Counter-offers are a commonly used tactic by employers to remain in control of the resignation process - they buy more time to find a substitute for you.
Industry data indicates that 50% of employees who accept a counteroffer end up leaving within 12 months.* In our experience, this takes various forms including candidates being made redundant, retrenched or outright termination.
The reason for this is that by deciding to stay, you are not addressing the underlying issues which led you to seek alternative options and you have shown your current employer that you are not committed to them. You have also forced their hand into increasing your pay and/or changing your duties which they have not doing voluntarily but because you are resigning.
Key risks when accepting counter offers:
Unlikely to result in change
Likely just an early pay rise (where has the additional money come from?)
Accepting hurts your reputation and credibility
Places you in a holding pattern
Gives employers time to replace you
They cannot count on you
They will question your convictions
Remember to stay focused on why you have resigned and that you have committed to a new, positive role.
Your motivation for leaving is more than just higher pay and by accepting a counter offer you could be costing yourself an exciting, great opportunity!
* Harvard Business Review May-June 2020, p 154.
Have you been presented with a counter-offer or are feeling like you should not have stayed in your current role?
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