So, you've taken the leap and have formally handed in your resignation with your current employer. You are in the process of putting together a hand over, and looking forward to your leaving drinks when your manager pulls you in for a chat, and tells you they will do whatever they can to keep you. Uh oh…. You weren't expecting this, what do you do now?
Well first of all, it's nice to receive a counter offer and see that you're valued at the business but things may not always be as they seem. All research shows that it is a lot more difficult (and costly) to hire a new individual, never mind get them inducted and up to speed with systems and current projects, so it is natural that a company will try to keep you.
It is recommended that you do not panic and answer on impulse. Either stay true to your initial decision, thank them and respectfully decline, or again, thank them for the offer and ask for some time to consider.
When considering a counteroffer, it is important to keep in mind:
•Why were you only offered a salary increase after handing your notice in?
•Why did they not previously value you at this level?
•What were your reasons for leaving in the first place?
•If you do decide to stay, will things change? Will you get the same career progression as your new opportunity? How will your relationship be with your employer, now that you've informed them of your intention to leave?
•Research shows that a high percentage (close to 50%!) of those that do accept a counter offer leave within 6-9 months
If you do decide to accept and stay, there is no shame in it and you should still see it as a positive step forward as long as the new opportunity is going to allow you to achieve your career goals! Just maybe take your manager out for lunch to smooth things over… As ever, our consultants are always open to a chat if you're not sure on what to do!