Let’s admit it, we all have been there.
You think the challenging parts of the interview process are over. You are about to sign your contract for the role you have been eyeing for months; it finally acts and wants to offer you. What do you do?
Counteroffers are among the most frustrating turn of events during the recruitment process for recruiters, projects involved, and often for job seekers. Counteroffers are flying in today’s large job market. With so many positions unfilled – 423,500, according to the Australian Bureau of Statistics – the war for talent is firing up.
What is a Counteroffer?
When high-value employees get interested in other companies, employers often offer counteroffers to retain them. If your employer offers you a job counteroffer, you should know what to do. It can lead to increased job security, a higher salary, and better benefits if you pick the right offer.
Here are a few quick facts and numbers before we discuss how you should decide:
- 1 of 2 employees will be presented with a counteroffer when they resign. However, more than half the ones who accept the counteroffer will start looking within two months.
- 80% of the employees, who accepted the counteroffer, will leave the current company in less than six months. If you have decided, you will eventually quit sooner or later. Before you accept your counteroffer, it may be worth looking at why you wanted to make a change in the first place.
How to handle a Counteroffer?
Check your motivation for change:
If you want more money, a better role, or even exposure to growth opportunities, ensure the counteroffer includes them. Evaluate why you were considering leaving in the first place and whether the counteroffer addresses those concerns. However, you should think if those changes are subject to conditions or time-dependent. What if the delay is longer, or if the changes never happen? Would you still be happy to stay on?
Impact on relations with potential project/organisation:
Our single decision can have a cascading impact on potential projects. In many cases, project success or failure can depend on your joining on time. When you are aware of these factors, and already in the middle of your notice period, potential projects will be adversely affected. Are you happy to burn these bridges?
Growth and move in the right direction:
Some departures can be painful, especially if you are making a move after an extended stay. We get comfortable, and change can be daunting. However, as long as you can see the opportunities to stay relevant and grow, you should be confident in your decision.
Consider whether the counteroffer includes any career growth opportunities or if it will limit your future potential.
As a recruiter, we help you understand the details you seek and that your decisions reflect your values and aspirations. One piece of advice is critical: keep all parties’ impact informed, and don’t let your indecision keep the projects at bay. Be thankful and respectful of everyone who has worked to create this opportunity for you, and help them understand the reasons for your decision.
Happy Job hunting!!