Handed in your resignation and received a counteroffer?
Here’s some advice on getting through the final stage of the job offer process.
So, you have completed all the stages you think are necessary to finding your new role. You have sorted out your CV, performed well at the interview, your perfect position has been offered to you and you have resigned. In your mind, the process is done and dusted.
But it’s not – your current employer then drops you an enticing offer in the hope of making you change your mind and stay. This then puts you into a quandary: should you stay, or should you go?
At this moment, it is extremely important to weigh up the new internal offer as much as you did the external option. Start by asking yourself:
- Which option will make the best use of my skills and will progress my career in the direction in which I want to take it?
- How do I feel about each of the organisations?
- What scope for professional development opportunities are there within each organisation?
- How do the two managers compare?
- Which role offers the best long-term financial reward?
While there is no one answer to this tricky subject of an employment counteroffer, below are some points to consider when you’re presented with a new job offer and your current employer is keen for you to stay.
Why was my contribution not recognised before?
If you’re worth your increased salary and responsibilities, why wasn’t this recognised before you handed in your notice? Part of your frustration from the outset may be that you’re undervalued, and if it takes your resignation for this to be noticed, you may be better off with an organisation that is more proactive in helping you fulfil your career ambition.
Is it all about the money?
A counteroffer may not purely be about a salary increase. It could focus on other key areas for you such as responsibility or getting a work life balance. However, unless salary was the sole purpose for looking for a new role, counteroffers are rarely the answer. In fact, statistics show that 80% of people who have accepted a counteroffer will not be at their current employer in six months and 93% will not be there in eighteen months’ time. Ask yourself whether the salary increase is simply a sticking plaster for deeper rooted issues.
Are you breaking their trust?
When your current employer finds out that you have been interviewing elsewhere, it demonstrates to them that your loyalty to the business has changed. This could lead to them no longer seeing you as a team player and potentially could lead to you being first out the door if there is an internal reorganisation.
Where will a pay rise leave you in relation to the jobs market?
If you do decide to take the counteroffer that does lead to getting an increase in salary, there is the potential that you may end up being overpaid compared to the market for the level of experience that you have. This could make an external move more challenging as your salary will not reflect your actual worth in the market for your level of experience.
Can your current employer resolve your underlying concerns?
Sometimes, employers can be that busy focussing on the day to day of running their business (particularly in challenging times) that they fail to spend time nurturing some of their most stable and loyal employees. Not for any malicious reason but simply because they’re distracted. Whilst I hasten not to make excuses for this, it’s always important to consider whether you have given your current employer a fair shot at trying to rectify any problems. Unfortunately, a resignation is often the shock they needed to realise their oversight but be sure not to use it as a ‘bargaining tool’ to prompt changes.
Remember, it’s always going to be hard to leave…
You wouldn’t be human if there wasn’t an ounce of nervousness in your mind before accepting a new role. Particularly after working for a business for a long period of time where you would have built up equity. This can be either the relationships you have at work or your record while you have been there.
Most people make the most dramatic improvements to their career progression, immediate and long-term earning potential by making an external move, but that doesn’t mean that the most positive move for you is necessarily one outside your company. If the deal offered by your existing organisation changes, it deserves fair consideration at least.
But if you decide not to stick with your current employer, use it as an opportunity to thank them for the offer and reiterate that while you enjoyed your time with the organisation, you remain firm in your decision to leave. There’s little point at this stage in burning bridges by listing everything you felt was wrong with the organisation and your role. You never know when you’ll encounter your old manager again so remember to always be gracious.
If you need some support in progressing your career, or just find yourself at a bit of a cross roads and aren’t sure what to do next, please give us a call today: 01254 239363