HANDLING COUNTER-OFFERS – SHOULD YOU STAY OR SHOULD YOU GO?

So, your employer has decided to ‘make you an offer you can’t refuse'. Counter job offers are on the rise, according to research, because of a limited pool of elite talent and rising wage demands from employees. With skills and experience at a premium, top employees are in demand. More and more we are seeing employers make counter-offers to keep employees. Employers would prefer to keep good employees rather than start the hiring process all over again. Simply put, appeasing existing employees is less expensive and disruptive than hiring new employees.

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Candidates can feel flattered and valued by a counter-offer. Over 50% of employees receive counter-offers. It may appear to be the right decision in the moment since you won’t have to learn the working ways of another firm or form new ties with new co-workers. You're already familiar with your present employer and how to do your duties. The extra money doesn't seem awful, and it will surely make it easier to stay.

However, keep in mind that 80% of employees who accept a counter-offer depart after six months, and 90% within a year—demonstrating that money isn't always enough to solve the difficulties that drove you to seek a new career in the first place. While it may appear charming, you must base your answer on sound business judgement.

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Should you stay, or should you go? It may be tough to decide whether or not to accept a counteroffer, and there are several aspects to consider. Your decision influences your career and should not be taken lightly. Breathe. Relax. Negotiating a counter-package is something you can manage. Here’s how to deal with them the right way.

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Speak to your boss and review the offer. Go straight to your manager and ask about the conditions of the offer and why they want to keep you. Is it because you’re truly wanted, or is it just to save money on an unwanted turnover? You don't have to decide right away—ask for a day or two to consider it. Take some time to think over their proposition so that you may be sure you're making the best option possible.

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Weigh-up both sides. They like you and believe you’re deserving of whatever you desire. But they might not be able to give it to you. Why? Because they may be bound by certain hard and fast rules, such as pay limitations, that no amount of wrangling can change. If you're talking to a big firm and your role has a lot of horizontals, they probably won't be able to pay you more than everyone else. However, they may be flexible with holiday time. If you’re negotiating with an SME or start-up, you might be able to alter the initial wage offer or job title, but not everything else. Weigh-up your choices. No company wants to lose the people they've invested in, so prepare yourself for an enticing counter-offer. Consider all your options, considering the pros and cons of each and comparing the advantages of leaving with what you've been offered.

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Remember why you wanted to leave in the first place. Even if counter-offers are frequently quite attractive and lucrative, consider why it took the danger of resigning to make them realise your worth, and what would have occurred if you hadn't looked elsewhere. Accepting counter-offers causes many professionals to re-start their job hunt in two to six months. This is because counter-offers seldom address the concerns that prompted candidates to look elsewhere. Say if it’s work culture. If the work atmosphere isn't suitable for you, no number of raises, bonuses, or training chances will make it worthwhile to stay. Or perhaps you don't have the finest working connection with your boss. If your manager believes you aren't totally dedicated to a long-term career with the firm, you may be passed over for promotions or training chances.

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Ask yourself these questions. Consider why you wanted to leave in the first place. Will the new offer resolve those concerns, or will they resurface? Are you certain that your present employer has a true long-term development plan in place for you? If you stay, how will the knowledge that you wished to leave influence your relationships with your boss and co-workers? What would you be missing out on if you don't take advantage of the new offer?

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Re-establish trust. Accepting a counter-offer might cause trust issues with the management team. Before you start looking elsewhere, make sure you work hard to establish and maintain the buy-in you already have. To rebuild confidence among your many stakeholders, don't be afraid to have open and honest discussions. Be serious – make it clear you're serious about working for this company if you want to negotiate for a better salary.

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Keep bridges unburnt. Keep in mind that recommendations from previous jobs are often vital in advancing your career. If you decide not to accept the counter-offer, make every effort to end your relationship amicably. Reassure your boss that you deliberated long and hard before making this decision, resisting the desire to bring up any negative experiences. Explain how much you value the time you spent with the organisation and the useful experiences you gained there.

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Be firm, persuasive, but honest. Don't just say you want something (like a 15% raise or to work from home one day a week). Justify your terms in detail. It’s not the best idea to make a demand if you have no rationale for it. Be truthful. Don’t lie in a negotiation. It almost always comes back to bite you, but even if it doesn't, it's not the proper thing to do.

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Think beyond the money. It’s easy to get fixated on salary. Focus on the total package, including duties, location, travel, flexible work hours, possibilities for growth and promotion, benefits, and so on. Money isn't generally the primary motivator for leaving a job. Many people seek new jobs to improve their work-life balance, get more experience and responsibility, or work in a more dynamic atmosphere. Consider why you were looking for a new job in the first place and whether the counter-offer will meet your needs. Overall, your long-term professional development is more essential than short-term financial gain.

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Compare the offer with your new job offer. Examine the merits of the counter-offer and compare them to the offer from your potential employer. Pay attention to more than just the pay and benefits. Think about which firm will best assist you in advancing your career in the long run. Where can you make the most progress? Which provides greater possibilities for advancement? Examine which company best represents your beliefs - corporate culture and vision are essential factors to consider since they influence how engaged, motivated, and satisfied you are at work.

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Submit your negotiation in one go. If you decided to counter-counter-offer, you're typically better off offering all of your modifications at once if they make you an offer and you're not completely happy with it. Don’t mention, 'The pay is a little modest. Could you do anything about that?' and then once your supervisor has worked on it, turn around and say, ‘Now, here are two more things I want.’ If you simply ask for one thing at first, they may believe that receiving it would prompt you to accept the offer. They are unlikely to stay generous or understanding if you keep adding 'and one more thing...'.

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Remember this isn’t Dragon’s Den. Resist the temptation to exhibit you’re a great negotiator. Fighting for a little more can irritate people—and limit your capacity to bargain with the firm later in your career, when it may be more important. Also, avoid giving ultimatums — we do it by accident sometimes, and it doesn’t come across well.

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Pay attention to your gut feeling. 'Go with your gut,' or 'trust your intuition,' is undoubtedly advice you've heard before. This is also true while looking for a new job. Although you should be systematic in weighing the advantages and disadvantages of the counter-offer vs the new job offer. If you have a nagging sensation that remaining isn't the best option, pay attention to it. Your inner voice was urging you to quit and search for other work, whether it was because of a lack of leadership, possibilities, or the culture doesn’t fit. The company could well be counter-offering to save time and effort in finding a replacement for you. If you believe you're being asked to stay just to save money on recruiting rather than because they value and appreciate you, you should probably go.

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Make your choice. Whether you should remain or depart depends on your particular situation, which includes anything from your professional ambitions to your financial necessities. At the end of the day, you are the only one who understands what’s best for you and your career. Once you've made your decision, inform your present company as well as your Recruitment Consultant or future employer as soon as you can. If you decide to stay, make sure your boss is ready to accept the counter-offer in writing, which should include all the terms you were given in person.

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Ask us for guidance and support. We can assist you if you are unsure how to respond to a counter-offer. You'll find the process goes much more smoothly if you stay in touch. We've gone through this process with a number of candidates and can provide you with our expert advice on what else you should think about. It's in our best interests to assist you in making the best choice for you.