It takes a lot of audacity to quit your job. Often, it means you have to forgo your comfort zone & venture into the unknown. However, when you have accepted a new job offer & about to hand in your notice, it’s possible that your current employer will make a counter offer to encourage you to stay with the form of an increased salary and a promotion. Counter offers are becoming more and more conventional as companies often make an effort to keep their most valuable talent. However, statistics have shown that four out of five people who accept counter offers are gone within the year because a counter offer is a short-term solution to long-term underlying issues. So, while a counter offer may be rewarding in the short term, you may still be better off moving on to a new opportunity.
1. If they think you’re worth that now, why weren’t they paying you that earlier? Cooke, who is a North American director of an international recruitment firm, said that “The reality is they value you in the first place & they’re only thinking short term,” add that employers will often be thinking about the costs & risks involved in finding a replacement. “You have to ask yourself: If they think you’re worth that now, why weren’t they paying you that earlier?” he said.
2. Your future employer sees a potential in you that your current employers does not see. If your future employer is willing to take the risk to hire you, why not just go for it? Because taking on a new hire is a risk not just for the employee but also the employer. They are taking their time to groom & grow your potential & future.
3. Trust is likely to be broken between you & your current employer. In many ways, leaving a job is like leaving a relationship. Often, resignation is likely seen as ‘lack of loyalty’ & your current employer may now question whether they could count on you. Consequently, your relationship with your employer may be irreversible transformed, in particular if you planned to move to a competitor. This could have an impact on the projects you are given or potential pay increases or promotion in the future.
You know your career situation better than anyone else, so any decision should be made with that in mind. Accepting a counter offer has its catch, but you must be aware of the potential benefits of pursuing new opportunities can provide. It is common to take a short-term view once a counter offer is presented, but it is important for you to consider a long-term perspective & the influence on the future of your career.
Michelle Teng is an Associate at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Data sectors.You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent – 5 Proven Steps to Secure the Best Candidates Possible” here. Alternatively you can view the Datasearch Consulting website or contact them directly on firstname.lastname@example.org for a more detailed discussion.