Employees stay motivated when they know they are making a difference to the organisation.
- Try and identify team members who are indispensable, and chalk out a plan to retain them.
- It is advised not to make a counteroffer to retain the employee. First, find out what is the cause of the employee’s unhappiness at work.
- It will do well to offer perks like flexi timing or work from home options.
- If a top team member leaves, do not take it personally. A certain amount of turnover is a part of business reality.