The banking and financial services sector in Singapore relies on sourcing some of the best talent in the world to drive and innovate the sector. However, it is likely these ambitious individuals will also be keeping their eye on opportunities provided by your competitors, and you may face a resignation email from your best employee. The knee-jerk reaction to this is to provide a counter-offer to secure those who provide value to your institution.
However, offering a higher salary will not magically fix any issues your employee was facing at your company in the first place. In fact, the majority of employees who accept counter-offers end up leaving the position anyway within a year of accepting a salary increase.
This resource covers the main reasons why you should reconsider before extending a counter-offer, and why they are ultimately a waste of time and money.