Should I entertain a counteroffer?
In today’s competitive job market, the odds are extremely likely you will receive a counteroffer from your current employer in a last ditch effort to retain you. While counteroffers may be tempting and even flattering, but be aware of the potential pitfalls.
10 things to consider when presented a counteroffer:
- National statistics show that if you accept a counter offer, the probability of voluntarily leaving in six months or being let go within one year is extremely high. National statistics indicate that 89% accepting counter offers are gone in 6 months. Are you simply postponing the inevitable?
- Almost always the same circumstances that influenced you to consider a change in the first place will simply repeat themselves in the future when you accept a counter offer. How truly happy will I be by staying and will I miss out on the new offer with a company that really wants me for the right reasons.
- Is this the type of company you really want to work for if you ultimately have to resign before they offer a raise or promotion?
- Where is the money for the counter offer coming from? Is it your next raise early? All companies have strict wage and salary guidelines which must be followed.
- In many cases your company will start the process of identifying your potential replacement at a reduced compensation level.
- Accepting a counteroffer may be perceived as an insult to your intelligence and a blow to your personal pride, knowing that you were bought.
- You have now made your employer aware that you are unhappy. From this day on, your loyalty will always be in question and they will no longer consider you part of that “inner circle” of trusted confidants.
- When promotion time comes around, your employer will remember who was loyal, and who wasn’t.
- When times get tough, your employer will begin the cutback with you. Why should a company keep someone they didn’t feel needed a promotion or raise and received it in reaction to a fear of departure? When the crisis is over, so will the incentive to keep you.
- Once the word gets out, the relationship that you now enjoy with your co-workers will never be the same. You will lose the personal satisfaction of peer group acceptance.
Well-managed companies rarely offer counteroffers to their staff. Instead, they treat them with the dignity and respect of an individual who has thought long and hard enough to take his career into his own hands. The healthy companies will tell you, “Thank you for your service, and we hope that you have become a better person by working here. Consider us if you ever want to come back. We’d love to have you here again.” Leaving a company is something that happens to everyone in the world of work. Minimize the potential career damage and your anxiety in this transition by having the confidence to stick with your decisions.