Imagine this.
You are currently employed but are looking for better opportunities elsewhere. After a short job search and interviews, you get a better job offer and have told your current employer about the offer. But, even before you file your resignation letter, your current employer gives you a counteroffer to prevent you from leaving.
What Would You Do? Would You Accept It Or Not?
It is tricky to give a correct answer for this situation because it was offered to you in the first place for many reasons. Before you decide, here’s how to handle counteroffers and make the best decision for your career. Remember, it’s not just about the numbers, but also about how you feel about your current job and the new opportunity.
Know Your Worth
Before you take action, it is crucial to know your worth. This knowledge will empower you to make a confident decision, whether to accept the counteroffer or proceed with the new job offer. Conduct thorough research about the position, including the salary median and job market rate. This information will guide your decision and enable you to negotiate for a better offer or counteroffer.
Know Why You Are Making The Jump
It would help to remind yourself why you are switching jobs and why a counteroffer is being offered. Are you leaving your current job because of your salary or the lack of work-life balance? If you are frustrated with your current work because you are undervalued and unappreciated, it is ideal not to accept the counteroffer because it seems they only recognise you now. If you did receive the counteroffer, you may take only a few months to return to job hunting.
Know The Risks Of Staying
Should you consider the counteroffer, know there will be risks to your career advancement with your current employer. Some employers may consider your act of finding a different position as a sign of disloyalty. This will give them a reason to reduce the amount of work they give you, and if there is reorganisation, you will be the first to go. You will also find it hard to switch companies if you hope to advance your career. The counteroffer may make you unaffordable for other companies to pay for because your salary is higher compared to those in the same position.
Know What Stays Behind
If you ignore the counteroffer and take the new job offer, remember that you will leave behind relationships you built while with your current organisation. Fortunately, it doesn’t mean you must break these relationships completely. When you go, thank your employers for the counteroffer and let them know that even if you leave, you are thankful for the opportunity they gave you. You can also express your excitement about the new opportunity and your hope to stay in touch. Please don’t use the opportunity to vent your anger at this point because it will only complicate your departure.
To negotiate a better offer during the job search process, consider the following strategies:
1. Research and Benchmarking
Gather data on industry salary benchmarks for similar roles, considering factors like location, experience, and company size. This information will empower you to present a strong case for your desired salary.
2. Articulate Your Value
Clearly outline the skills, experiences, and accomplishments that make you a strong candidate. Be prepared to explain how your expertise will directly benefit the company and contribute to its success.
3. Be Open About Your Expectations
During the interview process, communicate your salary expectations and any non-monetary benefits that are important to you (like work-life balance, remote work options, or additional vacation days).
4. Practice Negotiation Techniques
Role-play negotiation scenarios with a friend or mentor to build confidence. This can help you articulate your needs and respond effectively to counteroffers.
5. Timing Is Key
Wait until you receive a formal job offer before negotiating. This is when you have the most leverage, as the employer has already shown interest in hiring you.
6. Negotiate Holistically
Consider the compensation package, including bonuses, benefits, and work environment. If salary flexibility is limited, explore options like signing bonuses or additional perks.
7. Stay Professional and Positive
Approach negotiations from a collaborative standpoint. Express enthusiasm for the role and the company, which can foster a more positive negotiating atmosphere.
8. Be Prepared to Walk Away
If the offered compensation is below your expectations and the employer is unwilling to budge, respectfully decline and pursue other opportunities that meet your needs.
These strategies can help you secure an offer that aligns with your goals. Dealing with counteroffers requires careful planning and understanding. It’s important to weigh the potential setbacks and benefits they can bring. If you find it difficult to decide, don’t hesitate to seek advice. Remember, once you make a decision, stick with it and make the most of it. With careful planning and understanding, you can navigate the counteroffer process with confidence.
Now here’s some of the interview tips that will surprise you:
Do Appearance and Attitude Matter in An Interview
How to Emphasise Your Personal Strengths During an Interview
8 Types of Interview You Will Come Across In Your Lifetime
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