Navigating a counteroffer – How to make the right decision for your career
Receiving a counteroffer can feel like a double-edged sword. On one hand, it’s flattering to know your current employer values you enough to fight to keep you. On the other, it can create a whirlwind of confusion, making you doubt what seemed like a clear decision to move on. The questions is, should you stay where you’re familiar, or embrace the new opportunity that initially excited you?
In this article, I’m going to talk you through the decision making process that comes with a counteroffer and by the time you’ve read it, you’ll be equipped with the insights needed to make a choice that truly aligns with both your professional aspirations and personal values.
Why do Employers make counteroffers?
Often, keeping an existing employee is more cost-effective for a company than recruiting, hiring, and training a replacement. Employers are also aware of the repercussions of losing an experienced team member. In some cases, a counteroffer is less about recognising your worth and more about avoiding the disruption your departure could cause. As harsh as it sounds, it may be a move driven more by necessity rather than a genuine desire to see you grow within the company!
What does this mean for you?
It could suggest that you were undervalued before you handed in your notice – if your employer is suddenly willing to offer more, why wasn’t this on the table earlier?
A counteroffer allows you to shine a light on aspects of your current job that you found were lacking, pushing you to reflect on whether these issues can truly be resolved by staying or if they are signs that it’s time to move on.
Evaluating the counteroffer
Like any big decision, it’s crucial to evaluate the counteroffer from multiple angles to ensure you’re making the best decision for your future.
Financial Aspect: First, examine the financial implications. Does the counteroffer significantly improve your salary or benefits? How does it compare to the compensation package offered by the new role? Remember, while a higher salary is tempting, it’s important to weigh it against all factors of the role.
Career Growth: Consider how staying with your current employer might affect your long-term career trajectory. Does your current role offer room for progression, or are you likely to plateau? Compare this to the growth opportunities and development that the new role promises. A higher position or a broader scope of responsibilities elsewhere might be more beneficial in the long run.
Workplace Environment: Reflect on the reasons you wanted to leave in the first place. Was it because of the workplace environment, company culture, management style, or work-life balance? Will these issues be resolved by accepting the counteroffer, or are they likely to persist?
Job Satisfaction: Ask yourself if a higher salary will address the underlying causes of dissatisfaction. Sometimes, a counteroffer can mask deeper issues, like a lack of fulfillment or misalignment with the company’s values. Consider whether these concerns will continue to affect your happiness and productivity if you choose to stay.
Strategies for responding to a counterofferTake Your Time: Receiving a counteroffer can be overwhelming, and it’s important not to rush your decision. It’s perfectly acceptable to ask for time to carefully consider your options. Hasty decisions, made in the heat of the moment, can lead to regret later on.
Have an Open Conversation: Honesty is key when discussing the counteroffer with your current employer. Openly communicate your concerns and the reasons you initially wanted a new opportunity. This conversation could either validate your decision to leave or make staying a more viable option.
Be Professional: No matter what decision you make, it’s crucial to handle the situation with professionalism. Whether you choose to accept or decline the counteroffer, express your gratitude for the offer and communicate your decision respectfully. Maintaining a positive relationship with your current employer is important for your professional reputation!
Dealing with a counteroffer is complex. But ultimately, the decision you make needs to serve your long-term aspirations, not just provide a quick fix to your current situation. Prioritise what truly matters to you – it could be career progression, a better work-life balance, or a more fulfilling role.
Whether you choose to stay with your current employer or move on to a new opportunity, make sure your decision reflects your career aspirations and personal values. In the end, the choice should bring you closer to where you want to be, both professionally and personally.
