It happens all the time – somebody hands in their notice and their employee throws more money at them in an attempt to get them to stay. Seems flattering right? Think again…
👉 Consider why you want to leave
Have a think about the reasons you wish to leave your current job. Had enough of the long commute? Looking for a role change? Figure out whether you can achieve solutions to these problems at your current position, and whether money will fix these problems. If you have been offered a new position that you’re considering, take the time to think about how the new role will benefit you.
👉 Ask yourself, why wasn’t my current employer prepared to pay me my worth before?
Why has it taken you walking away for your current employer to realise you are worth more money? Perhaps they just hadn’t considered pay rises for their staff, and assumed you were happy with your current package. Or perhaps they are offering you more money as it would be even more expensive to hire and train someone new.
Unfortunately, a lot of companies make counter offers simply because it is cheaper to increase your salary than hire someone new. Think about it – they will have to put time and money into finding a replacement and will then have to train them. Losing staff can also disrupt the team and can even reflect badly on the management if the company’s turnover rate is high.
👉 How does your existing job match up against your new opportunity?
Remember to consider non-salary benefits, such as private healthcare and insurance, childcare vouchers and flexible working. How much do these benefits matter to you?
If you’re having trouble coming to a decision, creating a pros and cons list is a great way to compare.
👉 Is this offer a temporary fix to a long-term problem, how likely is it you will receive another pay rise following this?
Being offered a salary increase is very appealing and might seem like a good reason to stay. In the long-term, will it still seem so appealing? A high percentage of people who accept a counter-offer leave the role within 6-12 months of accepting the offer which suggests that money isn't always the solution.
Whichever option you choose - just make sure you have thought through your decision so you don't regret it a few months down the line.