Counteroffers are part of everyday live of the employee and employer. They happen often especially if you manage a position that is valuable for your employer. Like all relationships, whether this is work, friends, or family; when trust is broken, it is hard to be repaired.
Did you know that 80% of candidates who accept a counteroffer from their current employer end up leaving their job within a few next months, research shows that 9 out of 10 will leave within 12 months & 50% will be actively looking within 60 days.
The cost to your employer to replace you will be up to 213% of your annual salary. (That’s why they are counter-offering because this is the most economically effective option for them.)
The value of your work should not be based on what another company offers you, it should be valued based on the work you are doing and delivering for the company.
You may have been intent on leaving your job, and then your current employer makes a counteroffer.
Whether or not to accept depends on your situation.
Five questions you should ask yourself before you make a decision regarding counteroffer
- Why did you make the decision to leave the company or to look for a job in the first place?
- What will change if you accept the counteroffer?
- Will you miss any other better opportunity?
- What new role can offer you that you are missing in the current place?
- What will you gain if you leave?
- What options get you closer to your long-term career goals?
Timing matters
If you’ve already told your new employer that you would accept another job, then you should turn down your current role. Otherwise, it may show that you are willing to burn bridges.
The best time to talk to your employer is after you are approached with a new offer. If you like your job, you have a good connection with Manager and you still have some doubts about whether you should leave it or not talk to your employer talk to them.
If you let them know that you like your job, you can openly talk to them about your working needs and things you would like to change. They may consider your suggestions and change them for you.
On the other hand, if you feel unhappy and underpaid and you see no potential for growth it is definitely time for you to leave
“In the end, we only regret the chances we didn’t take, the relationships we were afraid to have, and the decisions we waited too long to make”.
Career transitions can be difficult, whether changing jobs or switching to another profession entirely. But if you analyze your situation well and think through the reasons why you feel disengaged in your current role it will help you make the right career decision
If you would like to discuss a job change and how best to prepare for it, we invite you to contact us.
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