The COUNTER-OFFER! Should you stay or should you go?
Is it Better The Devil You Know?
Or Are There Really Angels Out There?
Yes there are Angels. And don’t let the Devil persuade you otherwise.
In the war for talent we are currently experiencing, the counter offer happening more and more. And the counter offers are appealing. The very late, token gesture, knee-jerk, panic reaction from your employer when you hand in your notice may be exactly what you wanted. It may be the pay rise, the step up the career pathway, the extra flexibility, the corner office. But most likely it’s just the safe option. Better the Devil you know, right?
Well actually, NO. You’ve now forced your employer’s hand. You’ve given your employer reason to question your convictions. Can they count on you? Plus the statistics show that within 18 months you’ll be leaving anyway.
Yes that’s right. 50% of employees who accept a counter offer, leave anyway within 12 months. That increases to over 80% within 18 months*.
Why you ask? All you have to do is explore the underlying reasons you wanted to leave in the first place and you’ll find that not much has changed, those reasons are still there. In addition, unfortunately in many cases, the diminished trust from your employer means you’re no longer the one making the decision.
So, what’s stopping us from making that move the first time?
Well … It’s scary!
Changing jobs is one of the biggest events you can go through in life and it’s hard to know whether the grass is greener, or that those Angels actually exist. Plus, there’s that ‘buyer’s remorse’ factor, the psychological urge to regret big decisions… And then there’s the genuine belief that things can actually change.
So how do we get over the hurdle?…
I was working with a candidate recently who had been through the very situation and had finally taken the plunge. He had tried to leave his employer twice in the past 2 years, and on both occasions he accepted the counter offer. But this time he did the following:
- He wrote down all of the underlying reasons he wanted to leave. He looked at his reasons for resigning the first time around (and the second), and compared them. Lo and behold, they were the same! NOTHING had changed.
- He shared those reasons with me and using my business insights, we worked together to identify exactly which businesses would give him the change he wanted. We explored the best jobs, the best managers and the best cultures to fit his style and career objectives. Then we knocked on some doors.
- He took time to understand his position in the marketplace. His value. His worth. This was essentially the risk factor (if he takes a job that doesn’t work out, how easy is it to secure something else?)
- At every step of the process, he asked himself the question…“if I was counter-offered, would I take it?”
He is now about to start his new role. He is scared but he knows that the decision has been a really considered one. A consultative, insightful one. And if all goes pear-shaped, he has options.
So my advice is to do what he did. Think about the underlying issues which led you to seek alternative options, and keep them front of mind. As far as my experience goes, a counter offer is too little too late. Sometimes it’s a massive win. But mostly, it’s like making a deal with the Devil!
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Have you been presented with a counter-offer or are feeling like you should not have stayed in your current role?
We are employment market experts across 7 sector specialties, providing end-to-end recruitment, contracting and consulting services to industry leading organisations and departments. We are 3x more likely to find the right opportunity for you, supported by our 94.8% retention rates.
If you are interested in understanding the market and what opportunities are available to you, please contact us or via phone 02 9451 0222 or email me suzy@mmegroup.com.au
* Harvard Business Review May-June 2020, p 154.
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