I’ve Got A Counter Offer – What Do I Do?
Counter offers can be tempting - here are a few things to think about when weighing up what's best for you
Lets cover off one thing straight away– everyone that has worked in recruitment for more than 2 minutes has at some point been told by their manager that somewhere between 70-90% of people that accept a counter offer from their employer leave that job within 12 months.
I’ve never, ever seen or been able to find any statistics on this so you can probably completely ignore that for a start.
Counter offers are rarely straightforward. When it comes to handing in your notice and actually leaving a role, sometimes one you may well be perfectly happy in, there are always going to be some nerves.
There are some initial questions that you might want to ask yourself...
- Why were you looking to start with?
- What effect has your current role had on your happiness?
- What does this offer change?
- What's your relationship like with your employer?
- Will this opportunity come around again?
Why You Might Accept a Counteroffer
Around half of people that get a counter, accept it. At the time, it can seem like the right decision as you won’t have to master the working methods of another company or build relationships with new colleagues. You already know your current company and how to do your job. The extra money doesn’t sound bad and certainly, it’ll be easier to stay.
Things To Think About Before You Accept a Counteroffer
Your Happiness
Only about 10% of employees resign solely due to money. So, chances are you’re looking for a new job for other reasons and these reasons don’t simply go away with a higher salary. Why did you want to leave in the first place? You need to carefully think about your original motivations and whether the increase in pay compensates enough to make you happy staying at your current company.
Job Satisfaction
Reflect on the reasons you initially decided to seek a new job. Were you dissatisfied with your current role or company culture? Consider whether these underlying issues will be resolved by accepting the counteroffer or if they are likely to resurface.
Damaged Employer Relationships
Accepting a counteroffer may effect your relationship with your current employer. After all, you’ve just told them you were leaving and are now only staying because they offered you more money. Or a promotion. Or altered some other condition that wasn't on the table before you told them you were leaving. Why is that? This might cause them to question your loyalty in the future and create some doubt that you’ll resign the second you receive a better offer the next time.
It is true that a lot of employees that accept a counteroffer often end up feeling “pushed out” of their current organisation. And, sometimes, companies go as far as to create a contingency plan and start looking for someone to fill your position before you can find a better offer. After all, you have shown your hand that you are considering your options.
Will Things Really Change
You may have started to look for a new job because you felt underappreciated and restricted. Maybe you were passed over for a promotion or simply weren’t given the opportunities to progress. At some point, you probably voiced these concerns to your employer, but they weren’t effectively addressed. It’s likely that these issues will continue after you accept the counteroffer and will eventually cause you to resign -- this time for good.
The Value of New Opportunities
How likely is the role you have been offered to be available in 6 - 12 months time? Or at all again? It rarely feels like the perfect time but sometimes you need to take the opportunity that is on offer.
Compensation Package
Compare the compensation package of the new job offer with the counteroffer. Look beyond the base salary and consider other factors like benefits, bonuses, retirement plans, and stock options. Ensure that the counteroffer meets your financial expectations.
Company Stability
Evaluate the long-term stability and financial health of your current employer. If the company is facing financial difficulties or has a history of instability, accepting a counteroffer may not be the best decision for your career security.
Career Progression
Think about your potential for career progression at your current company. Does the counteroffer include a clear plan for your development and advancement within the organisation? Ensure that the counteroffer aligns with your career goals.
Long-Term Career Goals
Assess whether the counteroffer aligns with your long-term career goals. Will it provide the opportunities for growth, advancement, and skill development that you seek? Think about whether staying with your current employer is in line with your career trajectory.
Don' ignore your gut. Trust your instincts. Take some time to reflect on how you feel about the counteroffer and whether it truly aligns with your goals and values. Discuss your situation with trusted colleagues, mentors, or career advisors. Their insights and outside perspectives can help you make an informed decision.
Ultimately, the decision to accept a counteroffer should be based on a thorough evaluation of your career goals, personal circumstances, and the potential benefits and risks involved. It's essential to prioritise your long-term career satisfaction and growth when making this important choice but the decision to stay or go is very much a personal one. Don't let anyone tell you different.
