Counter offers – stats suggest of the 50% of candidates who accepted their counter offers.....

Counter offers – stats suggest of the 50% of candidates who accepted their counter offers.....

It’s in every employer’s best interest to retain their staff as long as they can, especially the high performing employees, so when a key member of the team turns in his or her notice, many times a well-intentioned manager will try to talk the employee out of it with a financial incentive to stay.

There are employees who hope that they will be approached with a counter offer, for others it will be the last thing they expected.  Either way, the negotiation process can prove tricky.  If you have hinted that you could be interested in remaining with your current organisation, you will be in a strong position.  So how do you make the most of the window of opportunity to come to a decision that you won’t be regretting three months down the line?

 

  

1. Do your salary research

If it’s more money in your pay packet that going to make you stay, you have to know your market worth.  Do your research by contacting recruiters to benchmark your salary range and find out if the market value for the work you’re doing is more than you’re currently being paid.

 

2. Remove subjectivity

Don’t enter the negotiation with destructive emotions such as anger or the feeling that there has been a lack of fairness, as they will cause the deal to break down. Similarly, comparing yourself to other employees in the same role won’t serve you.  You need to present your side of the case in a rational manner, backed up by your own research.  Going into the negotiation with a positive and agreeable attitude will lead to a more favourable outcome.

 

3. Consider your position

If you’re a strong performer and the only person in the company who knows how to do your particular role, then you’re in a strong position.  However, consider if there are people beneath you itching for the chance to do your job.  If so, it’s probably not a good idea to try to strike too hard a bargain as your employer might offer someone else a promotion internally. You also need to ask yourself, if it takes handing in your notice just to get a pay rise and/or promotion, is this the company you really want to work for?

 

4. Go in with your eyes open

Food for thought – more than 60% of UK-based employees who accept a counter offer end up leaving the organisation in question within six months.  More often than not, a counter offer is made because the employer doesn’t want the hassle or the expense of finding your replacement.  Is this going to sit comfortably with you if you do decide to stay on?

 

5. Take a step back

Before accepting any offer it’s important to take time to think objectively.  Ask yourself which organisation you will add most value to and which position will be best for your overall career.  At this point, you’ll also need to reflect on what else is going on in your life.  For example, if you’re hoping to get a mortgage soon, it’s often easier if you’ve been with an employer for a number of years.  Review each of your reasons for wanting to switch jobs and take an honest look at your deal-breaker issues.  Will they somehow magically disappear if you accept the counter offer?

 

About First2Recruit

First2Recruit, are an owner managed recruitment consultancy providing a full recruitment service including; permanent and FTC positions in Accountancy Practice and Insolvency across the UK

Alternatively, visit www.first2recruit.co.uk or call one of their friendly team on 01722 440 168.