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Thinking of Taking a Counter Offer?

It may seem like the perfect situation, you feel like you aren’t ‘valued’ enough in your current position, so you decide to have a look around. After enlisting a recruiter and meeting prospective employers – you get offered a job with a bigger pay packet. However, when you hand in your notice to your boss they offer you a raise to keep you.

Should you take counter offer?

The Inspire Selection Team guides you on what can happen if you do and how to manage this tricky situation.

The risks

Whilst it is always nice to feel wanted, and a pay rise and the offer of more responsibility with your current employer could look like an attractive proposition, Louise Vine, Managing Director of Inspire Selection warns “in reality accepting a counter offer often comes with more downsides than upsides in the long term.”

According to studies, the average employee stays with his company less than a year after accepting a counter offer. As Janine Clark, Director of Inspire Selection says “accepting a pay rise only solves one area of dissatisfaction, the underlying issues, the reason you were looking for a new career in the first place, will still be there”

Louise says “Once you have made your employer aware that you were looking for an opportunity your loyalty could always be in question, if strategic decisions are being made, such as redundancies, company loyalty may play a major factor deciding who will stay and who will go”  and it’s not just the employer relationship that may be damaged “once the word gets round, you may never enjoy the same relationship with your co-workers” Essentially and ultimately your relationship with your employer is now almost entirely based on cash and the knowledge that you can be bought.

Brett Easton, Director, Inspire Selection, also points out that you need consider the timing “you should consider whether you want to remain in a company where you have to threaten to leave them before you are rewarded for your hard work”

Considering your position

So if you are feeling undervalued in your job the Inspire Selection team suggest the following tips:

 

  • Talk to your boss “many people are nervous of telling their boss they are unhappy” says Rayhana Gallagher, Principal HR Recruiter, Inspire Selection “but it doesn’t need to be negative, asking their advice and discussing your combined long term plans can help you decide if there is a future for you in the business”

 

  • If issues cannot be resolved – be open and honest with your recruiter about your motivation for a move and why you are seeking a new opportunity. “Speak openly about your current compensation plan and what kind of offer you are willing to accept” Jasmine Soyan Recruitment Director, Inspire Selection says “be honest and don’t change your mind or you’ll lose your credibility”

 

  • After interviewing, have a detailed de-brief with the recruiter. “Now is the time to pull out of the process if the opportunity is not right for you, after having all your questions answered” Andrea Crossland, Principle Consultant, Inspire Selection advises “if you are excited about the opportunity discuss what package you’d be happy to accept with your recruiter”

 

The only reason for turning down an offer after this point is if the company does not match your requirements in terms of benefits.

By truly understanding your motivations for your move, your position in your existing company and by working with your recruiter to find the ideal new opportunity, you can be sure that you are moving roles for the right reason and a counter offer won’t persuade you to stay.

“When you hand in your resignation, you need to be confident that the new opportunity is the right one for you.  After all” Says Louise, “If you are easily persuaded by the offer of extra money, then you haven’t done a good job of finding the right opportunity”

If you need any more information on how to deal with counter offers please do not hesitate to contact a member of the Inspire selection team.

Posted on Monday Mar 5