Receiving a job offer can be an exciting and nerve-wracking process, especially when you’re faced with the prospect of a counter offer from your current company.
Though this is an exciting time, it can quickly become complicated when deciding if you should stay with your current employer, depending on what they’re offering, or to accept the new offer and move on.
Making the most of the offer is absolutely essential so that you can get what you want out of it, rather than being left in a more difficult position than the one you started in.
There are multiple factors that play into your decision on whether you should or shouldn’t accept a counter offer, but here’s why they might be more short-term and damaging than you think.
You might have discussed issues that you’ve had relating to your job role before with your manager or your employer.
Even though you’ve attempted to fix the issues that were in your control, there are others that could be the cause behind you seeking new opportunities elsewhere – these are your deal-breakers.
These generally go beyond money, and could relate to:
- More flexibility, such as flexitime or the availability of remote working
- Access to further career progression or personal development opportunities
- Greater work/life balance
- Wanting further commitment to company values (e.g., diversity and inclusion)
- Seeking a more challenging working environment
No matter which of these factors is applicable, they tend to have higher meaning than a simple pay rise will in the long-term, as a pay rise doesn’t address the deeper issues that are the root cause of considering another job role.
Feeling underappreciated or undervalued at work isn’t uncommon, which is why you might have considered a job offer in the first place.
Given that most counter offers rest on monetary value alone, staying in the same place means that the result is going to be the same – your feelings are unlikely to change after the counter offer and may eventually push you to resign.
Your chances for career progression could be negatively impacted if you accept a counter offer, so the chances are that you might be putting your energy into a commitment that will have little payoff or longevity.
Think about where you’d like to be in your career and if a counter offer could impact this – if you come to the conclusion that you would not be promoted to a level that you think you deserve, then perhaps a counter offer isn’t for you in the long-term.
When thinking about the prospect of accepting a job offer, you might be tempted on the basis that your current role isn’t where you see yourself flourishing in a few years’ time.
Weighing up which option is most suitable to your long-term vision is far more beneficial to your future.
Rather than investing your time and energy into something you do not see as sustainable, you can choose the option that aligns with your goals and your happiness.
Research has shown that around 50% of those who accept counter offers leave for a new job within 12 months – a counter offer may sound good in the moment, but does it guarantee job satisfaction later down the line?
If you go to hand a resignation in to your manager only to be met with an offer for a pay rise, you might think that this is a far more beneficial option than accepting a new job role.
After all, many people would find comfort in sticking to an environment and role which they are familiar with.
However, this can quickly become soured when a counter offer is accepted, as it can become a matter of loyalty to your manager.
The working relationship that you had prior to the counter offer is likely to change as your manager is now aware that a large contributing factor to why you have chosen to stay is money – which can call into question how much longer you will stay if you receive another offer from elsewhere.
Though this might not always be the case, a lot of employees that do accept counter offers find themselves feeling isolated within the company as a result.
In most cases, the reasoning behind leaving a job does not rest on money alone.
This means that there is a strong chance that what you’re unsatisfied with in your current role won’t change in the event of a counter offer.
It points towards a disconnect between what you want from your job versus what you’re currently getting – the most important question you can ask yourself when debating between a new job role or a counter offer is “are my reasons for leaving in the first place better resolved by a counter offer, or by accepting the new role?”
Will any changes you’ve requested be made alongside a counter offer?
It can be tempting to ignore the potential pitfalls of accepting a pay rise or promotion, yet this also means that the unresolved issues prior to the counter offer are never addressed and will remain unchanged.
It comes down to your judgement and what you prioritise for your career!
Before accepting a counter offer, consider the following:
- Will issues you currently have be addressed alongside the potential for a pay rise or a promotion?
- Are your long-term goals being met by the counter offer, or is it a temporary fix?
- Are your values and priorities better met in your current role or the new one?
- Will your growth within the job be inhibited by a counter offer, and will it impact your workplace relationships?
When it comes to counter offers, your judgement is the most important aspect – after all, it’s concerning your future!
Everyone will have different priorities as they approach this scenario as it comes down to individual circumstances and values.
As long as you account for the above in your decision-making, you’ll know that you’re making the best possible decision for yourself and your career.