Counter Offers- What you need to ask yourself.
So you have just accepted a new role and during the resignation process you have been offered more money to stay. What should you do? First, it is worth remembering that hiring talent is a very expensive and time consuming process and in a candidate short market your current firm is likely to do whatever it takes to retain you and any talented employee. In a career spanning nearly 15 years I have seen all manner of tactics used to convince someone to stay, from Partners you wouldn't normally speak to (including the Managing Partner) coming out of the woodwork to tell you how much they appreciate you to Partners staging 3 hour meetings telling you all about why the organisation you are moving to is not a good fit for you.
It can be a difficult and confusing time, everyone will have an agenda or an opinion and that is why before making any decision, you should ask yourself the following questions.
If I’m worth a pay rise today, why was I not given the pay raise I have just been offered in my last salary review before my resignation?
Was my salary the reason I am unhappy at work? Are there other things at play ie manager, work, hours?
Where is the money for the counter offer coming from? Is it my next salary increase or bonus?
Will the salary raise make me happy? Will it improve my love of the role and the morale of my team?
Why did I apply for a new job in the first place?
Now that my employer is aware that I am unhappy at work will my loyalty be in question?
If I decide to accept the pay rise and stay, will my original resignation affect my chances in the next promotion round?
Are the changes my employer is making realistic? Can my title change? Can my hours change? Can my reporting line change? Can the work I do change?
From my experience, job satisfaction is most often achieved through factors other than salary, love of the job and the organisation is equally important and something that money can't buy.
For specific advice on how to resign or deal with a counter offer contact me by email at kparry@kensingtonparry.com or give me a call +61 413 823 687