Considering a Counter Offer: What You Need to Know

If you're a job seeker, you've likely heard of counter offers. A counter offer is when your current employer offers you more money or other incentives to stay with the company after you've received a job offer from another organization. While receiving a counter offer can be flattering, it's important to think carefully before accepting it.

In many cases, accepting a counter offer may not be the best decision for your long-term career goals. Here are a few things to consider before making a decision:

• Where was that money in the first place?

If your employer suddenly offers you a substantial raise, you have to ask yourself: where was that money in the first place? Why did it take you putting in your notice to get a raise? If your employer truly values your work and wants to keep you around, they should be willing to compensate you fairly without being prompted.

• Will more money actually fix the problem?

If you're considering leaving your current job because of a toxic work environment or because you're unhappy with the work itself, more money may not solve the problem. It's important to remember why you decided to leave in the first place and consider whether accepting a counter offer will truly make you happy in the long term.

• You may be held to a higher standard.

Once you accept a counter offer, your employer may hold you to a higher standard and expect more from you than they did before. This can lead to feeling overworked and stressed, which can ultimately impact your job satisfaction and performance.

• There may be a silent underpinning. (The “Golden Handcuffs”)

If you accept a counter offer, there may be a silent underpinning between you and your employer that you were looking for a job elsewhere. This can create a sense of resentment and awkwardness in the workplace. The unspoken belief that you have to stay, can also be present and create animosity.

• Statistics aren't in favor of success:

According to research, around 80% of employees who accept a counter offer end up leaving their job within six to twelve months anyway. This statistic highlights that accepting a counter offer may not be a long-term solution to your job satisfaction.

In conclusion, while it can be tempting to accept a counter offer, it's important to weigh the pros and cons before making a decision. Consider your long-term career goals, whether more money will actually solve the problem, and the potential implications of accepting a counter offer. In some cases, accepting a counter offer may work out, but the statistics aren't in favor of it being a successful solution in the long term.

For additional tips on hiring staff contact our Gateway team today!