Counter Offer considerations
You’ve just secured an offer for a role at a new company. The stars have aligned and you give yourself a virtual high five. It’s time to drop the bomb on your current employer. You lead with “It’s not you, it’s me…”, but before you finish your well rehearsed spiel that you practiced with your better half the night before, your employer throws out a Hail Mary. They’re very keen to retain you and they’ll throw money at you to keep you inside the building. Welcome to the counter offer. Every recruiters heart just stopped at the mere mention of the term… Ok I’m back, thanks for the resus my fellow train passenger. Let me walk you through the counter offer and what you should be thinking before you go down that rabbit hole.
There are a number of considerations you need to think about before accepting or declining a counter offer. Don’t yell out “Yes!”, and start hugging your boss. Not cool! Calmly tell your boss that you appreciate the offer and you’d like some time to think about it. Here are some considerations that you should mull over before you make your decision.
1. You need to think about why you were looking in the first place. Did you feel undervalued? Are you lacking a challenge? Do you not like the environment? There could be a myriad of reasons as to why you were looking. My question to you, is why did you not try and change your circumstances by raising the issue before you decided to put yourself on the market? Will the additional $$$ solve the underlying problem?
2. What does a counter offer say about your current company? Why did they not value you before now? Let me tell you why. It’s less costly to retain staff than lose them. The IP and experience you’ll walk out with is a nightmare for employers. This doesn’t mean they value you.
3. What issues could arise from accepting a counter offer? A lot! Your company now thinks (cue the music) “You’re all about the money, money!”, which means your personal stock has just taken a dive. If your colleagues get wind that you tried to leave and accepted a counter offer, they might have ill feelings towards you. You tried to leave them after all! You hear the term “Mercenary” being whispered at the water cooler. But who needs water right?
4. If you were easily persuaded by money in the first place, then the job that you applied for wasn’t the right one. When you apply and interview for a new role, ask yourself this question. If I get a counter offer from my current employer, would I consider it? If the answer is Yes, then try and find a new opportunity where the answer to this question is a resounding Noooooo.
5. Whilst we live in one of the most expensive countries on the planet, money isn’t everything. I could throw out some stats right now which will prove that the majority of people that accept a counter offer, will only stay in their current role for a further 6-12 months. But if I do that, then I have to reference another site and the threat of losing you to another website/blog is too much. Just believe me ok? You had made up your mind to leave and that mental trip to the Koru lounge will stay with you.
6. Consider this, your current company might not counter offer you to stay. Once the cat is out of the bag, be prepared to leave. They’ve called your bluff and now you’re left pondering whether you have made the right call. It’s much easier to have a new opportunity where you are 100% behind it! If not, again this wasn’t the right role for you.
You can seek advice. A good recruiter will help talk you through the pros and cons. Yes they may be incentivised to place you in a new role with their client, but the majority of us care about what we do, we care about our candidates and our clients. We’re here to advise but ultimately the call is yours. “You make your bed, you sleep in it”, what movie is that quote from? It’s certainly a favourite of mine!
I wish you all the best in your search for a new fulfilling role. Do get in touch if you’re considering a change and be sure to check out our job board.