Labor Piracy

Labor Piracy

The practice in which a company attempts to "steal" highly skilled or talented employees from competitors or other industries by offering better pay and benefits. For example, an accounting firm may hire a government auditor. Labor piracy is more common when labor is in high demand. See also: Headhunting.
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At NCB, we believe that our employees are our most precious asset and our top priority towards achieving our strategic aspiration to be the Employer of Choice, and there is no doubt that retaining them in light of the labor piracy poses a challenge that needs to be taken into account.