Counter offer – Take it or leave it?
Let's look at the situation first.
You have been job hunting and went for few interviews and now you are being offered a new job. When you submitted your resignation letter to your superior, you are being counter-offered. What should you do? Below questions will help you go through your consideration.
1. What are the Pros and Cons for accepting a counter offer?
Many people who ended up accepting a counter offer are most of the time because of the increase of salary. Besides salary, another factor that will be taken into consideration is that you do not have to deal with the stress of adjusting to adapt to new working environment.
But, how does your future look like with this company?
As for the Cons, considering for leaving the company will be seen as a lack of loyalty by superiors in most case. While being considered as someone who had planned to leave the company, you might not be involved in certain strategic works and plans. Besides that, your colleague might interact with you differently as well.
It takes time to rebuild the trust between you and your superior or colleagues. However, whether you are able to rebuild the trust with them is another matter to be considered.
2. Should you stay because of a pay rise?
A pay rise is most if not always, the number one factor in a counter offer. But, is it enough? Why does your company offer you a pay rise only when you are about leave? Does it mean that you have been under valuing or underpaid by your company? You should be considering whether you could have been rewarded earlier for your job. Even with a pay rise right now, is that the amount you should be getting or could it be more?
From a business view point, it is indeed cheaper and time saving to retain an existing employer rather than going through long interview to search for a suitable candidate and train him or her from scratch to take over your position. So, do take into consideration the reason behind a pay rise.
3. Why did you want a job change in the first place?
While weighing the pros and cons of accepting a counter offer from your current employer, you must also remember the reasons that prompted you to seek for a job change in the first place. There are many reasons why one would like to change a job. For e.g., underpaid, overworked, unsatisfied with the working culture, etc.
It can be an increase in salary and more benefits, however, it’s unlikely to be a long-term solution unless the underlying issues that prompted you to leave in the first place can be addressed.
Changing job is never easy. You are willing to go through the whole process of job hunting and multiple interviews to get to this point. Would you want to give up your new role and environment to stay in the same company? While a bigger pay cheque is definitely tempting, taking your time to consider your options will save you from regretting in a near few months. Asking yourself “why” is always important.
If you have been looking forward to your new role and working in a new environment, these might be some good signs that it is a right choice to leave your current employer and make a change.