What is Poaching?

Poaching as an employment strategy entails the search for employees who work for another company and offering them opportunities. Poaching means discovering the buds among rival companies and luring them with better remuneration, jobs, career advancement prospects, and other perks to allure them to abandon their current employer and join the hiring firm.

Example of Poaching

Company XYZ, a top financial services company, is involved in poaching talent from other firms with the aim to fortify the workforce and to obtain some competitive advantage. The company's talent acquisition team identifies best performing individuals from competitor companies, who are working on positions similar to them through industry networking events, professional associations and online platforms.

Then the recruiters at Company XYZ contact them in the secrecy to find out whether they are interested in exploring new job opportunities. They stress the advantages of being employed by Company XYZ, including: competitive salaries, full fringe benefits, professional growth opportunities, and a decent work environment.

Through the knowledge and ability poaching from competitors, Company XYZ enriches its talent pool, speeds its business growth, and identifies itself as an employer of choice in the highly competitive financial services sector.