3 Key Things to Consider if You Receive a Counteroffer
You’ve handed in your notice, started planning the new wardrobe for your new job, been listening to podcasts to brush up on your skills, and bam…you’ve just received a counteroffer from your current employer (or via your employer’s preferred recruitment agency in Toronto).
Sounds flattering, but beware! Counteroffers can be a blessing in disguise . . . or they can be trojan horses. Don’t believe it? 80% of people leave within six months of accepting a counteroffer, 90% leave within the year.
Here are three things to consider if you receive a counteroffer that will help you make an informed, not emotional, decision.
3 Key Things to Consider if You’ve Received a Counteroffer From Your Current Employer
1. Why Now, Why Not Before?
Remember how you’d asked for more money or promotion and been declined, kicking off the employment search? You have to ask yourself why now, all of the sudden, your employer has had a change of heart.
Is it because they don’t want to lose a valuable member of the team or is it just indicative of company culture? We’ve seen bosses make counter offers to derail future employment, too, so tread carefully.
They may also have consulted a recruitment agency in Toronto and realized that, hey, you’re actually worth a lot more than you’re asking for – don’t underestimate your worth!
2. Does the Offer Address the Reason You Wanted to Leave in the First Place?
Only around 12% of people decide to change jobs solely for money. Factors like job satisfaction, company culture, face time with the boss, and future growth prospects play a bigger role in driving people out.
So even if the counteroffer brings more money to the table, that likely isn’t the be-all and end-all.
|🤔 Pro Tip
Counteroffers tend to be followed by words of endearment and verbal lures. Make sure they don’t turn out to be hollow promises by having them written into your counteroffer.
3. Things Will Not Be the Same…Immediately
So you’ll accept the counteroffer and return the victor? Not entirely. Your team may see you as an opportunist, especially if you’ve been elevated over peers. Your bosses may also consider you a ‘flight risk’, possibly becoming reluctant to involve you in strategic discussions.
None of these are things that can’t be resolved over time, but the moral of the story: don’t expect it to be business as usual.
If hit with a counteroffer and working with a recruitment agency, have a candid conversation about it with your recruiter. Maybe there’s an opportunity for the company to come back with something more competitive but at the very least, you have the ability to talk out the pros and cons with someone who has your professional interests top of mind.
- Are You Ready to Change Jobs? 5 Questions to Ask Yourself Before You Do - November 9, 2023
- Evaluating Your Counter Offer – Making the Right Career Move - October 25, 2023
- How to Lose a Candidate in 10 Days: Common Hiring Missteps and How to Avoid Them - May 17, 2023