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Tackling the gauntlet of a modern recruitment process can be daunting for most candidates. With organisations competing to obtain the best talent in the market, recruitment processes can be lengthy.
From submitting your CV, progressing to telephone interview to assessment centres, presentations and multiple stage interviews – the list goes on! Receiving that desired offer of employment at the end of such a tough process however, is not always the end!
Following a discussion with your line manager surrounding your resignation, you receive an enticing counter-offer to remain in your current role, prompting an important decision; should I stay, or should I leave?
The common statistic is that 80 percent of people who accept a counter-offer leave their company voluntarily within 12 months, so it is important you take the time to consider whether a counter-offer is going to be of value to you.
As yourself 'why am I leaving?!'
Firstly, you need to consider your reason for seeking a new opportunity in the first place. Do you feel underpaid for your work? Undervalued? Do you lack challenge or perhaps progression? This should always be at the forefront of you mind when considering a counter-offer.
If you accept the counter-offer, will a short-term gain in an unfulfilling job, meet your long-term career expectations?
Here are our five keys points to consider when faced with a counteroffer:
It is flattering to receive a counter-offer. Why wouldn’t it be? Your current employer is fighting to retain your skills and expertise. Remember, organisations are competing to seek and retain the best talent on the market. Although your company is fighting to keep you, ask yourself, why have you felt such an urge to leave?
If it took a resignation letter to be paid what you believe you are worth and why were you not paid this before? Remember, on average it costs £30,000 to recruit and train a new employee. It is much more cost-effective for a business to offer you more money, than to recruit to backfill your position.
The same question can be asked if you are motivated by progression. How have opportunities suddenly become available? Does the new position they have created you have longevity?
Now your employer knows you have gone through a lengthy recruitment process in search of new opportunities, you may be seen as disloyal within your company. In a competitive market, this can have a detrimental effect on your professional reputation and future progression.
Is the new offer of employment, worth missing if your current role doesn’t deliver on their promises? As mentioned earlier, 80 percent of people who accept a counter-offer leave within the first 12 months. Is it worthwhile losing out on a new opportunity for a company you have tried to leave?
The decision around accepting or declining a counter-offer should be taken with careful consideration and ultimately, the choice has to come from your own personal motivation on what you want next for your career. Our advice would be to have an honest conversation with your manager. Be truthful on your motivations for wanting to leave. If you do look to accept a counter-offer, ask questions to ensure the validity of the offer and always be transparent with both organisations.