When employees say they are considering leaving for another job, companies are usually hesitant to make counteroffers. Most people who accept counters end up leaving within the next six months regardless, so it seems impractical for managers to offer them up. However, the war on talent has switched things up a bit.
Because they don’t know if they’ll be able to locate excellent replacements soon, companies have been more eager to throw out a counteroffer… particularly to highly skilled employees. There have been instances where counters promise as much as 100 percent wage raises to those who threaten to leave.
The truth is, a better-looking paycheck is no supplement for things like bad management and stressful culture. So, if you’ve considered leaving your job, received an amazing offer, and are getting a counteroffer, here are some things you should consider first.
If you’re leaving for an increased salary
You may feel apprehensive about putting in your two weeks if you’re loyal to the company you’re working for. Perhaps you’ve maintained your role throughout the pandemic, or you have positive relationships with the team. If you are leaving entirely for salary reasons and you have a job offer, it may be worth trying to be transparent about your motivations; as long you are 100 percent ready to potentially leave.
In other words, you can explain to your boss that the main reason you’re exploring another job is to earn more money. You can let your employer know that while you love the job, you have received an offer that is hard to pass up. You can ask if there is any way you can figure out a way to make it work. Unfortunately, no matter how good your relationship with your employer is, if you receive a counteroffer in response to your resignation, your loyalty as an employee will be called into question both then and in the future.
This can go either way and it’s important to evaluate the relationship you have with the team before making this type of negotiation. Right now, there is a push to make our jobs/careers more social. The emphasis on a positive and tight-knit work environment can make these kinds of decisions more personal than we’d like to admit. Whether you want to call it “office politics” or the “work culture”, even with a counteroffer, your manager *could* harbor resentment towards you. You need to ask yourself: Will my managers hold this against me in the future? Will this impact my growth with this organization?
Can you create change instead of leaving?
Are you leaving because you’re undervalued? Do you feel burnt out? Are you struggling with a specific employee? Most importantly, does your boss know about these issues?
Waiting until you get a new job offer to express your dissatisfaction can feel like a slap in the face for employers. While there may be risks in voicing your worries, as long as you keep the conversation focused on your professional development, your boss should be supportive. If they’re not, then your decision to leave should be solidified. If you feel like you’re being taken advantage of, it’s important to determine how intentional your employer is with their management.
Make a list of your reasons to quit beyond salary. Sometimes, there is nothing to fix, especially if you’re leaving for career advancement or the opportunity to work for a company with a well-known brand. In those cases, it may be best to avoid the counteroffer altogether. It’s pointless to devote time and energy to something you don’t want to do. So, before accepting a counteroffer, consider why you wanted to leave in the first place.
Remember that while a counteroffer may result in an immediate salary increase, it also announces your intention to leave. With that, there are immediate and residual consequences. Before you go in pursuit of a counter, you will need to weigh your options.