Planning to accept a Counter offer? Here’s what you need to consider…
You are unhappy with your job and start looking for other opportunities in the market. Eventually, you get the job and happily put in your papers. However, your boss begs you to stay and gives you a counteroffer. Then what will you do?
When it comes to resigning, counteroffers are common and accepting them is definitely not a good idea. They can do more harm than good even if you get a higher salary and more responsibilities that can further your career. Most people have strong reasons for leaving jobs. Getting a counteroffer is not necessarily solving the underlying job dissatisfaction issues because they are in all likelihood not going to get addressed that quickly.
When you are being given a counteroffer, is the company really acknowledging your contributions and if so why didn’t they do it before? If it takes your resignation for the company to notice your value, then you are better off being with an organisation that is more proactive in fulfilling your career ambitions.
Employers often use the loyalty card to make you stay. But, do they have a good track record in being loyal to their employees? According a survey by Antal International, 73% were still performing the same role despite a promise to change their job profile and 58% who were promised a compensation hike as part of the counteroffer never got any increase.
In our experience, most people who do accept counteroffers often leave the company in the next few months. The person would have already being marked as disloyal and is no longer seen as a team player. Winning back trust will be an uphill task. Plus, you may find it difficult to get along with your co-workers also as they might feel cheated in the entire process.
While you might feel like you are in a strong position now because your boss has given you a counteroffer, think again. Are they giving you a salary hike or promotion in advance? In that case, you will be most likely overlooked during the next appraisal cycle. In most cases, the employer will talk about salary parity and offer you a very low pay-rise to keep you happy. Remember, your market value is worth much more; that’s why you got a job offer in the first place.
Being asked to stay can be flattering, but it can also deceive even the best of talent.