Do you find yourself in a situation where you have a counter-offer on your table? Are you having difficulties in deciding whether to stay or move on to another job? You’re in luck because, in this article, we’ll give you all the information you need in handling counter-offers. As tempting as the offer on the table may be, the best approach is to take your time and thoroughly evaluate your options.
What is a Counter-Offer?
A counter-offer often comes when you’ve decided to resign from your workplace to take on a different path. Your employers don’t want to lose you so they make a last-ditch attempt to convince you to stay. This comes in the form of increasing salary, a promotion to a new role, gaining greater responsibilities, moving to a new team, and reduced working hours, among others. Here are steps on how to deal with counter-offers.
1. Understand the Nature of Your Counter-Offer
When you receive a counter-offer from your current employer, it’s essential to understand its true nature. You have to evaluate why your bosses are so hesitant to lose you.
- Do they feel that you’re invaluable to the team?
- Do they want to avoid the stress and cost involved in finding a suitable replacement?
- Do they want you to complete a key project before allowing you to leave?
It’s usually easier for the employer if you don’t leave. Though it may be flattering that your bosses are willing to go the extra mile just to keep you, you have to understand that they have their best interests at heart. Whatever decision you end up making has to be because of you and how much you benefit.
2. Reflect on Your Goals and Why You’ve Thought of Leaving
Before responding to the counter-offer, take a moment to reflect on your career goals and the reasons that prompted you to seek new opportunities in the first place. Evaluate whether you want to switch jobs just for higher pay or for something much more than that. i.e. better work-life balance, gain more experience and responsibility or be in a more dynamic work environment.
Also, reflect on why your employers never offered you a pay rise and how long it has been since your last salary increment. Is this just a job retention tactic or is the threat of losing you making them value you more? This is why it’s important to contemplate your next step.
3. Seek Professional Advice
After reflecting on your career goals and why leaving is an option, you may seek the opinions of other professionals. If you’re using a recruiter, you can let them know about the counter-offer so they guide you through your options. They have experienced this situation many times so you’re guaranteed to get useful feedback.
Their objective insights and industry knowledge can shed light on the potential implications of accepting or declining a counter-offer, empowering you to make a well-informed decision that aligns with your long-term career aspirations.
4. Weigh the Pros and Cons
After getting professional advice that can better guide your final judgement, you have to consider both the pros and cons of accepting a counter-offer. Writing a pros and cons list is an objective way of knowing which offer is the best for you. While it may seem appealing to stay with your current employer due to familiar surroundings or financial incentives, carefully weigh these factors against the opportunities presented by the new position.
5. Make Your Final Decision
After carefully assessing and weighing all your options, you’re in a position to make a final decision about your future. Consider the long-term implications of both accepting the counter-offer and pursuing the new opportunity. Trust your instincts and choose the path that aligns with your values and professional aspirations.
You may accept the counter-offer when
You are convinced that your employers are ready to take genuine action to solve all the issues that drove your decision to leave. You should let your prospective employer know about your decision to stay. However, avoid accepting if you still have issues with staying, as you may end up wanting to leave a few months down the road.
You may negotiate the counter-offer when
You aren’t completely convinced of the counter-offer on the table but you’re willing to suggest adjustments. Write down what you’re looking for and set a meeting to discuss the practical actions your boss needs to take to convince you to stay. Don’t forget that you’re in a strong position since you have other options. Only accept if you’re comfortable with their offer.
You may reject the counter-offer when
Your motivations for leaving aren’t addressed in the counter-offer. If you believe that your offer elsewhere presents you with a more interesting challenge and opportunity, you may respectfully decline the offer.
Conclusion
Dealing with a counter-offer requires careful consideration and introspection. As tempting as it may be to accept the offer, it is essential to take your time and thoroughly evaluate your options. Understand the true nature of the counter-offer. Prioritise what decision aligns with your long-term goals, whether it is accepting, negotiating, or declining the offer. Let your decision empower your growth and lead you towards a fulfilling future.