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What are the reasons that they are looking to leave? It's probably helpful to know that info so that an open, honest conversation can be had!
^Totally agree. Ask their main reasons for leaving and encourage having an open conversation with their manager. One of my coworkers was looking to leave for a few reasons (compensation, lack of growth opportunities). He worked up the courage to have a candid meeting with his manager and walked out feeling much more confident in his role at the current company. I think sometimes all it takes is being honest about your needs and goals.