What You Should Consider
You've worked hard to beat the competition and have secured that all important job offer from a new employer. Just as you hand in your notice, your current employer comes out with counteroffer. So, what do you do next?
Why Employers Counteroffer
When you receive a counteroffer from your current employer after announcing your intention to leave, it can feel flattering and reassuring. However, it's essential to understand the underlying motivations that drive such offers. Employers often present counteroffers not just to retain you specifically, but because it is a more convenient and cost-effective solution for the business. So, while a counteroffer might seem like a sign of appreciation, it’s important to recognise that the employer's decision is often driven by practical and financial considerations. Accepting a counteroffer might provide short-term benefits, but weighing these against your long-term career goals and the reasons that prompted your initial decision to seek a new job opportunity is crucial. We talk more about this and the questions you should ask yourself below.
Important Questions to Ask Yourself
When you're faced with a counteroffer from your current employer after accepting a new job offer, it's crucial to take a step back and thoroughly evaluate your options. Here are some important questions to help you navigate this complex decision:
1. Why Did You Start Looking for a New Job? Reflect on the initial reasons that prompted your job search. Was it due to a lack of career growth, dissatisfaction with company culture, poor work-life balance, or issues with management? Or, were you ready for change or a new start with a new employer? Consider whether the counteroffer genuinely addresses these concerns or merely offers a temporary fix. Remember, financial incentives alone often cannot resolve deeper workplace issues.
2. Is This Pay Increase Genuine or a Tactical Move? Consider the timing and motive behind the counteroffer. Ask yourself if this pay increase is a true recognition of your value or a strategy to avoid the costs and hassles of hiring a replacement. If your contributions were truly valued, why wasn’t this offer made earlier? Accepting a counteroffer now might mean you miss out on future raises and promotions.
3. How Will This Affect Trust and Loyalty? Think about how your decision to stay might impact your relationship with your employer and colleagues. After handing in your notice, your loyalty and commitment could be questioned, leading to a lack of trust. Further, this could possibly affect future promotions, training opportunities, and your overall standing within the company.
4. What Is the Long-Term Impact on Your Career? Evaluate how accepting the counteroffer aligns with your long-term career goals. Will staying with your current employer provide the professional growth and opportunities you seek, or is it simply a short-term solution? Remember that many employees who accept counteroffers find themselves back on the job market within a year, realising that the underlying issues remain unresolved.
5. How Will This Decision Affect Team Dynamics and Morale? Consider how your acceptance of a counteroffer might impact your team. Colleagues might perceive you differently, knowing you were close to leaving. This could create tension or distrust, especially if they feel you're receiving preferential treatment. Additionally, your decision might lead to changes in team dynamics and workloads.
6. Are You Being Manipulated by Fear or Flattery? It's natural to feel flattered by a counteroffer, but it's important to separate emotion from logic. Are you staying because you genuinely believe it’s the best decision for your career, or are you influenced by the fear of change and the comfort of familiarity? Make sure your choice is driven by rational analysis, not emotional reactions.
7. What Will Truly Make You Happy and Fulfilled? Think about what will bring you long-term satisfaction and happiness. If the new job opportunity excites you and promises a more fulfilling role, it might be a sign that you should move on. Staying in a familiar but unsatisfactory job might seem safe, but it could lead to regret and missed opportunities for growth and happiness.
8. Do You Have a Fear of Change? Sometimes, it’s less stressful to continue with the familiar rather than choose change. With a counteroffer, it’s perhaps too easy to agree to stay and remain in the familiar environment you have become accustomed to (known job function, company culture, colleagues, etc.). However, change can be positive, and statistics show that feel-good emotions are more commonly associated with taking a new opportunity rather than remaining with the status quo.
In conclusion, take the time to weigh your options carefully. Creating a pros and cons list for both roles, consulting trusted friends and family, and reflecting on your long-term goals can provide clarity. Remember, the right decision should align with your career aspirations, personal values, and overall well-being.
