3 Things You Need to Think About When Considering a Counteroffer
06/15/22 by Motion Recruitment
The Great Resignation shows no signs of abating, with a record 4.53 million workers quitting their jobs in March of 2022. With employers struggling to retain talent, many are giving workers putting in their notice enticing counteroffers to stay with their company. While for some companies the realization that an employee is ready to leave is a wake-up call to make changes, for others a counteroffer is nothing more than trying to avoid bringing on and training new people. “A counteroffer can often be a mirage for employees,” said Evan Gordon, Vice President of Operations at Motion Recruitment. “While it can seem like a company is showing how vital and appreciated you are, in reality, it’s usually just a temporary fix to long-term problems.”
If you’ve been on the job hunt and have been offered a new opportunity, do you have a game plan if you receive a counteroffer? To help you think through the counteroffer process, here are three questions to think about:
1. What's the Motive Behind my Counteroffer?
When your manager first heard you were leaving, a lot of things happened behind the scenes. By the time your employer extended a counteroffer, they thought a lot about the impact. How will this affect morale, project deadlines and your team? Will others follow you?
The important thing to consider is to make sure the counteroffer isn’t about what they need—it should be about what you need. While you may be getting this counteroffer because you planned to leave, it is possible that they do address your true reasons for leaving, so what will this offer ultimately mean for your success and progression?
2. Why did I Start My Job Search?
Remember what led you to open your job search or consider another opportunity. Was something lacking? Did you express concerns that were ignored, or did you stay silent?
Do not get caught up in the money if that’s not your true reason for leaving— especially if it’s the first your manager is hearing about it. What do you need out of your next role, whether at your current or new employer? Global studies revealed that 80% of candidates who accept a counteroffer from their current employer end up leaving within 6 months and 9 out of 10 candidates who accept a counteroffer leave their current employer within the twelve-month mark. Consider whether the counteroffer will accomplish your long-term expectations, or gives you a salary bump but nothing more for your career goals.
3. How Will This Impact My Long-Term Career Plans?
Make sure you trust in a counteroffer before accepting it. Your job search and departure may appear to your colleagues and boss as a lack of loyalty, creating tension. Accepting a counteroffer may not have an immediate effect, but it could create a lingering scenario used as leverage in future career discussions or worst-case, buy your employer time to find a replacement. If you accept a counteroffer, your employer may always wonder when or if you’ll look again. In fact, 2/3 of HR Leaders say superiors will question your loyalty moving forward.
Changing jobs and moving to a new opportunity is one of the biggest decisions a person can make during a career. Make sure to weigh all your options, give yourself some time to map out different scenarios, and don’t eliminate either your new opportunity or counteroffer right away. It is likely you will receive a counteroffer more than once in your career, so identifying your career needs and goals now will help you in the future.
Working in tech and looking for a new opportunity in your career? Contact your local Motion Recruitment office today to connect with one of our recruiters to see how we can make your job search easier, or check out our tech salary guide to see other tech employment trends you need to know.