Should You Accept a Counteroffer?
Ask yourself one question: does the counteroffer address the reason(s) you were looking for a new job? If the answer is no, and the new opportunity will provide what you are seeking, then you should move forward.
Reasons for counteroffers:
- Counteroffers can be an employer’s way of “buying time” until they find a replacement.
- Employers know finding your replacement will be more expensive than offering you some promises and a raise.
Potential outcomes if accepted:
- Managers in the current company could question an employee’s loyalty moving forward and whether they will jump on the next opportunity that comes along.
- If the current situation cannot be improved, a counteroffer will only be effective short-term since the reason(s) that motivated a job search in the first place will not be addressed.
Considering if you should take a counteroffer? Ask yourself these four questions:
1. What is the reason(s) you are looking? Can these be addressed WITHOUT a counteroffer?
2. Will anything change if you accept the counteroffer? Group dynamic, reporting relationship, salary, etc.
3. Will the new opportunity elevate your career goals? Remote environment vs. in office, flex schedule, new technology, exciting project team, better manager, etc.
4. Will you “burn a bridge” with the potential new employer if you accept a counteroffer? What, if any, damage can be done to your reputation in your professional community?
No matter the scenario, the employee/employer bond has been broken. An employer knows the employee is unsatisfied and is looking for a new job, and the employee knows that money did exist in the budget for that raise…. So why now? Too little, too late, I’m afraid.
Best case scenario: voice your concerns to your leadership and they listen! It’s better to get it all out on the table to get full confirmation if a compromise can be made. If not, and your reason(s) are not addressed, then maybe it is time to move forward.
Managers, with the fight for talent so fierce, it’s more important now than ever to listen to employees’ concerns/needs. Money isn’t the only reason people look to change jobs: shorter commute, ability to work remotely, new project team, culture, or professional development. Some of these can (and should) be addressed to retain your valued employees before they lose interest and look for a new job.
Want to know more about counteroffers or how we help our IT and Engineering professionals achieve their career goals? Let’s schedule a brief call so you can learn more about how we can help you achieve your goals!