Finding a new job can be a time consuming and stressful task, and receiving a counter offer can really put a spanner in the works. After spending time creating your CV, going through the interview process and negotiating a job offer, unexpectedly receiving a counter offer from your current employer can give you a lot to think about. So, should you take it?
It’s becoming more and more common for firms to give counter offers, especially if you work in a busy industry. For example, the talent pool in commercial property is small, and employers want to keep their existing employees for as long as possible. However, with many law firms failing to make employees feel valued, a lot of people are looking for jobs elsewhere. This could be because of lacking support and supervision, or because your pleas for a pay rise have been ignored.
What to do when you receive a counter offer
When you hand your notice in, it’s likely that a counter offer will be given, and your employer hopes that this will encourage you to stay. You might be tempted to accept the offer immediately, but take a moment to think about your career long term. If you haven’t felt valued at your firm before, there is no guarantee that this will change going forward. Even if you are tempted by a promised pay rise, this might not be enough to make up for the other things you didn’t like about the role.
Staying at your current firm might be the easiest option, but there is no guarantee that you won’t want to leave again six months down the line. Think about why you were looking for a new job in the first place. Though you might be offered more money to stay, it’s unlikely that anything else about the company will change. Before reacting to a counter offer, weigh up the pros and cons of accepting it. As you already have another job offer, you are in a strong position and you can afford to take your time.
A survey by Forbes found that a whopping 80% of employees that accept a counteroffer leave within six months and 90% within a year. Proving that money isn’t always enough to overcome the problems that made you want to look for a new job in the first place.
Office Vibe also found that only 12% of employees resign due to money. So, chances are you’re looking for a new job for other reasons and these reasons don’t simply go away with a higher salary. Why did you want to leave in the first place? You need to carefully think about your original motivations and whether the increase in pay compensates enough to make you happy staying at your current company.
The benefits of saying no to a counter offer
There are many benefits that come with turning down a counter offer, such as having the refreshing change of working at a new firm. This not only helps to further your career, but it gives you the experience of working somewhere new. A lot of lawyers who accept a counter offer do so because of the money, but they often find themselves looking for a new role sooner rather than later. However, you might now have soured your relationship with the other firm, and there is no guarantee that you will be offered a job there again.
Before accepting or rejecting a counter offer, think long and hard about the advantages of doing so. There is no need to rush into things, so take the time to carefully decide what’s best for you. You may find that you need more information about your potential new employer. In this case, it’s often best to speak to your recruiter, so you have all the facts you need to make the best choice for your personal and professional growth.