Counteroffer, take it or leave it?

Getting to the point of a counteroffer is time consuming and potentially risky. Before you exert energy job hunting, ask yourself these four questions:

1. Why am I looking to make a career change? There are several reasons why people decide they need a change. Some need growth; whether that’s money, career progression, more responsibilities or additional training. Others want flexibility, work-life balance, a better commute, or a better suited culture. The list goes on! Identify your key drivers.

2. Is it a "me" problem or a "company" problem? We all have bad days. It’s important to note that the grass isn’t always greener on the other side. Ask yourself if you can personally make some tweaks to influence the desired outcome or if you need help from the company. If your company is able to address your needs, would you prefer to stay?

3. Have I discussed my career goals and needs with my boss? If you need help accomplishing your goals or addressing your needs, request a sit-down with your manager. All too often, people leave without giving their employer a shot at providing solutions. Request a formal meeting and share your agenda. Following the conversation, agree upon a timeline for results. They most likely won’t have all the answers for you on the spot, but their willingness to engage in the conversation will say a lot.

4. Are you satisfied with the response? If you’re happy with the response, fantastic! Counteroffer dilemma averted. No need to continue reading. Carry on you happy human.

If you're not happy with the results, it’s time to get your resume updated. You already know your employers capabilities without having to go through the rigmarole of job hunting to identify the potential results.

Easier Said Than Done

Fast-forward to the point where you ultimately decided to look externally. You have an amazing job offer from a company you have thoroughly vetted. You’ve worked hard to get to this point, the money is good, the people are great. Things are looking peachy.

Now the dreaded “break-up” conversation with your current employer is fast approaching. When it comes down to it, breaking up can be difficult and even emotional. We spend a lot of time with the people we work with. If you’ve had the conversation with your employer prior to this point it should be bittersweet. A “I hate to see you go, but happy for your new endeavor” scenario. Other times it’s not so easy.

When panic ensues

Let’s face it, there’s never a “great” time to leave your employer. There’s always a deadline or a project or a busy season. Odds are your employer wasn't prepared for your resignation. This can create a panic response that we refer to as a "Band-Aid Solution". It usually comes with a larger than normal pay increase and or promises that aren't realistic. If you’ve already expressed your needs without satisfactory results, then you know the reality of the parameters. If your employer goes outside of those parameters then it’s a Band-Aid Solution. When you receive a counteroffer it begs the question, why didn’t they value you enough prior to the fear of losing you?

Risky business

Accepting a counteroffer can be risky. Here are some statistics that will help fend off the urge to accept a Band-Aid Solution and put sticker-shock at bay.

According to a national survey of employees that accepted counteroffers, 50%-80% voluntarily leave their employer within six months of accepting the counteroffer because of promises not kept. At the 12 month marker, that number increases but not always on the employees own accord. The question of loyalty can put you on the chopping block for termination in downsizing or lay-off scenarios.

In closing

Find out your worth at your current organization in advance. Remember why you were looking for a new job in the first place. Ask for what you want, and if you get it from your current employer, enjoy. If you don’t, it’s not worth holding your employer hostage with a counteroffer.