You’ve just been counter offered – very flattering. Two companies battling it out in a bidding war for you and in today’s climate, you’d be mad not to consider it right? Well, I wouldn’t be so sure – four out of five employees who accept a counter offer are gone within a year!
So why are the odds stacked so heavily against you?
1. Your current employer is looking after themselves
As a general rule of thumb, the counter offer is a temporary means to protect the business. Replacing an employee is costly and time consuming. Why do you think HR teams strategise so heavily around retention, talent pipelining and succession planning? What’s more, your resignation looks bad on your manager.
2. The risk factor
In the eyes of the business, you are now a high risk employee – you’ve threatened to quit once and there will undoubtedly be concerns that you will again. More importantly, that ‘disloyalty’ you’ve shown the business will be hard to shrug off and they are likely to be keeping an eye on the market for your replacement.
3. Your reasons for leaving won’t change
Generally speaking, most counter offers will come in the form of an uplift in salary, but is that enough? Your fundamental reasons for wanting to leave the business remain – you’re under valued, there isn’t any scope for progression or the senior leadership team stifle your creativity to make change. Issues like this can’t be resolved with a quick cash injection so expect to be disappointed.
4. Your employer has been backed into a corner
“we really respect you as a valued member of the team”… “we don’t want to lose you” … “we’ll match whatever the other business are offering you”. Great, your managers really do care – or, rather, it’s taken a resignation for them to show their appreciation for all of your hard work and loyalty over the years…
5. Good companies don’t make counter offers
Good companies rarely make counter offers. They believe that they treat their employees fairly and are likely to support in your future endeavours.
So when it comes to a counter offer, take a moment to wade through the flattery and take a reality check. It takes more than a few quid to enrich your job satisfaction, and, if your only motivation for leaving is money…then you really shouldn’t be in the market for a new job!