You have been offered a new role with a new employer, but then your current employer suddenly realises how much of an asset you are to the company, and offers you a raise, promotion, better benefits or a combination of all three. Suddenly, you’re stuck in a tricky situation.
What do you do? Do you accept the counter offer? Or do you move on to your next opportunity? Unfortunately, when it comes to accepting a counter offer, there are more cons than pros. 80% of employees who decide to accept a counteroffer end up leaving the company within 6 months…
A few examples of the pros and cons of taking a counteroffer:
You get to stay in the company you’re comfortable and familiar with. This is one of the most common reasons employees accept a counteroffer and decide to stay with their current company
The grass is not always greener
A role with a new firm may address some of your current concerns, but then may also present a whole new set of concerns!
Incentive and appreciation
Feeling undervalued? Your employer may offer you an incentive and appreciation for the work that you do. For a large majority of employees, money isn’t the only object.
Feeling unhappy and undervalued? Accepting a counteroffer will do nothing to change the situation. You may just be paid more to stay in a company where you still feel unappreciated.
Loyalty is questioned
Telling your employer you’re leaving for a new role and then accepting a counteroffer will appear that you are only interested in financial gain, and your loyalty in future will be doubted, which will reflect any future advancement decisions. It may also affect your relationships with your co-workers.
It took your resignation to make them take you seriously!
They were aware of your concerns, and waited until you resigned to offer you what you wanted. Will it take a resignation in future to address your concerns?
Addressing immediate concerns
Accepting a counter offer may only be a temporary resolution until the old issues arise again.
Whether or not you decide to accept a counteroffer may depend on want versus need. It is best to weigh up a list of pros and cons of staying and leaving your current job. Find out what’s really motivating you to want to look elsewhere before taking the plunge.