Reasons to Never Accept a Counter Offer
You’ve made up your mind it’s time to move. After several weeks of going through the hiring process with your potential new employee, you have received an offer and you happily accept.
Now it’s time to hand in your notice of resignation. Out of the blue, a speed bump in your plan: your manager has presented you with an appealing counter offer.
It is invariably a costly frustration for employers to recruit your replacement and they will often lure you back in to prevent this. They could offer you more money or better benefits, a new position and lots of promises for the future. These factors can be attractive and very tempting to accept. Let’s face it, it’s a safe option.
How mistaken you are! Once your employer knows you are discontented they will regard you as a ‘problem employee’.
“Our research has shown that while many professionals have received counter offers during their resignation process, 74% of those who accepted returned to the jobs market within a year” said Richard Lloyd Director and owner of Lloyd May.
10 reasons you should not accept a counter offer
After weighing up your options you have decided to accept your current employees counter offer. The counter is rarely about the individual – it’s about the current situation you have presented to them. Your current employer doesn’t want the headache of another vacancy to fill, they don’t need a loss of bonuses due to a loss of fee income. There a several things to be wary of;
Understand the value of new opportunities
It's not just about assessing the potential downfalls of a counter offer, but about considering the value of new opportunities. Will staying at your current company offer the same long-term personal career development as moving into a new role for a new company? Will accepting more money change how you feel about your current job?
In most cases, there are several other factors at play that made you feel like leaving, whether they included unresponsive management, unfavourable working conditions or progression opportunities. Although counter offers can be flattering and even tempting, the risks can outweigh the rewards. It’s crucial to reflect on all the factors of why you started looking for a new job in the first place and evaluate what is right for you and your career.
For more career advice, and information on counter offer’s please contact the Lloyd May team.
T: +44 (0)20 3709 5080 E: firstname.lastname@example.org