Associate Director of Iconic Recruit, Elisiva Caesar, outlines what to focus on when accepting a counter offer.
When you accept a new job offer and hand in your notice, it’s likely that your current employer will make a counter offer to get you to stay.
It can be flattering to know your current employer values you highly and they will often offer an increase in salary, flexible working arrangements or other benefits.
However, in many cases the counter offer is more beneficial to the employer than the employee.
Here are some points to consider when accepting a counter offer:
1. The reasons why you started looking at roles in the first place.
Make a list of your concerns and consider if they be adequately addressed if you accept a counter offer. An increased salary or more benefits from your current employer might present an attractive offer, but there’s more to job satisfaction than a salary.
2. A counteroffer may just be a cost-saving measure by the business as there is a high cost associated with staff turnover.
Hiring new employees can be challenging and expensive. In order to replace a senior executive, it can cost a company up to 200% of the annual salary.
3. There will be diminished trust and compromised reputation with management at your current company.
4. Why would a company wait until you have resigned to offer you what you’re really worth and are you just getting your next pay rise or promotion in advance?
Will you have to resign every time you deserve a pay rise or promotion?
5. What will your reputation in the market be as you will be turning down a sincere offer?
You will have wasted this employers time and money as they will have turned down other candidates during the recruitment process.
While accepting a counter offer it be beneficial in the short term, you may still be better off moving on to a new opportunity. Figures reveal that 80 per cent of those who accept counter offers end up leaving within the next six months.
This is because they accepted another offer or were let go.
Lastly, you’ve already been through the decision process so now is not the time to second guess yourself
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