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How to decide when you receive a counteroffer

Posted on 07 June 2022

 

Decisions, decisions, decisions! Among the countless ones we make daily, having to decide what to do when you receive a counteroffer from your current boss can be confusing. You’re left wondering should I accept? Or should I go for the job I’ve worked hard to find?

Before deciding, carefully think things through with a clear head. To help you along, we dig a little deeper and consider a few questions to ask yourself before you before taking a step in either direction.

Brain puzzle with question marks

What is a counteroffer?

You may have heard of the term counteroffer. However, if you’re unfamiliar with it, the term generally refers to an offer made by your current employer upon your resignation to stop you from leaving the job.

Counteroffers can come in many forms, such as

·       A pay rise.

·       A change in the job title.

·       More responsibilities.

·       Extra corporate benefits.

All of this sounds enticing, and truth be told, it can be the easier option to stay in your comfort zone, especially when you’ve been there for a while.

Post it note with the words please stay.

Why employers make counteroffers

It’s flattering to sit in front of your boss and have them make you a counteroffer to get you to stay. After all, you must be valuable to their team. While this may be the case in some scenarios, the truth is when it comes to recruitment, things aren’t as black and white.

If you step out of the box for a moment, you’ll realise that recruiting and hiring a replacement is both time-consuming and costly. Therefore, if your boss can avoid the time and financial costs of recruiting, interviewing, hiring, and training someone new, they’ll likely take their chances.

Calculator with money

Questions to ask yourself before accepting a counteroffer

When you get a moment, here are a few questions to ask yourself to help you decide whether to accept the counteroffer.

1.     What were your reasons for considering leaving?

2.     What’s the best-case scenario if you decide to stay?

3.     What are the pros and cons if you leave?

4.     How will impact your relationship with your team and your boss?

5.     Which option is going to get you closer to your career goals?

Questioning face graphic on a chalkboard.

To stay or not to stay?

Ultimately the answer to this question will depend on the answers to the questions above and what you consider would be the right move for your career.

A counteroffer may benefit you if your only reason for leaving was to meet your financial goals, A counteroffer may benefit you if your only reason for leaving is to meet your financial goals, in which case, the right offer may fix this.

On the other hand, according to Harvard Business Review, a recent survey indicated that “senior executives and HR leaders agreed that accepting a counteroffer from your current employer will adversely affect one’s career.” Not only this, but according to SEEK, “70% of people who accepted a counteroffer left that employer within a year.”

So, before you rush into anything, carefully consider your career goals and the repercussions of accepting a counteroffer.

Accept or decline options written on a chalkboard

We’ll help you make the right decision

Sometimes two heads are better than one. An independent perspective can help clear the fog and help you see things that you can’t pinpoint while you’re in the mix of things.

With https://www.dukemed.com.au/DukeMed, we’ll work closely with you to find that dream job without the hassle. We’ll work closely with you to understand and help you achieve your career goals. So, when you find your next opportunity, you’ll be as sure as eggs you’ll love your next role. It will clear any confusion related to a counteroffer.

Find your dream job with DukeMed. Get in touch today!​

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