The current jobs market is making it very difficult to attract and secure new hires. Knowing how tough it’s going to be to replace a leaver, employers are turning to counteroffers to try to retain employees wanting a new challenge elsewhere.
What is a counteroffer?
A counteroffer is an offer made to you by your current employer. It’s intended to rival your new offer and entice you to stay. It’s usually made after you’ve handed in your resignation. It’s worth noting that counteroffers can come in many forms. It doesn’t have to be an increase in salary. It could be additional company benefits, a sought-after promotion or new job title, additional responsibility, a change in role, more involvement in projects that interest you – or any combination of these.
Knowing whether to accept a counteroffer is a difficult decision to make and not one to be taken lightly. If you have been made a counteroffer, and are struggling to know what to do, you may like to read our blog; Should I accept a Counteroffer?
Navigating a counteroffer.
Here are some tips to help you navigate a counteroffer if you are made one by your current employer.
Don’t make a hasty decision based on gut feeling or emotion. Take your time to weigh up the options and write a for and against list if you need to the disadvantages vs. the advantages in black and white.
Compare the offers.
Carefully measure your counteroffer with your new employment package. Look beyond the salary and assess things like working hours, bonus schemes, and other benefits.
Additionally, look at which job and organisation fit your career ambitions.
A short-term salary boost isn’t worth risking your long-term earning potential for.
You should also assess the organisation. Choose the one that aligns best with your values. Working for an employer with a positive corporate reputation and an ethical core will ensure you remain engaged, motivated, and challenged.
Before you accept a counteroffer, always ask yourself why you started looking elsewhere in the first place. Most counteroffers will have a financial hook. If money was the reason for leaving you may wish or need to accept. However, if the reasons for going weren’t financially driven, you may wish to delve a little deeper before accepting.
If you were looking for a better work-life balance, a new challenge, or more responsibility then perhaps the financial reward shouldn’t entice you to stay.
Counter the counter!
A counteroffer doesn’t need to be a one-sided conversation. If the offer doesn’t address all your concerns, this could be the time to negotiate. For example, you may feel your current employer hasn’t provided you with professional growth opportunities. Now is your opportunity to ask for a personal development plan and additional responsibilities.
If you are looking for tips on how to negotiate salary, read our thoughts.
Can I change my mind?
But what about if you’ve accepted the new job offer and then decide the counter offer is the one for you? It is possible to change your mind. Here’s our advice on how to decline a job offer after you’ve said yes.
Need time to decide?
Here are some tips on how to stall a job offer.
Are you a tech, digital or data job seeker looking for a new challenge?