In a competitive hiring market, there is a chance that when you make the decision to leave your current role and share that with your employer, they might make you a counteroffer in an attempt to convince you to stay. This can seem appealing, but as you navigate the process, there are several things to consider as you evaluate the contents of a counteroffer.
According to a recent Gitnux survey, 29% of employers offer counteroffers to retain top performers, but at the same time, 50% to 80% of employees who accept a counteroffer end up leaving the company within six months due to similar issues they faced earlier.
So, as you consider a counteroffer, think back to the beginning of your job search – what prompted you to start the job search process?
When you begin a job search, there are often many factors that contribute to the decision to start looking. Was it poor management in your current role, misalignment in company ethics, a company layoff, or a desire for new flexibility in schedule or location, growth opportunities, or increased compensation?
Depending on your motivations, the counteroffer may or may not change any of your reasons for wanting to make a move. Typically, a counteroffer will include a higher salary and potentially promises that might address your reasons for leaving. As you review your counteroffer, we’d encourage you to consider if more money would resolve any other grievances you may have had in your role and if you think those promises would be kept?
In most cases, by the time you are deciding to leave a role, you would have likely voiced some of your concerns to your manager, so consider why it took your company receiving your resignation to start making changes. Based on your experience with the company, you will likely have a gut feeling as to whether or not the promises made in a counteroffer will actually come to fruition for you if you stay in your current role.
When it comes to the higher salary, it can cloud your decision, especially if it is higher than your new role’s offer. But as you think back to those initial reasons for starting your search, consider this:
- If you were wanting a different position with a different work model, for example, remote or hybrid work, does the counteroffer resolve that with clear and actionable steps?
- If you were wanting a different position with more growth opportunities, does the counteroffer resolve that through an action plan to help you get to where you would like to go professionally?
- If you were seeking a different company culture, does the counteroffer change anything about that desire, or demonstrate any attempts at change within the company?
At FGP, we know that navigating the job search process can be an intimidating and sometimes confusing process, but our recruiters are here to help. If you’d like to learn more about working with a recruiter, contact us today!