You have just been counter offered by your existing employer, very flattering. You have two companies battling it out in a bidding war for you. For the hard truths why you should never accept a counteroffer, read on.
Well, unless you can strike a deal with your current employer to pay you the same amount of money that Jeff Bezos would earn listening to AC/DC – Thunderstruck. £520,989.32.
Your company has just admitted they have been underpaying you.
Let’s be honest, the company that you have been working so hard for all this time has just blatantly admitted that they have been undervaluing you. And, with that comes broken trust – which is almost always unable to be fixed. You have probably heard all the excuses in the past about how ‘budget is tight’ or ‘I promise next quarter you will get a raise.’ As I explained in another article, https://novatasrecruitment.co.uk/are-recruitment-fees-worth-it/ the cost in time and effort of replacing a member of staff will significantly outweigh a counteroffer from your current employer. It can cost a company up to 200% of an employee’s annual salary depending on the position. In short, it’s an easy fix.
The reason you looked for a job in the first place have not changed.
Financial gain is not everything – only 12% of people resign due to money.
The truth is the average person spends more time in work than they do outside of it. So, with that comes other factors; the job is no longer challenging, you do not like the direction the company is going in, the constant promise of change never seems to happen etc. Or any of the other reasons why you have been complaining to your partner, friends and anyone who will listen.
It will affect your position with the company.
Ok, so they give you more money, that promotion, better benefits (or whatever it was) Great!
Now what happens when that new senior position opens up or there is more money in the pot to give out bonuses, pay raises etc. Suddenly you have become overlooked, again. Or next time cuts need to be made, the next decision of redundancies, will your head be on the chopping block? Likelier still.
The relationship with your manager can be damaged. Loyalty and trust have been broken, you will no longer be seen as a team player and your reputation will suffer.
And then we have the facts.
80% of candidates who accept a counteroffer from their current employer end up leaving within 6 months.
9 out of 10 candidates who accept a counteroffer will leave their employer within 12 months.
50% of candidates that accept a counteroffer will be back on the job market after two months. Usually when the novelty of an increased salary and new responsibilities wear off.
