should I accept a counter offer

Are you having doubts about your current job role? Perhaps you're ready for a new challenge or a new work environment? Making the leap from one job role to another is never an easy decision. After all, no matter how miserable you are in your job - it's comfortable, it's what you know.

Many people spend months and months in a job that's making them unhappy because they're too afraid to take a risk and move on.

Picture the scenario. You've finally decided that enough is enough. You're ready to move on from your current job to try something else. You've been in touch with an expert recruitment company (like HRS) and found the job of your dreams.

It's a great role, the salary is better and it's a step in the right direction for your career. You pluck up the courage to hand in your resignation letter and suddenly you're called into a meeting with the boss. 

The last thing that you ever thought would happen is happening. Your boss is giving you a counter offer in the hope that you'll stick around for a while longer. Suddenly, the job that you were set on leaving is morphing into a more attractive option.

Perhaps your boss has offered you a more interesting position in the company, more money or flexible working hours. The decision to leave was firmly made in your head an hour ago, and now everything is up in the air. What should you do? 

 

Think about your reasons for leaving

As we've already discussed, going through the rigorous job hunting and interview process is no easy feat. What were the motivating factors behind your wanting to leave in the first place? We'd recommend writing your list of reasons out so you can clearly see them in front of you. Now, looking at each offer, decide which job offer is most likely to rectify your reasons for leaving. 

If your main reasons for leaving include:

  • Unpleasant work environment
  • Problems with colleagues
  • No room for career progression

Then it's unlikely that your current employer will be able to persuade you to stay. If your main concerns are financial or personal, then perhaps they can sway you with an offer of more money or more flexible working hours.

Thinking about your reasons for leaving in a diplomatic way will help you decide which option is right for you. 

 

Look at the statistics

We've had lots of experience with candidates who decide to remain in their current jobs, and we know that (more often than not) it just doesn't work out. But don't just take our word for it!

Eclipse Software wrote an article highlighting various statistics to show you exactly what happens when employers make counter offers. Here's a summary of their findings.

  • 80% of candidates who accept counter offers from their employer, leave their jobs within 6 months. 

It doesn't take long for people to realise they made the wrong decision. Their fellow employees might lose respect for them and then they feel pushed out of the company even though they made the choice to stay.

  • 90% of candidates who accept counter offers have left their job within 12 months. 

This shows that if you haven't chosen to leave within the first six months, there's a high chance that you'll end up leaving within the year. The only person who really benefits when you hang around is the employer, who has ample time to find your replacement.  

  • 50% of people who resign are counter offered by their employers. 

That's right, gone are the days when only senior members of staff were worth retaining. Employers can save lots of money if they can convince you to stay for a little while longer, so it's very likely that you'll be given a counter offer at some point in your life. 

  • It can cost >200% of annual salary to replace a senior employee.

So now you can see why counter offers are so common! Most employers would prefer to offer you a salary increase of £5,000, for example, because it will save them thousands of pounds in recruitment, job advertising and lost work. 

  • 50% of candidates that accept counter offers are looking for jobs again in only 60 days!

Even if you decide to take the counter offer, it doesn't mean your desire to leave will disappear. In fact, you'll probably end up more frustrated because you didn't take a leap of faith in the first place. The increased salary and the extra responsibilities lose their sparkle very quickly. Trust us!

  • A mere 38% of employers admitted they'd never made a counter offer before.

It's clear to see from this statistic, just how likely employers are to try and retain you! Just remember that they might be making a counter offer because it benefits them more than it benefits you. That's why it's so important to refer back to your initial reasons for leaving before you make a decision.

  • 57% of employees accept the counter offers that are made.

We honestly thought the number of people who take the initial leap of faith would be much higher. This goes back to our initial point. People like to stay in comfort zone - even though the grass ends up being greener on the other side. 

 

Keep looking for better roles

If you're torn between making do with your current job or accepting a new one, it's possible that neither job roles are right for you.

In our experience, when a candidate gets offered their dream job role, nothing could stop them from taking it - not even a longer lunch hour. Whichever offer you choose to take, remember, it's not too late to keep looking for something better.

Here at Hyper Recruitment Solutions, we specialise in placing superb candidates in life-changing science and technology roles. We understand that the job hunt can be challenging, but our recruiters will help you every step of the way. Contact us now to start your journey towards the job of your dreams.