Counter-offers - what is the right move?
A career change can be a stressful and confusing time. From job-searching, to interviews, and handing in your notice, there’s a lot to think about!
So, receiving a counter-offer from your current employer after all of this can really throw a spanner in the works.
What is a counter-offer?
A counter-offer is an offer made in response to another.
When it comes to recruitment, this is usually an offer made by your current employer when you hand in your notice of resignation.
An employer might want to make a counter-offer like this to retain a high-performing employee or to minimise the cost of hiring and training a new member of staff.
Typically, a counter-offer would include a rise in salary or a promotion to encourage you to reconsider your decision to leave the company.
What are the potential risks of accepting a counter-offer?
While it may seem like a simple decision to accept a counter-offer, it pays to pause and consider the potential drawbacks before jumping to any decisions.
For example, choosing to accept a counter-offer after previously making the decision to resign might create tension and awkward feelings between you and your colleagues or manager. It might also hamper your career progress if the offer only includes a raise without an opportunity for promotion or increased responsibilities.
When faced with a tempting counter-offer, you should think long and hard about your original reasons for leaving the company and the reasons they might feel so strongly about keeping you.
What are the positives of accepting a counter-offer?
There are, however, some potential positives to accepting a counter-offer.
The fact that your employer is so interested in keeping you on board should give you a real confidence boost and help show you the value of your contribution to the team.
Adjusting to a new role within a new company can be a stressful and tiring situation. If the counter-offer meets your needs, then staying with the organisation that you know well might be a good decision.
Your employer might not have realised that you felt undervalued or that you feel you need more from your current role, handing in your notice might have been the nudge they needed to reassess the relationship and move forward on a more positive footing.
How to handle a counter-offer
If you're faced with a counteroffer, what is the right move? Whatever your decision, here are some tips to handle the situation.
Take time to think it over
Try not to rush into anything. It might feel like you don’t have time to think about things as accepting an offer and starting a new role are often time-sensitive things.
However, you can absolutely ask your employer for a few days of space to consider the offer.
Take this time to write a pros and cons list to compare the benefits of staying at your current company or accepting your new offer and speak to someone whose opinion you trust and value.
Compare the details to your counteroffer and your new offer
Take a close look at both of your offers side by side. Are there certain benefits such as flexible working hours or generous leave policies that one company offers and the other doesn’t?
When considering a big life change like moving to a new job, it’s important to make an informed decision. Looking at the fine print of both offers and job descriptions might give you the perspective you need to make a final decision.
Think about your reasons for leaving
If, however, you still feel torn, it’s worth thinking back to your original reasons for wanting to leave your current role.
If you are happy in your current role and the main motivation for job-hunting was to achieve a higher salary, then accepting a counter-offer from your existing employer that meets this goal could be a smart decision.
But if your reason for wanting to leave was anything other than salary-based, it’s wise to think twice about that counter-offer.
If you were looking to leave a toxic work culture, a higher salary won’t change that problem and, if anything, could make the situation with your co-workers worse.
If you were looking for an opportunity to progress in your career and aim for a promotion, you need to really consider why your employer didn’t support these goals until you were ready to leave. Will staying at this company affect your career goals in the long-term?
Consider the long-term
It can be very tempting to accept a lucrative counter-offer purely on the short-term benefit of higher-salary but it’s vital to look forward and try to see the bigger picture.
Picture yourself five to ten years down the line, which offer will take you closer to your career goals in the long run?
Don’t be scared to set up meetings to ask about career progression with your current or prospective employers - when it comes to your own career, it pays to be proactive.
Congratulations!
Even though it may be overwhelming, being faced with two great employment offers is a fantastic place to be.
You are clearly a valued employee and will thrive in whichever role you ultimately choose.
For advice on navigating the role as a new start, check out the other blogs on our website here.
