So, you've landed yourself a shiny new job offer, and suddenly your current employer is throwing cash and promises at you to stay put. It's a right pickle, isn't it? But don't worry, we'll delve into the pros and cons of accepting that tempting counteroffer. Oh, and we'll throw in some stats to help you make the final decision - we’ve got your back!
What’s a counteroffer?
A counteroffer is a tactical move made by an employer or a manager when an employee brings up a job offer from another organisation or hints at changing jobs. To keep you on board, the counteroffer usually features a better salary, some extra perks, or increased job responsibilities. The aim is to make the existing role more appealing to persuade you to rethink your decision to depart and stay with the company instead.
Pros of accepting a counteroffer
More money in your pocket
Let's start with the obvious, shall we? A counteroffer usually means more money, and it's a pretty common move to try and convince you to stay put. 56% of employees have been offered a pay raise to stick with their current employer. So, if your boss is willing to match or even exceed the salary offered by the new company, you might consider sticking around. You might also find yourself in a great spot to discuss a more attractive benefits package, like getting private medical insurance or some extra annual leave. And if you're looking to improve your work-life balance, you could explore options for more flexible working hours or even a hybrid or remote work arrangement. It's always worth asking, but make sure that your request is realistic!
Climbing the ladder (maybe)
A counteroffer might come with promises of promotions and new challenges. If your employer is willing to invest in your growth, that's a good reason to stay, right? Take advantage of opportunities to grow both personally and professionally! Feel free to ask about a personal development plan (PDP), signing up for courses, or attending conferences abroad. This way, you can not only broaden your knowledge and network beyond your usual circle but also enjoy the added perk of mixing work with a bit of travel. It's a win-win!
Home sweet home
Embarking on a new career journey can be both exciting and daunting, especially if you’re struggling with mental health. Did you know that 53% of people find starting a new job scarier than going to the dentist or holding a spider? Adjusting to a new work environment can be quite a challenge, too. It turns out that 25% of people say it took them up to three months to feel settled and comfy at their new company, while 7% didn't feel at ease until a full year on the job.
Before making any decisions, it's worth taking a moment to reflect on what's causing your hesitation. Stepping outside your comfort zone can feel uncomfortable, but it's often during these periods of uncertainty that we experience the most personal growth and professional progress. But you know what? It's often in those moments of uncertainty that we experience the most personal growth and professional progress. You might have heard the saying, "life begins at the end of your comfort zone," and there's some truth to it!
Check out all the amazing reasons to test the waters elsewhere 👇.
Cons of accepting a counteroffer
Trust issues
By entertaining a new job offer, you've essentially told your boss you're just not that into them anymore. Even if they offered you a counteroffer (and you accepted), it may leave them wondering if you're really committed, which could make things a bit awkward. This approach might come across as an "up or out" strategy to give your career a boost. It means you searched for a job to gain some leverage and used it to set an ultimatum for career growth. While it may have worked for you this time, it could leave management feeling a bit uneasy. Before trying this tactic, take a moment to reflect on why you haven't been offered a better compensation package or a promotion yet…
Déjà Vu, anyone?
While your boss might promise you the moon and stars, there's no guarantee they'll deliver. If you were looking for a new job because of limited growth opportunities, a counteroffer might not change much. Up to 80% of employees who say "yes" to a counter offer end up waving goodbye to the company within six months, often because of the same issues they experienced before. So, even if your boss sweetens the deal and you decide to stay, those underlying problems that made you want to jump ship in the first place might still be lurking around the corner. Accepting a counteroffer might only serve as a temporary band-aid, and you could end up scrolling through job listings and diving headfirst into the wild world of applications all over again, wondering if you made the right move.
FOMO alert!
Accepting a counteroffer and passing on a new opportunity elsewhere might seem like a safe choice, but think of all the amazing possibilities you could be missing out on! By exploring a new position, you'll unlock a treasure trove of learning and development opportunities, collaborate with new colleagues who can offer fresh and unique perspectives, forge connections that could last a lifetime, and experience the sheer joy of starting anew.
While a counteroffer might provide a short-term financial boost, the long-term satisfaction and growth you'll gain from embracing a new adventure could be priceless. So, before you settle for the familiar, let yourself imagine the boundless potential that awaits you in a brand new opportunity. In our recent survey, an astonishing 54% of participants saw their job as just that – simply a job. On the other hand, a lucky 7% have discovered their true "calling" in life. You deserve to experience that same fulfillment! So, why not seize the opportunity to explore new horizons in pursuit of your purpose? 😊
The decision to accept or decline a counteroffer is entirely yours. Trust your instincts, but make sure to weigh the pros and cons and consider the long-term implications. And remember, it's not just about the money – it's about finding a job that makes you want to leap out of bed in the morning (or at least hit snooze only once). If you need a little bit of extra help navigating through the counteroffer and negotiation process, drop us a message - we're here to help! Best of luck!