In this article we discuss the pros and cons of accepting a counter-offer from your existing employer. Discover the career limiting outcomes and the surprising statistics relating to how many people who accept stay with their company for the long term.
With the current recruitment market at its most competitive in years we are increasingly seeing candidates being made counter offers by their existing employer.
The latest Seek Employment report demonstrates that the number of available jobs continues to thrive after a platform peak in April 2021. They have risen another 6% in September. This same report shows the legal industry available jobs increasing by 3%. Industry research also suggests that less people are applying for these many available roles. Demand for talent is strong.
The post pandemic job increase coupled with a lack of overseas worker has increased the intensity of the hiring process. This has led to employers moving faster than ever to secure good candidates. At Alex Correa Executive we are currently finding that the best candidates are receiving multiple job offers. Their own employers are also making compelling counter-offers to retain them.
While such offers might feel flattering, accepting them carries some career risk. Research shows 80% of people who have accepted a counter-offer will not stay at their current employer for more than six months. Astoundingly, 93% will not be there in eighteen months’ time. It is therefore important to put aside your ego and give any potential counter offer some serious thought.
As a leading legal recruiter with many years of industry experience, we have seen this phenomenon happen again and again. With accepting a counter offer only working out for 7% of people over the long term these are the contributing factors you should take into account when weighing up your decision.
1. Revisit the Reasons for Leaving your Current Role
Revisit the reasons you wished to leave your current role and compare them with the current situation. What has changed? Why didn’t your employer give you more money, a new project or different working conditions when you asked? If the counter-offer is purely a financial decision, what about the other aspects of your role that you were unhappy with? What other aspects of your role triggered your search? Do you get along with your boss? Can you see a clear career progression? Are you being invested in with development opportunities and training? Does your current firm align with your values? Consider whether any of these conditions have changed. Accepting a counter-offer might bump up your salary, but it rarely changes the reasons that drove you to look for a new job in the first place.
2. Consider your Value
Why didn’t your employer recognise your value previously? How much do they really recognise your contribution if you must resign before any action is taken? Consider whether this is the type of work culture that is positive for you and your career. If you have not felt valued by an employer during your tenure, this may be unlikely to change.
3. Consider the Counter-offer from your Employer’s Perspective
Many companies might offer you what they think you want to avoid disruption and the inconvenience and expense of recruiting and training your replacement. It is important to be mindful that your current employer is now aware you were unhappy enough to want to leave. Their counter-offer might simply be buying them more time to get a project through to completion. It is not unconceivable for them to consider replacing you at a time when it is more convenient for them. Also consider how your resignation and an accepted counter-offer might affect your ongoing working relationship with your manager and colleagues. Your commitment, loyalty, and dedication to the organisation is likely to be questioned in future. Your employer and colleagues may consider you to have breached their trust. Over the long term this may mean that you may not be the first choice for special project or promotion down the track. Your colleagues might think you have been treated with favouritism which can be detrimental to working relationships.
4. Never Ever do This!
You should never accept a counteroffer from your existing employer after you have accepted an offer from a new employer. This is unethical and damages can even ensue for rescinding the employment contract.
The damage done to your personal brand and reputation in the market can be significant. A new employer has taken the time to interview you and make an offer. They have prepared for your arrival, announced you to the rest of the organisation, and have quite likely declined other people for the role. You are unlikely to be reconsidered in the future. The legal industry is small and at the risk of sounding dramatic “burning bridges” will invariably harm your career.
We understand that accepting a counteroffer from your current employer might be tempting. After all, it saves you packing your desk and starting over somewhere new. The pitfalls, however, can be draining and career limiting. Once you have taken the decision and steps to pursue a new role, believe in your choices, the reason for your decision and take the next step in your career rather than staying in your comfort zone. We strongly suggest you say “Thanks, but No Thanks” and walk away respectfully having already made your contribution to your current firm.
For more career advice from legal industry recruitment experts stay in touch. Contact us for a confidential career consultation to help you understand your market value and what is on offer in the Brisbane legal industry. You can make an appointment by emailing us at info@alexcorreaexecutive.com.au.
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