In the process of job hunting, receiving a counter offer from your current employer can be both flattering and challenging. It's a testament to the value you bring to the company, but it also requires careful consideration. In this blog post, we'll explore what a counter offer is, the factors to consider when faced with one, and tips for making an informed decision.
A counteroffer is a proposal made by your current employer to match or exceed an offer you've received from another company. It's a strategic move to retain valuable employees, and one which the CIPD reports four in ten employers are currently making to keep key staff. While it may seem like an enticing option, particularly if your current employer matches, or goes higher than, the salary on offer in your new role, there are several aspects to contemplate before making a decision.
Motivation for Job Change: Reflect on why you started looking for a new job in the first place. Is it solely about compensation, or are there other reasons, such as growth opportunities, work-life balance, or job satisfaction, at play here?
Company Culture: Evaluate the cultural fit and alignment with your values in both your current and prospective roles. A higher salary might not compensate for a poor cultural fit.
Career Trajectory: Consider the long-term growth prospects in both positions. Will your current employer provide the same level of advancement opportunities as the new role?
Work Environment: Analyse factors like work flexibility, remote work options, job responsibilities, and the overall work environment.
Benefits and Perks: Look beyond the base salary to consider the entire compensation package, including benefits, bonuses, retirement plans, and other perks.
Relationships: Consider the relationships you've built within your current company. A supportive team and positive relationships can contribute significantly to job satisfaction.
When faced with a counter offer, we recommend following these steps to make a well-informed decision:
Buy Time: Express gratitude for the counter offer and request time to evaluate it. This prevents hasty decisions and allows you to weigh the options carefully.
Assess the Counter Offer: Evaluate the counter offer against your original reasons for seeking a new job. Does it address those reasons effectively?
Consult People Your Trust: Seek advice from mentors, friends, or family who can provide an objective perspective.
Compare Offers: Create a side-by-side comparison of both offers, factoring in all aspects, not just salary.
Consider Future Implications: Think about how your decision might impact your career trajectory and long-term goals.
Communicate Transparently: Keep open communication with both your current employer and the prospective employer. Be honest about your considerations without divulging sensitive information.
Trust Your Instincts: Listen to your gut feeling. If something doesn't feel right, it's worth exploring further.
Ultimately, your decision in this situation should always boils down to what aligns best with your personal and professional goals. If the counter offer genuinely addresses your concerns and provides the growth and opportunities you seek, it might be worth staying with your current organisation. Conversely, if the new offer is more aligned with your aspirations, it could be the right time to make a change. Research does show that 80% of people who accept a counter offer from their current employer end up leaving within 6 months, with 9 out of 10 leaving within 12 months.
Whatever you decide, receiving a counter offer can be a pivotal moment in your career journey. It's an opportunity to reflect on your priorities and make a decision that propels you toward your goals. By considering various factors, seeking advice, and trusting your instincts, you can navigate the complexities of counter offers and make a choice that's right for you.