Over the past year, we have seen a surge in counter offers. We have seen this first-hand as a number of candidates, who had made it through multiple stages of an interview process and received an offer, turned it down following a counter offer from their current company.
So why is there a rise in counter offers and is it a good idea to accept them?
Why Are We Seeing a Surge in Counter Offers?
Firstly, there is a significant skills shortage here in Ireland within the digital sector. If you have a highly valued employee hand in their notice, replacing them is no easy feat.
The talent pool in Ireland is quite limited and the more senior the role or niche the sector, the smaller the pool. This small pool, combined with the adoption of remote working, has led many organisation to seek talent across the pond in the UK.
Of course, this is less than ideal as most organisations would much rather have someone who can be on-site at least once a week. The challenge to find and attract a suitable replacement within a short timeframe is not easily achievable. The time and resources associated also means there would be a high cost to replace
Therefore, it is financially and strategically in the company’s best interests to retain this employee and to therefore make an attractive counter offer, even though that employee had already made a decision to leave the organisation. But should you accept?
Is It a Good Idea to Accept a Counter Offer?
Each individual case is different however, what it all boils down to is what your motivations were to leave in the first place. The main motivations for candidates to leave are:
- Salary
- Career Progression/Development
- Work-Life Balance
- Dissatisfaction for current company culture or management.
- Lack of Fulfilment
When someone opts to leave a role, it is usually due to a combination of the reasons listed above. Your host company can try to entice you with a bump in salary, a fancier title and promises of career development however, the fact is that despite this, 80% of people who accept a counter offer usually end up leaving within the next 12 months.
The Curse of the Counter Offer
When considering a counter offer, you must first have absolute clarity around your motivations and reasons for wanting to leave in the fist place. Unless your motivation is exclusively financial, which it rarely is, then ultimately the promises of change fall short of expectation and you are brought back to square one.
In our experience, most people that are seeking a new role are doing so because they have outgrown their current role. They are no longer challenged or growing in their current company and therefore become bored and lose their sense of purpose. A bump in salary is a bandage on this wound and temporary fix, which becomes apparent shortly after application.
If you are a driven and ambitious individual, then what it is that you truly want is often deeper than the number and title that is counter offered and why 80% of the time you will inevitably be left unfulfilled and seek a truly new challenge with an organisation that excites you.
