You have been looking for a job change for some time now. You have surfed through several job portals and floating your resume all across. Finally, you come across the job offer you have been waiting for all this while. It is time for you to say goodbye to your current employer. So, one fine day, you submit your resignation and decide to serve the notice period.
Now here comes a twist. Your current organization evaluates the situation and decides to hold you back. Needless to say that your manager/HR/current employer makes you a counter offer. What to do now?
Let’s delve into a little detail
Remember that every company, whenever they hire, whether through job portals, social media or any other resource, they put in much effort into it. Scanning and interviewing probably a hundred of candidates before making the final decision. Employers also have to put in much effort to train people and retain them.
After resigning, receiving a counter offer is very natural (promotion or hike in compensation), and it happens in most industries across the globe. Since hiring is a tedious process, an employer also tries his or her best to retain an employee.
Types of Counter Offers
As said earlier, a counter offer implies when your current employer decides to retain you after you have put in your papers. They usually review the terms and conditions and make a fresh new offer. There are essentially two types of counter offer that you come across:
Economic/Financial: This is one of the best counter offers that is usually made by the employers. In this case, what they do is make you an increased compensation offer than your new job offer (in case they have an idea about your new pay package). Sometimes it is a common assumption that they make and try to retain you according to the new terms and conditions.
Emotional: This has nothing to do with the financial aspect of the company. In this case, the employer tends to focus on the loyalty part of the employee. In these case, the current employer manages to lure the employee by offering him a position that the present one. To be very blunt, the employee is offered a promotion along with promises of a better future.
What should you decide? Well, it is a NO!
Lucrative offers such as the ones mentioned above might make you reconsider your decision. You might think that you are a valuable asset for the organization, which is why they want to retain you.
Well yes, you are an asset but only because it will cost more to replace you than keep you, especially if your resignation has come as a surprise or at a time when your company cannot be without resources. Boosting your salary or promoting you is a means for your HR to keep you within the organization until you become more disposable!
Are you surprised by any chance? Well, you might be surprised, but it is a fact. While this does not mean that you are any less valuable to your organization, but employers and good managers these days know that switching jobs are but a part and parcel of present day professional lives.
Why can counter offer might not be right for you?
There are certain reasons as to why accepting a counter offer might not be right for you. Here’s an overview:
I. You may lose the most genuine part: Trust
Yes. Once you have resigned from a particular company and accepted another job offer, clearly implies that somewhere down the line you are unhappy with your current employer. Even a counter offer might not guarantee that you will not look for new offers.
II. No significant change in your bank balance
You might have been offered a better compensation, and you choose to accept your counter offer. The extra bucks might be simply the money allocated for your next bonus or raise. Therefore, diminishing the actual value of the counter offer.
III. You are burning bridges
Understand that going back to a particular company, after accepting their offer might not be viewed in a very positive light. If you decide to stay with your current company and things again don’t work for you as promised/expected, you have burned a bridge with a company that may have been a better fit.
IV. Chances of losing your reputation
This might come as a surprise to you, but the fact that you accepted a counter offer and rejected another new offer, might not be perceived in a right way by others; especially the new company. You never know, you might be letting go better chances of professional growth by rejecting a new offer.
On the last note, it can be said that while not all acceptances of counter-offers are regretful, (some can turn out to be positive for some professionals), in most cases they are often perceived as the “Kiss of Death” for someone’s career.