Counteroffers are common in the workplace and to most people, they are fraught with stress. You just made a very important decision and now you must decide which path to take…again.
Changing jobs is difficult enough, but when your current employer offers you more money to stay, it can eliminate some of the joy that comes with new job you just accepted. What to do?
Consider the facts. According to Bizjournals.com, nearly 80% of people that accept counteroffers last less than one additional year with their company. That is a staggering number.
And here’s a question. Is your employer’s sudden generosity because they really want you to stay, or is it because it is less expensive for them to throw more money and title at you? Keep in mind replacing you is far more expensive than keeping you with a significant raise.
Here are several reasons not to accept a counteroffer:
Your Loyalty Will be Questioned
When you accept a counteroffer, your employer may wonder if you are truly committed to your job or if you are simply looking for a bigger paycheck. This can damage your relationship with your employer and make it difficult to advance in your career. Once the bond of trust is broken, it is hard to win it back and, sometimes, impossible.
The Counteroffer May Not be Sustainable
You may get more money or benefits in the short term, but your company may not be able to maintain these promises in the long term. The extra money you have been promised has to come from somewhere. Next year’s raise?
Also, once a counteroffer has been extended, the company could immediately start the search for your replacement. They may only care that you stay long enough to avoid losing money while they find your replacement. I know this seems harsh, but business is business.
You May Miss Out on a Better Opportunity
While staying with your company is the path of easiest resistance, it may not be the best decision. There may be other opportunities that would be a better fit for you. By accepting a counteroffer, you may be missing out on a better opportunity from the company you decided to go to, or other companies that come your way in the future.
The Counteroffer May Not Address the Underlying Issues
The counteroffer may not address the underlying issues that are causing you to be unhappy. Money, title or more vacation do not solve everything and that same boss that makes your life a bit difficult hasn’t gone anywhere.
If you are considering accepting a counteroffer, it is important to weigh the pros and cons carefully.
Certainly, counteroffers work for some. But why stay with a company you were going to leave when the bond of trust has been broken, your loyalty is in question, your counteroffer may not be sustainable, you could be missing out on a better opportunity that you chose, and the underlying issues that opened your eyes to other opportunities in the first place have not gone away?
Think long and hard about accepting a counteroffer.