You’ve found a new role that’s caught your eye, written a great CV, applied, interviewed, met the team, and been offered the job – all seems well and good! You’ve successfully navigated the interview process and received an offer - yet, just as you're preparing to resign, your current employer presents a counteroffer.
It’s important that you weigh up the benefits of staying at your current company versus the opportunities the new company has in store for you. Contemplate things like:
We understand that this isn’t a one size fits all scenario and the answer of what to do may not be glaringly obvious, so here are some points to consider before you pull the trigger.
Delayed recognition:
Often when you hand in your notice, your current company will match the salary of the new company or offer you more in an attempt to get you to stay. Whilst this is a nice gesture from your current organisation, it does leave room to deliberate why this compensation hasn’t been presented to you previous to wanting to move on from the company. This can be a frustrating scenario, highlighting that you’re being undervalued and the compensation was always there but only been made available to you when you’re considering leaving the organisation. You may be better off at an organisation that is more proactive at understanding your value and fulfilling your career goals.
It's not all about the money:
Whilst counter offers may not just be about a pay rise, it’s always good to assess other key motivators that caused you to seek other opportunities in the first place. Forbes found that 9 out of 10 individuals leave their jobs for reasons unrelated to salary, like flexible working hours, remote working and company culture. So, if you find yourself wanting to accept the counter offer presented to you by your current employer, maybe stop and consider the other reasons why you wanted to leave in the first place. Many candidates who accept counter offers rarely find themselves satisfied with their decision to stay at the company, with the majority leaving within a 6 – 12 month period.
Listen to your gut:
Throughout life, you’re often told to “go with your gut” and listen to your intuition, and this situation is no different. Listening to you instincts about what the right decision is can be a great indicator for which path to take, however that doesn’t mean you shouldn’t compare the two offers side by side to see which one makes the most sense to take. But, if there is an immediate gut reaction to one of the offers (good or bad) then it’s probably a good idea to listen to it.
Making a decision:
Ultimately, you’re the only one who knows what is best for yourself and your career. So, if accepting the offer from the new company for better opportunities and benefits, or accepting your current company’s counteroffer for better financial gain, you’ve got to make the right decision for yourself.
There is no right and wrong decision when it comes to deciding whether you choose to accept a counteroffer or not, but it can be a tricky one that should be decided after careful consideration. It’s always best to fully assess what each company has to offer, what you’re hoping to achieve during your time there, what opportunities do they each present to develop your career, and how you feel about each company as a whole.
If you’re looking for your next opportunity that hits the mark on salary, benefits, and career progress, get in touch with one of our consultants on 0161 938 7220 or 0113 212 4610 for a confidential conversation.
