How to Handle a Counter-Offer
You’ve made up your mind. You’re excited about your new role. You’ve been offered a higher salary and the benefits of a company culture that is more in tune with your needs and wants in life. The time comes to hand in your notice to your current employer.
You’ve been an integral part of the team over the last few years and you know you’re worth more than you’re being valued at. Unexpectedly, your employer has now realised this too and are willing to counter offer. They’ll match the salary and give you a broad spectrum of opportunities with your role moving forward.
It dawns on you that your current employer hasn’t realised your value, until it was too late. It’s easy to throw money to blanket the fire of the possibility of a key employee moving. Will the counter offer be enough to sway you?
The labour market today is limited. Ireland is at the lowest levels of unemployment not seen since well before the recession. Companies hate letting good talent go but counter offers are complicated. The company has been made aware that significant steps have been made in order to move jobs and gain more value.
The thought of staying may leave you with the fear that your current employer needs you but no longer trusts you. On the contrary, we argue that these offers should be taken seriously using the following techniques to help bolster your position between two companies.
What do you care about?
Put money aside for the moment. Is the company culture, values and mission in line with your needs and wants? Is your work life balance, not right? Were you planning on leaving for other reasons not determined by monetary value? Focus on these aspects of your counter offer first.
Make note of what changes you’d like to see in your current role that would make you happier. This can also alleviate some of the trust issues that may form between you and your current employer. If you highlight that it’s not just money that’s calling you, it becomes a more meaningful conversation about how the company can improve too.
Take your time
You’ve likely gone through a lot to reach this point. You’ve been going to interviews and it has been a stressful time. You’ve already spent time negotiating a job offer with a new company and now you’re starting the process of negotiation again with your current company. Take a moment to think about the counter offer. Deciding what you care about will likely have helped you make your decision on whether you want to stay or not.
Reflect on the thoughts that you had that led you to start job hunting and reflect on the company and people around you to help make your decision. Ask the company for a couple days or some time to think about their counter offer. This will help you get your thoughts together and determine whether the counter offer is up for negotiation or if you want to move.
Talking to the experts
Do you know someone who has accepted a counter offer and are now happy in their role? Are you afraid the company will over-promise but under-deliver? You’ll need to do some additional research relevant to your role and company to determine what will work best for you.
Time to Negotiate
So, you’ve decided to negotiate. Whether it be negotiating your new offer or with your current company, if you don’t ask, you don’t get. The best negotiation tactics are built on fact not emotion. Do some research ahead of your meeting. You will need to build a case as to why you deserve a higher remuneration package. Look at aspects outside the salary and negotiate those too. Make sure you know the industry rates for your position, role and offerings from other companies when negotiating your offer.
If you are looking for a new role, check out our latest vacancies here. Our expert recruiters can help you negotiate through all aspects of a new job search.