Deciding on a Counteroffer: Key Factors to Consider

Finding a new job is tough, it’s tiring and it requires some big decisions however you’ve made it through the process. You have polished the CV, smashed the interview and written that letter of resignation ready to hand in ready for that move to your dream role. Handing in your notice is the easy part, right? But what if your employer wants you to stay, what if they produce a counteroffer? What should you do?

According to well-publicised statistics, 80% of people who take a counteroffer end up leaving within six months. It’s not always an easy decision to make, there are lots to weigh up from the inevitable increase in salary to a change in job title but you need to consider what is right for you in the long term.

What is a counteroffer?

In a world of skill shortages and scarce talent, counteroffers are a tactic used by many organisations to retain talent, like it sounds it is a response to another offer normally once a notice has been handed in.

Why shouldn’t I stay?

Only you will know whether you should stay but sticking rather than twisting brings new challenges and new expectations.

•  If your main reason for leaving is culture, no amount of a pay rise is normally worth staying for if the workplace environment is poor and not right for you. You may be getting paid a bit more but is it worth your happiness?
• If your salary was only increased or offered to increase when you are leaving what does this say about how your employer values you? Why did it take this to happen?
• You’ll also need to consider workplace relationships, what if you’ve told colleagues you are leaving but end up staying? It may end up being mixed news some may be happy but others may think it’s just a way to get a pay rise.

How to handle a counteroffer

Everyone’s reasons for moving roles will be different, resignation can be stressful and counteroffers confusing but here are some top tips to help you deal with a counteroffer.

• Remember your reasons for leaving – This is the most important factor to consider when moving reviewing a counteroffer, or taking some time out to revisit your motivations for moving so whether is a better work-life balance, more responsibility or a new work environment let this guide you rather than money.
• Go with your “gut” – Be clear in your thinking, if there are any nagging doubts or any thoughts that staying isn’t the best decision then it probably isn’t. Ignoring your gut could cost you in the long-term.
• Have an open discussion with your Manager – This is your opportunity to have an open discussion about what is driving your resignation, but remember it’s not an opportunity to air dirty laundry. By having this conversation you can get a better idea of your value, your development opportunities and potential promotion prospects.
• Take your time – Don’t let your employer put pressure on you to accept, take your time to consider your options and weigh it up, a simple Pro and Con list works well as a tool to help.
• Consider your happiness – If you stay will you be happier? Will a pay rise make you happier if you have a poor relationship with your manager or if the culture is poor? I wouldn’t think so so, so remember what will make you happier.

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