So, you’ve done the hard bit, you’ve scrolled through the job boards, attended the interviews, and secured an offer.
But then as you hand in your notice, your current employer turns round and says they’ll match the number you’re being offered.
What do you do?
There’s lots of advice out there when it comes to counteroffers- but if you’re still on the fence, here’s 5 reasons you shouldn’t accept a counteroffer.
Will a counteroffer fix the underlying issues?
Was salary the only driving force behind your job hunt?
Studies show that the vast majority of people considering leaving their role are unhappy with their relationship with management. It’s often said people don’t leave roles; they leave people.
Maybe you wanted more flexibility, more responsibility, more career development opportunities- or even a new challenge. Will a salary bump fix these underlying issues?
70-80% of people who accept a counteroffer leave or are let go within the year. A counteroffer will shake your employers trust in you and will still leave you feeling dissatisfied with your role.
A counteroffer will affect your relationship with your employer
You can take a counteroffer and stay in your role, but the seed of doubt has already been planted in your employers mind.
You might find yourself overlooked for different projects and a stunt in your career progression as your employer doesn’t want to risk giving you more responsibility only for you to leave them in the lurch a few months down the line.
It can also affect your relationship with your team. If word gets out that you wanted to leave your fellow employees might not feel you’re pulling your weight or doubt your commitment.
Does your employer value you?
A counteroffer might seem tempting, but it begs the question why did it take the threat of you leaving to get that pay-rise?
Your job search might have opened your eyes to what’s out there and what you’re able to get. Know your (market) worth. Did you carry out a job hunt just to use as a leverage? Or did you find yourself up late scrolling on job boards because you didn’t feel valued in your current role?
The cost of a new hire outweighs the cost of a pay-rise. Your employer might panic and bump your salary up but is this because they value you as an employee, or because the idea of going through the effort of sourcing, hiring, and onboarding a new team member is less favourable?
Your employer might start trying to replace you
A counteroffer is a quick decision. Your employer might reflexively make an offer because they are worried about the immediate aftermath of your exit.
But when the dust settles, you’ll be seen in a different light and your employer might make considered moves in order to find a replacement for you (maybe someone who will work for your original salary, or maybe out of a loss of trust in your commitment.)
You don’t want to lose the opportunity at another company only to be made redundant a few weeks later and be left with no job.
New opportunities may lie in wait
If you’re considering leaving because of a lack of career progression, a counteroffer isn’t a solution
The best way to advance your career is to…well advance your career! Does your new opportunity offer you new experiences and progression opportunities?
It’s nice to think of your career progression as a straight-forward route working your way up from junior to senior with a company. But this is increasingly rare in today’s work force.
In fact, Gen Z employees are switching jobs at a rate 134% higher than in 2019.
Making the switch to a new job might be a little harder than staying where you feel safe, but not moving forward at all might be harder still.
If you’re ready for your next challenge, we’re happy to help. Contact our team of consultants at 0117 428 0600