If you are looking for a new job, thinking through the possibility of a counteroffer should be part of your overall preparation. Getting to the place where you’ve received an offer from a prospective new employer means you’ve already made a significant investment in your job search. A counteroffer from your current company adds another layer of complexity to the process of resigning and moving on so you should consider the implications carefully and have a game plan ready.
As many industries struggle to find the qualified candidates they seek, businesses are increasingly fighting to retain key staff members by making counteroffers. But that doesn’t mean it’s in your best interests. After all, if an employer is offering you more money to stay, they may not change much else about your current role, so you’re left with the same issues that drove you to look for a new position in the first place.
So before you decide to accept a counteroffer, here are some things you should do first:
Analyze why you wanted to leave your current job. How does the counteroffer affect your initial decision to make a move? You compared the new job offer in terms of your current role and decided that the new situation was a better match for your career goals. Now you should perform that analysis again to determine if the counteroffer is right for you.
Consider how accepting a counteroffer will impact your work life. Things can become awkward if you stay at your old company. After all, leadership now knows that you weren’t happy in your current position, and even though they’re signaling that they want to keep you, it could be difficult to demonstrate your commitment to the company. There’s also a chance that your colleagues may lose some of the trust they had in you because they know you were about to leave them.
Have an open and honest discussion with your employer. The goal is to get a better idea of your value at your current job and to evaluate your growth potential at both companies. Was the decision to give you a counteroffer a reflection of your worth to the organization or an attempt to save on hiring and training costs?
Leveraging two job offers can be tricky so make sure you have analyzed every aspect of both offers before choosing one. Your decision can have a lasting impact on how much you earn, how you’re perceived, and even future job searches. Keep in mind that accepting an counteroffer will not solve the issues that inspired you to job hunt in the first place.