In today’s tight market for top talent, counter offers are becoming increasingly common and necessary.
A counteroffer is often understood by employee as a reinforcement of the employee’s value or to show commitment to make a change. However, rarely understood are two reasons for a counteroffer that a candidates should be well aware of:
It will cost more to find and train your replacement than it is to increase your salary.
It is now known that you will resign when a good offer comes your way. Employers will use a counter offer as a means to increase revenue by retaining you long enough to find a replacement with greater knowledge, skills and abilities than you.
What to Do?
It is not recommended to accept a counter offer. You can do an internet search for “Counter-Offer” for comprehensive lists of the hazards of accepting a counteroffer. A few worth noting are:
Underlying issue for making a move isn’t resolved
It may be a long time before you get a raise
The lose of trust amongst team members, managers and leadership will creates new obstacles that decrease in motivation and engagement even more.
The best way to address a counteroffer is to expect it is coming and be prepared to turn it down.
Before you begin your job search, make a request for the changes you are looking for. If those changes are not implemented in a timely manner, then start documenting the reasons why it makes sense to make a career move.
Decline a counter offer in a polite and professional manner immediately after it is presented.
“Counter-Offer” Web Search
Run a quick Google Search on “Counter-Offerfor real-time 3rd party information about the potential hazards of accepting a counter offer.