50% of employees receive a counteroffer from their employer when they resign. For your employer, it’s undoubtedly a costly process to recruit your replacement and if you perform well in your role, it is only natural they would try to keep you. According to this Forbes article, you should never accept a counteroffer as the issues you’re hoping to fix, are more likely to be pushed aside. We sometimes see candidates deliberating over whether to accept, but if you were truly happy in your job, would you be looking for a new role? Throughout our experience speaking to candidates across the life sciences sector, about 50-60% of professionals report receiving a counteroffer when they submitted their resignation. This is relatively high compared to other industries, reflecting the competitive nature of the sector. So, will the underlying issues that prompted you to explore new opportunities in the first place be resolved by accepting? Or are you setting yourself up for disappointment?
What reasons are there to decline a counteroffer?
You’ll be looking to leave again in the near future
Ultimately, the novelty of additional responsibility, a new title or an increased salary will wear off quickly! For a lot of people, the job search will start again soon after. If nothing changes except your salary, the underlying issues that prompted you to look at other job opportunities will still be there!
An immediate pay rise or promotion doesn’t equal long-term progression
You may be happy with your new pay rise, job title, or other counteroffer benefits, but these could easily impact your future salary scheme/bonus. You may end up receiving a lower adjustment in your next pay review rather than having a permanent increase.
You’re looking for a change of scene and new opportunities
They say that great things don’t come from staying within your comfort zone. You may feel comfortable with your current employer, but does your job bring you the job satisfaction that you desire? Often, a change will bring growth and transformation – and everyone needs that in their career!
The process has damaged your relationship with your existing employer
Initially, there was a reason you wanted to leave your current role, so it’s important to remember this need for change before you accept any counteroffer. Having shown that you have a desire to leave may mean your employer questions your loyalty and whether this may happen again in the future.
You know your worth
It’s also worth thinking about the package your employer is offering you – and why this wasn’t offered before you handed in your notice. Okay, great – they’ve offered you an increase in salary, better benefits, or a higher title – but why didn’t they offer this in the first place?
What reasons are there to accept a counteroffer?
You’re having second thoughts or the reason for leaving has been resolved
If you find yourself being counteroffered and there is no real reason to leave your current role and the company has been open to your requests, it may be worth considering the offer. However, make sure you also think about your long-term goals and whether the current role will still be what you need in 1-2 years’ time.
You’re only looking for a new role for a pay rise
If the only reason you are looking elsewhere is due to financial reasons and/or flexibility, it may be worth accepting a counteroffer if your current employer is offering an increased salary, or other benefits. But bear in mind, if you are also unhappy due to the culture of your work, nature of the work you do, or management, a counteroffer will not change that. You are likely to begin job searching again soon after – and you may have potentially lost opportunities in the meantime.
Ultimately, the decision is yours. It’s never an easy task to quit your job and step into the unknown. Through our own experience, we have found that if you have made the steps to look for a new role, the counteroffer largely provides short-term happiness and soon after the job search starts again. So, if your role doesn’t offer what you need, don’t let the flattery of a counteroffer distract you from a new career opportunity!
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