My experience in general has been that 8 out of 10 candidates who have accepted a counter offer from their current employer after resigning, are back in the job market within less than 6 months.
Most common reasons cited by candidates for accepting a counter offer are any or all of the promises made by the current employer:
- A pay hike with a special bonus soon.
- Increase in job responsibilities with a promotion.
- Improved work environment.
- Reward for loyalty towards the organisation.
It is very difficult to say “no” to all such goodies promised so easily which an employee never got before.
But are these gains ‘real’ and ‘long lived’? Let us try and answer some questions which might set you thinking!
Missing the woods for the trees: In getting so excited about the promises of the counter offer, most candidates forget about the evaluation of the job offer holistically with future prospects in mind. They get short sighted which is the biggest mistake. What was the reason for you to seek a change in the first place and what attracted you to accept the job offer? There must have been a strong motivation offering better prospects in the long run with the prospective employer.
Sudden Recognition: If the organization wanted to give you recognition, why did they wait for you to put in your papers? Pay hike and rewards is always based upon merit. Shouldn’t it have been communicated to you as part of a process of planning your career?
Improved work environment: Can the work environment be improved overnight? If yes then will it be long lived ? Why should a company keep someone who didn’t deserve a promotion and instead received it in reaction to a fear of departure? When the crisis is over, the incentive to keep you back will also disappear.
A pay hike and promotion out of turn: How would you manage your relationship with your colleagues and seniors after you accept an ‘out of turn’ pay hike? Won’t there be a feeling of being obliged somewhere within you? Will it not affect your one-to-one relationship between you and your seniors / colleagues post your acceptance of the counter offer?
Loyalty: Your employer will no longer consider you part of that ‘inner circle’ of his trusted confidants. If you have been flirting with other companies, then isn’t the trust going to be weakened? Your employer will always remember this move of yours and definitely not in a positive light. Your seniors may not respect you. They’ll feel that they are the ones who really call the shots in your career, not you, so relationship may get lopsided.
Working for an individual: What if your boss who made the counter offer to you leaves the organization tomorrow? The job market is full of opportunities and anyone could pursue better career options.
Relationships in marketplace: What about your future relationship with the prospective employer and the executive search firm? Have you considered that aspect?
So should you accept a counter offer from your current employer? The advice is ‘NO’. This is not to do with managing a counter offer but managing your career.
So what should ideally be done while considering a job change?
1] Communicate with senior industry Leaders: First and foremost do your homework well. Better to avoid the stage to come where you are compelled to accept a counter offer. Your objective of looking at a career move is to meet your career goals which should be clearly evaluated by you on an on-going basis. If you are clear about your career goals but do not have the bigger picture from your employer’s perspective, it is suggested that you discuss them with your senior. This will help keeping the boss abreast about your aspirations.
2] Objective inputs :
a] Senior industry professionals :Before starting your job search, consult some seniors in the industry or peers who are experienced for providing inputs .On the basis of their experience, they could advice you about the industry and the kind of companies you would like to move to in future or immediately.
b] Executive search firms and recruitment consultants can be an excellent source for you to take advice from. Pick up some good and credible consultants who would do an evaluation of the situation and offer invaluable advice. Consultants work across industries and can give you a wider perspective which in turn will give direction to your career. They can be your confidant.
Once you have decided that you need to move on to another organization and have accepted an offer, there should be no question of accepting a counter offer and staying back with your current employer.
Remember well-managed companies rarely offer counter-offers to their employees. Instead they treat them with dignity and respect of an individual who has thought long and hard enough to take his/her career into his/her own hands. Leaving a company is something that happens to everyone in the world of work. Minimise the potential career damage and your anxiety in this transition by having the confidence to stick to your decisions.
With best wishes,
Sarabjeet Sachar
Seasoned Career Coach, Founder & CEO, Aspiration Job Search & Interview Coaching