Imagine you’ve been dissatisfied with the situation at your current company because of a set of underlying issues (e.g., poor work culture, bad boss, under-market compensation, impending personal life changes, etc.) and decided to embark on a job search. One of the companies you interviewed with has made you an offer and although it’s enticing, you’re starting to get cold feet about leaving. Ultimately your company gives you a counteroffer and now you have a hard choice to make.
Before you make any decisions, here’s what you need to know about taking a counteroffer.
Your Value
The person who wants to hire you is excited by what you bring to the table. They like you enough to have sent you through to the final stages of the hiring process. They see opportunities for your career to progress within their company and ultimately are offering a compelling package.
Only Your Salary Will Change
If your current employer is offering you more money for the same position, it’s important to keep in mind that they have been undervaluing and underpaying you for a while. The only reason they are increasing your salary is because they understand that they will lose you if they do not.
Career Progression
If your current employer was looking to aid in your career progression, they would have done it. Your future employer sees your potential and has already planned your career progression within their company.
Things Won’t Change
Offering you a counter to increase your salary merely slaps a band-aid on the issues that were bothering you in the first place and brings more uncertainty to the table. Your compensation might change, but the underlying issues and environment you intended on leaving are still in place. Because of these dynamics, over 80% of people who accept a counteroffer end up restarting their search for a new job within three months.
Any Trust is Lost
Accepting a counteroffer breaks trust with your current employer. You don’t trust them to give you what you need, and they don’t trust you not to leave. If your company starts to face difficult times and layoffs are inevitable, you will likely be at the top of the list. It is probable that upon your acceptance of the counteroffer, they are already searching for a more reliable replacement for you.
It Can Affect What You Get In the Future
If it was so difficult to get a raise or bonus in the first place, it will be even more challenging during future raise negotiations. You are likely getting the increase now, just to be excluded from receiving a raise later.
Your Happiness
Leaving an undesirable environment at your current company for a new job promotes job satisfaction. After receiving an offer, you and your future employer are probably excited for what’s to come. Satisfaction also comes from stepping out of your comfort zone. Your current company can be holding you back from your long-term career goals or your dream job, and the change provided at a different company can help you reach them.
Before You Make the Decision
Think about what will make you happy. Accepting a counteroffer can leave you feeling like your time and career progression at your current company is limited. Do you think you will be happy in the long run if you accept the counteroffer? Do you want your employer to value you and recognize your worth? Will you be satisfied with a salary increase even if nothing else changes? Ask yourself questions like these before you accept a counteroffer because it is highly likely that you will be worse off staying put.