The job search is officially over! You’ve spent hours scouring job sites, chatting with recruiters and attending interviews all to land a new job. But, when you hand in your resignation, your current employer throws you a curveball – a counteroffer!
Let’s be honest, encountering a counteroffer feels good! It’s flattering to know that your employer wants you to remain part of the team and values your input but it can be a tricky situation to navigate if it crops up. We’re not going to tell you in this article not to accept it, but we will tell you how to handle a counteroffer strategically to ensure that you are making the best decision for you, your career, and your future.
A counteroffer is a popular tactic employers use in an attempt to persuade you to stay with the company and usually comes in the form of enticing incentives, a pay rise, or even a promotion that matches or exceeds what you have been offered elsewhere. The reason they are used varies, but they are commonly offered because:
the employer understands how much value you bring to the team in terms of your knowledge of the company and the skills you bring;
the employer wants to minimise the cost of hiring a replacement; or
the employer wants to avoid training a new employee.
Whatever the reasons behind a counteroffer, before you decide to jump in and accept all of the promises on offer, you should pause and reflect to evaluate your options. It’s an important decision to make, and while there is no right or wrong when it comes to how you handle a counteroffer, we suggest you consider the following points before making your decision.
Think back to why you started your job search in the first place. Was it because you felt undervalued? Was there a lack of career development opportunities? Were you looking for a higher salary and better benefits? Was the work culture not right? Whatever it is that prompted your search, once you know your true reasons for leaving, you’ll be able to determine if the counteroffer is going to resolve the issues you had in the first place. For example, if you don’t gel with the people you work with but have been offered a higher salary, that isn’t a resolution to the issue. Alternatively, if you want progression and are offered a promotion with a defined career path, that might be a good enough reason to stay put.
Although a counteroffer may seem to resolve the issues you had, there are hidden downsides to accepting a counteroffer that should be a serious consideration when making your decision. From experience, we can tell you that many people who decide to stay end up leaving a little later down the line. This is for several reasons, but we find most commonly people leave because the promises offered haven’t come to fruition or because they end up feeling undervalued with a sense of bitterness, often asking themselves “Why did it take me leaving to be recognised?” – a valid question. There’s also the subject of trust as this can be broken on both sides, with the employer questioning your loyalty and you questioning
Sit down with a pen and paper and create an old-school pros and cons list to compare the salary and bonuses; the benefits package; the career growth opportunities; the travel; and the job satisfaction. Weigh all of these factors up against your long-term career goals, and remember that loyalty to your current employer shouldn’t come at the expense of your personal or professional growth.
Whatever your decision, the most important thing is that you handle a counteroffer with grace and professionalism.
If you decide to decline the counteroffer:
Be firm but polite: Thank your employer for the offer and express your appreciation for the time you’ve spent with the company and what they have added to your skills and career.
Stick to your decision: Once you’ve made up your mind, avoid being swayed by further negotiations.
If you decide to accept the counteroffer:
Get everything in writing: Ensure any promises or offers are documented and confirmed in writing.
Reassess your goals: Stay mindful of why you want to leave and monitor whether the counteroffer delivers on its promises.
Handling a counteroffer is less about making the “right” decision and more about making the right decision for you. Take your time, weigh your options, and trust your gut instinct – it’s usually right!
And, if you’ve found yourself in a position where you accepted a counteroffer that hasn’t quite gone to plan, please look at our current vacancies or contact us to start your job search.
