You've completed the steps necessary to secure a new job, including polishing your CV, navigating the interview process, receiving a job offer for a terrific position and informing your employer that you're moving on to the next challenge. The journey is complete once you've submitted your resignation, right? However, to persuade you to stay, your company responds with a counteroffer. Employers frequently use this strategy; in the current job market, the majority of resigning candidates receive a counteroffer.
Why do employers' counteroffer?
A counteroffer often makes a salary or promotion guarantee in an effort to persuade you to rethink your departure and are usually made for the following reasons.
To preserve the employee's knowledge of the business, its clients, and its procedures.
Reduce the expense of finding and training a successor.
To refrain from assigning the team's other members additional tasks.
To keep up team dynamics and staff morale.
So, what do you need to do?
If you accept the counteroffer, you will typically increase your salary in an organization you already know and will not be required to learn the ropes of a new company and build relationships with new colleagues. Sounds good?
Not always. In fact, many people would suggest that you reject the counteroffer. Many recruitment organizations report that as many as 80% of individuals who accept counteroffers leave their current company within 6 months, and 90% depart within a year.
When to reject a counteroffer
There are several situations where the best action is to accept the job offer for your new position.
If the workplace culture is primarily to blame for your departure. Any income increase, benefits, or training chances are useless if the workplace culture is unsuitable for you.
The only thing on the table is a pay raise. Overall, your long-term professional development is more crucial than immediate salary gain, if not more so.
Your working relationship with your manager has deteriorated. Even if you decide to stay, your intention to leave could foster distrust and animosity. Your manager might eventually decide against you for promotions or training chances if they believe you are not entirely dedicated.
How to proceed
Firstly, get your counteroffer in writing and then ask for a brief period to think things through. Examine the counteroffer's merits and contrast them with the offer made by your prospective employer. Do not limit your evaluation to the pay and benefits. Think about the business that will best support your long-term professional development. Where can you grow the fastest? Which presents more chances for advancement? Also consider which firm most closely reflects your values; company culture and vision play a significant role in determining how engaged, driven, and content you are at work.
Do speak to your recruiter for advice. Most recruiters want to develop long term relationships with clients and candidates alike – they are not interested in placing people into jobs where they will not want to stay. Recruitment professionals can offer you expert advice, as well as help you to reflect on the decisions you need to make.
Depending on your situation - and considering your career objectives and your financial needs - you can decide whether it's preferable to stay or move on. As soon as you have made your decision, inform your future employer, recruiter, and existing employer as soon as possible.
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