After accepting a new position with another company, the time comes for you to hand in your notice. That difficult decision could be made potentially trickier by your manager making a counteroffer. Research has found that counter job offers are on the rise, because of an ever-shrinking pool of top talent and ever-increasing salary expectations from staff.
When a staff member hands in their notice, it seems a good idea for the employer to tempt them to stay. Put simply, it’s cheaper and less disruptive to appease existing staff rather than hire new people or fix any deep-seated problems within the company. If this happens to you, it’s time to examine your employer’s motives for suddenly offering you the things that could have prevented you from leaving in the first place. After all, you’ve thought long and hard about handing in your notice, so ask yourself this: will the short-term fixes on offer really be enough to keep you on?
Here's our step-by-step guide on the best way to navigate counteroffers:
Understand Your Priorities: Before you even receive a counteroffer, be clear about your priorities. Understand why you were looking for a new job in the first place and what you're hoping to achieve in your career. This will help you make a decision that aligns with your long-term goals.
Evaluate the Counteroffer: Take time to evaluate the counteroffer thoroughly. Consider not only the financial aspects (salary, benefits, bonuses) but also factors like job responsibilities, work-life balance, growth opportunities, company culture, and location.
Compare Offers: If you have multiple job offers, make a detailed comparison of each one. Create a list of pros and cons for each offer, focusing on what matters most to you.
Communicate Professionally: When you're ready to respond to the counteroffer, do so professionally and respectfully. Express gratitude for the opportunity and explain that you're carefully considering your options.
Ask for Time: Request some time to make an informed decision. Let the employer know that you want to make the best choice for both parties and that you need a little more time to finalise your decision.
Consider Your Prior Commitment: If you have already accepted an offer from another company, remember that backing out after accepting can harm your professional reputation and relationships. Take this into account when making your decision.
Consult Trusted Advisors: Talk to mentors, colleagues, or friends who can provide valuable insights. They might offer perspectives you haven't considered and help you make a well-informed decision.
Reflect on Long-Term Goals: Consider how each offer aligns with your long-term career goals. Think beyond immediate financial gains and focus on which opportunity offers the best potential for growth and advancement.
Negotiate Wisely: If you decide to accept the counteroffer, negotiate the terms thoughtfully. If there were specific reasons you were considering leaving initially (such as job satisfaction, growth opportunities, etc.), discuss these with your current employer to see if they can be addressed.
Decline Gracefully: If you decide to decline the counteroffer, do so gracefully and professionally. Express your gratitude for the opportunity and explain that you've made a decision that you believe is in the best interest of your career.
Maintain Professionalism: Throughout the process, maintain a high level of professionalism. Your interactions during this time can impact your reputation in the industry.
Remember, there's no one-size-fits-all answer when it comes to counteroffers. The best approach depends on your personal circumstances and career goals. The key is to be thoughtful, respectful, and strategic in your decision-making and communication.
So, if you are searching for a new job, then please contact the team here at Venture as we're here to help you find & secure your next dream accounting or finance role.
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