Deciding Whether or Not to Accept a Counteroffer

When you decide to find a new job, you might be very excited and eager to embark on a new path. But that doesn't mean you should ignore a counteroffer from your employer. In fact, you might be able to get better conditions by doing so. The negotiation process can be intimidating, and it's particularly difficult to decide whether or not you should take a counteroffer.

The Facts About Counteroffers

Before we get into it, let's look at the facts. Employers don't like to fill vacancies. Every time a worker quits, the employer goes through a lengthy and costly process. They spend a great deal of money finding and training a replacement. So it should come as no surprise that employers often try to retain their employees. If you tell your employer you plan on leaving, they're likely to try to entice you to stay.

These counteroffers don't guarantee an employee will stay. Although 52% of employees who accept a counteroffer remain with their company for at least a year, only 8% of them stay for three years or longer. Unfortunately, many employees and employers alike regret accepting counteroffers.

With that said, a counteroffer could be ideal for your situation. These offers are very common right now due to the difficulty of filling vacancies. If you put in your notice, you may only need to wait a few days to receive a counteroffer. You won’t have much time to decide, which means you should be ready for a counteroffer.

When Should You Accept a Counteroffer

It’s difficult to decide whether or not you should accept a counteroffer from your current employer. When you put your notice in, you usually have a good reason to do so. It might be low pay, a toxic workplace, or any other reason. As you decide whether or not you accept your counteroffer, you need to think about your reasons for quitting. If it was one of the following reasons, you may want to accept the offer:

You Only Left Because of Low Pay

Sometimes, you need to follow the money. People often quit jobs because the pay isn’t high enough. If you only applied for other jobs because of your current pay, you should consider the counteroffer. Does it match the salary of the new offer? It might be worth accepting the counteroffer.

You Need to Relocate for the New Job

Does your new job require you to relocate? Unfortunately, moving is very expensive and can add a significant amount of stress to your life. Depending on the counteroffer, you could accept it and save yourself the hassle of moving.

You Get a Promotion with the counteroffer

Your career trajectory is important, and this should play a role in your decision. If your counteroffer comes with a promotion, you might want to stick around. As long as you don’t have to make too many sacrifices, your career could greatly benefit from a promotion.

Your Employer Addresses Your Complaints

There’s not much worse than working in a toxic environment. When you quit, you should explain your reasons for leaving and wait for a response. There’s a chance that management was unaware of what you’ve experienced. For this reason, you should give the employer an opportunity to address the issues. If they promise to take action and give you a better offer, you should think about accepting it.

When Not to Accept A Counteroffer

Of course, there are times when you shouldn’t accept a counteroffer. Regardless of the scenario, you should never accept a counteroffer if it’s not in writing. You need to have everything outlined in an email or document, or the employer could change their mind. Apart from that, here are a few other reasons not to accept a counteroffer:

You Suspect That the Company is Stalling

In an effort to buy more time, your employer might make a counteroffer. As a form of retaliation, they could start looking for a replacement so they can fire you. Before you accept the offer, consider the motive. Is your employer the type of person who would retaliate?

The Counteroffer Doesn’t Address Your Reasons for Leaving

If your counteroffer doesn’t address your reasons for leaving, you shouldn’t take it. You might have an offer for a significant pay increase, but the money doesn’t matter as much as your reasons for leaving. If you quit because you want better hours or a safer workplace, a higher pay won’t make you happy. Don’t settle for toxic environments or being overworked when there are better jobs available. Money doesn’t fix everything.

Stalled Career Growth

Do you think your manager might not trust you after putting in your notice? If your employer seems offended, your career could be on the line. They might offer you better pay, but they could pass you up for promotions or growth opportunities because they no longer trust you. Unless your counteroffer addresses your future goals or plans, you should be wary. It’s essential to think about your long-term future.

What Should You Do?

Although deciding whether or not to accept a counteroffer is stressful, you shouldn’t avoid putting yourself in that situation. You deserve options, and sometimes applying for a new job opens the door and gives you those options. If you are unhappy at work, start looking into other jobs. Find out what’s available and apply for something that interests you.

Eventually, you could get a great job offer. When you approach your boss, you may find yourself in a favorable position. Either scenario could be a win for you and your future. Whether you stay with your current employer or you change employers, you can improve your financial position as well as your career. It could be time to take a step in a new direction, so prepare yourself for making a big decision.