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It is inevitable that you will lose employees. It's part of life. With the proper management, structure and hiring process, we do know that you can (and should) greatly reduce that loss.
That being said, now and then a good employee will search for greener pastures. When this happens, be sure to keep your wits about you. Don't make empty promises, offer unfair raises/promotions or beg them to stay.
You have to set a good example for the remaining employees and make sure to keep them in mind when you're negotiating to keep another employee from leaving. If you're tempted to offer them a better position or better pay, evaluate the position and pay they're currently at. How long have they been with the company? Are they being paid fairly? Do they have the ability to take on more responsibility, or do they really need more training?
Be fair to yourself, your other employees and the employee on the way out. Take time to think about your response and decide what that employee is worth to you in the context of your business and your other hardworking employees before you make an offer.