Counter offers are similar to that of a trojan horse; an enticing offer dripping in money symbols, but their true intentions aren’t seen until it’s too late. There are many reasons not to accept a counter offer from your current employer but here are just a few to keep in mind.
Accepting a counter offer can cause an unspoken tension between you and your manager. Your manager may be wary of giving you new responsibilities knowing that you were ready to jump ship and your loyalty to the company now seems questionable. What most people don’t know is that when you accept a counter offer from your current employer, you are put on a list or your file may be flagged with your manager and the Human Resources department. Your job security decreases significantly and if there ever needs to be a reduction in staff, you are more likely to be at the top of their list.
Money Doesn’t Always Talk
Statistics on people accepting higher pay at their current company still leave within the year because they realize that money can talk, but not for very long. Eclipse found that “About 80% of candidates who accept a counteroffer from their current employer end up leaving within 6 months; 9 out of 10 candidates who accept a counteroffer will leave their employer within 12 months”. Believe it or not, only a small percentage of people leave their job solely because of pay. There are many other contributing factors that play a bigger role as to why someone would leave such as poor upper management, feeling stuck in their role and not being challenged enough, feeling unappreciated, just to name a few.
Things Won’t Change
You may get the raise but will they give you new responsibilities? A role that was a step up? Most likely not. You could be potentially passing on an opportunity to grow as a professional.
Before you decide to accept a counter offer from your current employer, you need to sit down and think about why. Why did you begin looking for a new opportunity? What motivated you to make it through a series of interviews with a potential new employer? Grab a close friend, family member or mentor and bounce around some pros and cons. Ultimately, the decision is yours.