How to manage a counter offer
Typically a counter offer is where your boss offers you more money to stay, or promises promotion, or something similar. Whilst we are not saying that you shouldn’t consider this, you should however be aware of the pitfalls.
Firstly, why has it taken your resignation for them to suddenly realise your worth? And after the initial flattery and extra cash have lost their appeal, you may still be left feeling exactly as you did when you started looking for a new job. Furthermore, an offer of more money can simply mean that you receive your standard pay rise early - so it could lead to disappointment later in the year.
Secondly, once you have handed in your resignation, or tried to at least, your loyalty and commitment may be called into question and, as a consequence, you may find yourself being passed over for promotion. So accepting a counter offer could seriously damage your job prospects too. Even when the counter offer includes the promise of promotion, it may still never materialise - and unless you have it in writing, you will be left in the lurch…
You should be aware of the reasons behind a counter offer – on average it costs the employer tens of thousands of pounds to recruit someone new when taking into account the recruitment process, loss of productivity, training and so on. It is therefore very often the most cost-effective and productive solution for the employer to your resignation. Paying you a bit more and persuading you to stay will always be the cheaper option for the company. Therefore, it’s not necessarily about you, it’s just sound company economics.
If you do want to consider a counter offer, then consider this too: statistics show that over 80% of all employees who accept a counter offer still leave within the next 6 months….