Imagine the scenario: you’ve been offered a great position in a new company but when you tell your current employers, they come back with an even more enticing offer for you to stay. Suddenly you feel like the most popular person on the block! But there’s more to counter offers than meets the eye, and deciding on whether to accept a counter offer or move on to pastures new requires some careful thought and a great deal of soul-searching. In this blog we explore how to deal with a counter offer, how to weigh up the pros and cons and how to make a well-informed decision.
A counter offer is an offer made by your current employer in response to your decision to leave for a new job. Typically, it includes incentives such as a salary increase, a promotion, or improved working conditions to persuade you to stay with the company. While it may seem flattering, you do need to look at the motivation behind the counter offer and give it some very careful consideration.
If you enjoy your current job but felt you were being passed over for promotion or didn’t receive enough pay for what you did, a counter offer can be an easy way to fix this. However, if there was more at play, such as your values were misaligned or you felt the work-life balance was out of kilter, these are issues that might be more difficult to rectify. Assess whether the counter offer addresses your concerns effectively. You don’t want to regret your decision six months down the line.
Evaluate whether the counter offer aligns with your long-term career goals and aspirations. Does it offer a genuine path for professional development and advancement within the organisation? Think about whether staying with your current employer will help you achieve your career objectives. It can be all too tempting to accept a counter offer because familiarity feels like a safer option.
It can be helpful to see things in black and white so writing down on paper what both jobs offer will highlight the advantages and disadvantages of each. Look at things like commute, social events, opportunities for promotion and company culture as well as salary, incentives, bonuses. Tally up your list and see which offers the best scenario – you’ll tell by your gut reaction whether you should stay or not!
When there is a counter offer on the table, there’s never been a more important time for open discussion. This is your chance to iron out exactly what is on offer and even shape things to your advantage. Honesty is key but it also pays to be bold. Ask what your career progression looks like and try to get an idea of exactly how much you are valued.
Don’t feel pressured into making a decision too soon. Whatever you decide will likely affect your long term career path so you must make sure you’ve analysed both offers in depth. Stand back from the heat and reflect on whether the offers meet your financial, personal and professional needs.
Ultimately, the decision to accept or decline a counter offer should be based on what best aligns with your career goals, values, and personal happiness. It’s essential to make an informed choice that will benefit your professional journey in the long run. If you need more advice about whether you should accept a counter offer, then please speak to one of the recruitment specialists at RE Recruitment.