There are pros and cons to accepting counter-offers, this article focuses on the benefits of them and will enable recievers to confidently manoeuvre through the process and get the best outcome for themselves.
The facts: Currently UK unemployment rates are around 3.8%, one of the lowest since the mid 1970’s. Because of this roughly 75% of companies are reporting recruitment difficulties and now over 60% of companies use counter offers as a tactic to retain good people.
Statistically speaking, at some point in your career you will be made a counter offer. These offers can cause a stressful situation for the receiver as what was supposed to be a straightforward decision has now become complicated. So in any time of confusion just remember that you are in a great position and through your efforts have earned yourself choice.
These are the things to remember and how to handle the situation well.
1) Interviews are over – By the time you have received a counter offer, you have proved yourself to both companies, received formal offers and made a decision to leave. A counter offer is the final part of the process before an ultimate decision will be made. Now is the time for you to ask the questions. Leave no room for assumption and eliminate any grey areas or concerns you may have, so that you can make the judgement call.
2) Don’t be swayed by compliments – Your current boss, potential new boss and recruiter all have their own best interests at heart. Remember to have your own in this scenario as it can become an emotional whirlwind of people trying to sway you to their way of thinking. This isn’t a personal matter its business so ignore any last minute attempts to show any insincere appreciation and focus on the facts.
3) Uniquely positioned – You are now in a very unique position, at this moment your employer wants you more than you need them so if they want a chance at retaining you, they need to show you some commitment by entitling you to a few privileges will incentivise you to stay and get you re-engaged.
4) Negotiation – You now have the opportunity to respectfully negotiate. Before entering this discussion it is important to have a clear idea of what you you think it would take to resolve the situation. The more specific the better and start high as you will always negotiate down.
Here are the most common areas of negotiation:
• Salary – in Engineering, companies can offer around £5,000-£10,000 p/a on top of your base salary which is similar to the cost of replacing you.
• Training/educational courses – Degree’s, HND/HNC, Prince 2 practitioner, PLC programming course etc. Make it personal to your situation and agree on timescales if you decide on this.
• Shifts – Ask for changes such as no night shifts, less weekends, less travel, reduced hours etc.
• Benefit package improvements – More holiday, better pension, bonuses, sick pay, company vehicle etc. All nice perks!
5) Cover yourself – Once something has been agreed verbally, ask for it to be added to you contract and signed by the Company Director. We know that roughly 80% of people that accepted counter offers leave within 12 months. Usually because things haven’t changed. So create a situation where things have to change by getting Director approval, be the 20% of people that stay and are happy.
6) Decision time – Once they have signed off your request, don’t accept straight away. Speak to your new employer and show them what’s been offered to you. People like honesty, they might even improve your offer! When you have both final offers, weigh up the pro’s and con’s of staying and think about whether you actually want to.
Here are some things to consider that might give you clarity:
– What were your reason for joining both companies?
– What are the best parts of each opportunity? What are the worst parts of them?
– What was your reason for leaving? Will this be eliminated by this contractual change?
– Will the privileges you have acquired negatively impact your working relationships or potentially exclude you from the team?
– In a few years will you regret staying with the same company or not taking this opportunity with the new company?
7) It’s your career – Don’t feel guilty for changing your mind, or leaving a boss that needs you or for letting people down. This is your life, you make your own moves and have to do what is right for you. If the tables were turned and they had to let you go, they wouldn’t change their mind once a decision was made.
You have the opportunity to take a role because you want to, not because you have to and that’s a fortunate position not everybody gets to be in. This should be seen as a positive! So try not to overthink it and go with what you think you will enjoy most. Remember at one point you decided to join both of these companies…
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