In the high-stakes banking and financial services sector in Hong Kong, salaries can go beyond competitive as institutions fight for top talent. However, when you face a notice of resignation from a talented worker, it may not be the best move to provide a counter-offer and solve the issue with money. A wage packet is rarely the headline motivating factor for wanting to leave a role.
This means that an accepted counter-offer is ignoring the underlying issues which are affecting the employee who wishes to quit, and it is likely to be delaying the inevitable. Trust is broken, and your worker has already mentally checked out of their role.
This article covers the reasons why counter-offers can be a waste of time and money. Even if recruiting to replace a skilled employee can be long and costly, it is more likely to be a better solution than a counter-offer.