There may come a point in your career journey where you want to make a move away from your company to pursue another job. There are many reasons why you may decide to resign including: salary, lack of growth opportunities, poor management, culture flaws, or other factors. You may have already gone through the lengthy interview process with another company that’s a better fit for your growth path.
After you put in your resignation, you may be presented with a counter offer to try to get you to stay on board with your current company. Should you accept it? Find out if accepting a counter offer is right for you.
What is a Counter Offer?
A counter offer is an offer made by the employer in response to an employee’s resignation. Your employer may try to offer you a higher salary in the hopes that you will stay, but if there are more reasons why you are leaving besides salary, you may want to continue forward with your resignation.
Why Employers Give Counter Offers
In today’s candidate marketplace, there is currently a tug of war going on (a push and pull of epic career proportions) between candidates and companies who are seeking outstanding additions to their teams. Because of this, the recruiter is often the middle man in making sure each side is a winner with both parties happy with the outcome.
Exceptional recruiters most often provide their clients with passive candidates. These are individuals who are doing a great job in their current role and not actively looking for new opportunities. Companies recruiting these stars should expect that their current employers will fight to keep them on board. They will do this by producing a counter offer. Even though the counter offer is commonplace, acceptance most often does not work out well for either party.
Accepting a Counter Offer Statistics
Statistics state that 80% of those who accept counter offers end up leaving within the next six months, either because they accepted another offer or were let go.
Studies further reveal that pay increases most often do not fix pre-existing issues that led the candidate to look for another job. This illustrates that those who do accept a counter offer, most often resume their job search relatively quickly.
Accepting the counter offer most often does not work out in the end for either party. However, there are some points that can be taken into consideration if a counter offer is placed on the candidate’s table.
Is it Wrong to Accept a Counter Offer?
We can safely assume that in most situations even considering the counter offer is most likely a bad strategy. But can we or should we advise to never accept a counter offer? We all know a few colleagues who accepted a counter offer and it resulted in a positive outcome.
However, your resignation lets your boss know that you are unhappy which resulted in you actively pursuing other opportunities. Believe it or not, your acceptance of a counter offer might allow your boss time to transition someone new into your role. Your employer is aware that replacing you can be challenging, expensive, and an inconvenience to the team.
Once you decide to accept a new job opportunity, stick to your commitment. Saying “yes” means keeping at top of mind all the possibilities that enticed you in the first place. Fully understand the value of this new opportunity and move forward.
What Should You Do If You Accept a Counter Offer?
So, you have decided to accept your current employer’s counter offer. Saying “yes” to the counter offer officially closes the door on a company and opportunity that really interests you.
- Before you accept the counter offer, review the aspects about the new opportunity that attracted you. Think carefully about what would really change if you accepted the counter offer.
- If you do accept a counter offer, be prepared to address a perceived breach of trust with your current employer. Your immediate future should be spent dealing with the issues that led you to explore other opportunities. Make a plan to remedy any matters or concerns that you would like resolved and get a commitment from your boss to support the changes.
- If you are going to accept a counter offer, make it the best possible circumstance so that you can move forward in a positive and enriching experience. If the problems are unresolvable, acknowledge that the issues are part of the job and accept that you’ll be dealing with them for as long as you’re there.
Is Accepting a Counter Offer Right For You?
In the end, every person’s professional situation is different, carrying with it its own set of circumstances, details and particulars. Where will you be most professionally happy? Which choice offers the most challenging and rewarding career options?
Either way, if you consider a new, exciting opportunity or whether the choice is to remain with your current employer, the person who has to be comfortable is you.
If you are looking for a new position, be sure to check out our job board to find your next job.