In terms of recruitment, a counter offer is a proposal from your current employer to convince you to stay.
The rise of the counter offer
Imagine…you’ve found the job of your dreams. You’ve done all the hard work – application, interview, maybe second interview. Then the job offer comes in. You’re over the moon! You hand in your notice. You’re ready to leave. And then…a counter offer arrives from your boss.
More money, a promotion, flexible working hours, a company car. What do you do? Do you accept the counter offer and stay, or stick to your guns and move on?
It’s a technique which is becoming more common in today’s recruitment market where skills and supply shortages are more evident than ever. THE biggest risk to a company is losing talent, and if you have a particular expertise, they’ll fight tooth and nail to keep you. It’s an excellent position to be in.
However, if a counter offer is accepted, trust can become a major testing factor between employee and employer. Employers may question their employees’ motives and doubt their loyalty to the business. And you may question why your worth wasn’t recognised before you resigned. Perhaps that feeling of being undervalued was your motivation to leave in the first place.
Surprisingly, we find that a large percentage of people who accept a counter offer from their employer return to the job market within twelve months.
Should you accept a counter offer?
When deciding whether to accept a counter offer, you need to fully understand the ‘real’ reasons for wanting to move.
Questions to consider, before contemplating moving jobs:
Why are you looking to move jobs?
What would stop you leaving your current role – promotion, new role, pay rise?
Have you discussed career options with your current manager?
What is your ideal role?
Are there any companies you would like to work for - if so, why?
What do you want out of your career?
What is truly important to you – salary, work-life balance, perks?
If a pay rise is making you want to stay – is the new salary a fair one, could you negotiate further?
What motivates you in a working environment?
What demotivates you in a working environment?
Where do you want to be in a 2-5 years’ time?
Other things to consider
Counter offers should be given careful consideration. Once you’ve handed over that resignation letter, your employer, and your colleagues, will be in no doubt that you are unhappy – will that damage team dynamics? Will turning down an offer also damage your professional reputation? Could the counter offer be simply be short term opportunity for your current employer to find a suitable replacement for you?
There’s much to weigh up, so take your time. Think about your motivation before making a final decision. And speak to your recruitment consultant if you have one. This is one of the many benefits of using a recruitment consultant. Any recruiter worth their salt will help guide you into making the right decision for YOU.
If you’re thinking of making an exciting change in your career, or would like to weigh up the pros and cons of switching jobs, talk to us.
The team at Omega are happy to offer some unbiased advice on your career goals and help you find true happiness in your role.