Never accept a counter offer!
What is a counter offer?
A counter offer is an offer made by an employer to cover them self’s whilst searching for your replacement to benefit them.
A counter offer can take the form of a salary increase, more responsibilities, better working hours, a promotion, prime parking spot, extended lunch hours and flexi time.
5 Reasons for not accepting a counter offer:
- Awareness and distrust. You’ve notified them that you are unhappy. Your loyalty will now be questioned from this day on.
- In a situation of panic employers make counter offers and they buy themselves enough time to search for your replacement.
- They might give you such a huge increase that they out price you in the market that no other company will consider you because you are too expensive.
- A year from then you will still be in the same position doing the same work and getting no further market exposure.
- Statistics have shown that the larger parts of employees who have taken counter offers are back in the market after three to six months. Their salaries are above the market value and this causes their options to increase.
By accepting a counter offer you are out pricing yourself in the employment market, buying your employer enough time to find a suitable replacement for yourself and giving up on good opportunities elsewhere that will only benefit your career progression. If you are good in what you do, be prepared for a counter offer. It will not come as big as a shock if you are prepared for the counter offer by practicing what you’ll say should they come up with various ideas to keep you.