You’ve made it! You’re in the final phase of leaving your current job for that incredibly exciting new position you’ve landed. At first you would think that the interview stage was the hardest part, which in some instances it really is, but then your current employer turns around and makes an enticing offer to get you to stay.
Panic may start to set in. Should you stay? Should you go?
There are so many things to take into account when dealing with a counteroffer, but fear not. Here are some points to consider when approached with a counteroffer, as well as 5 tips on handling a counteroffer like a pro!
Simply put, a counteroffer is an employee’s bid to keep you from leaving the company. This is likely because they value your work contributions and see you as a high-performing asset to the business.
In most cases, there are more reasons to decline a counteroffer than to accept one as over 90% of employees that accept a counteroffer end up leaving within a year. A few questions to ask yourself before accepting/declining a counteroffer:
Ultimately, deciding whether to accept a counteroffer or not is completely up to you, and your decision will be based on many factors (personal life, family, salary and job expectations, living expenses etc.).
As much as your employer values and appreciates your contribution to the company, each business has its own limitations, whether that be financially or operationally. Understanding these limitations are crucial to negotiations. Some companies may not be in a position to offer an increase on your salary due to certain financial restraints, or some may not be able to offer flexibility to your working hours due to the nature of the industry. Regardless, it is essential to understand what the company can and cannot offer, and at the same time be clear on what you will and won’t accept.
Receiving a counteroffer from your current employer is very flattering. It may even make you second guess your decision to leave. Whatever the case may be, it is important to remember that you can negotiate your counteroffer. Perhaps the offer is for an annual increase to your salary, but you were looking for more flexibility within your role. Explain why you are looking for the benefits/increases you are. If you have no justification for what you are asking for, employers will be less inclined to make you the offer you really want.
In some cases, a counteroffer is not just for financial gain. Employees may be on the job market for many different reasons such as:
One thing we recommend NEVER doing in any negotiation (especially when negotiating a counteroffer) is giving your employer or manager an ultimatum. This could instantly put your employer on the back foot, making them less likely to make the offer you were hoping for. Instead, be prepared and ready with a list of what you are asking for and the reasons for each. Giving facts and stating your wants and needs concisely will be better received as opposed to the more threatening ultimatum that could make you come across as unprofessional.
You’ve heard the age-old whispers about trusting your instincts, and this couldn’t be more appropriate when considering a counteroffer. Take the time to assess the pros and cons of accepting the counteroffer. Ultimately, however, you need to listen to your gut and do what is best for you. If your gut is telling you that accepting the counteroffer is the wrong thing to do, then chances are it is.
Whilst we understand that you are not in control of receiving a counteroffer, it is critically important to think of your new employer when making this decision. Think of the time and effort they have put in to finding the perfect candidate, and after a lengthy process of interviews and scanning through a pool of suitable applicants, they have chosen you, only to be let down and have to start the entire process from the beginning.
If you decide to accept the counteroffer, it is imperative that you let your new employer know as soon as possible. This will allow them the time to start the hiring process again. Always maintain a professional demeanour and be sincere and honest when letting them know you will no longer be accepting the position. A phone call or email would be the best way to do this.
When it comes to making a decision on whether or not to accept a counteroffer, it can be tough, but we are here to help you every step along the way. Speaking with your recruiter may be best as they can offer practical advice and guidance, helping you make this tough decision.
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*COVID-19 considerations apply. All information was accurate and up to date at the time of publishing.
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