Securing a new role can be a hard slog or a speedy, whirlwind process – every employer is different, but it is important to know what to expect if you do make it to the final hurdle.
If you’ve been presented with a job offer that you want to accept, there are a few things that you may want to take into consideration when you come to hand in your notice. If you couple the situation that the job market is improving with the fact you are a great candidate having secured another role, there’s a possibility that when you go to hand in your notice that your current employer is going to do what they can to keep you.
Due to high demand for skilled marketing candidates at the moment, many companies are looking to hold onto what they have, and as the job market improves, companies want to retain staff for as long as they can. So, when a valued employee hands in his or her notice, the company is more likely to make a counteroffer of a financial incentive to stay.
It is worth taking the time to have your mind made up as to how you will react prior to handing in your notice, should you be made another offer by your current employer. We have seen more and more counteroffers over the past year than any previous year, and although the financial incentive may seem tempting to make you want to stay put there are a few things to consider in the long term:
- It’s easier to keep you with a counteroffer than to replace you – companies know the costs of hiring someone, and the more skilled or specialised the job is, the more they want to avoid it. If you have to hand your notice in to a company just to get a pay rise and a promotion, then is that the type of company you really want to work for?
- Trust issues – No matter what the company says when making it’s counteroffer, you’ll always be a fidelity risk. If you’ve considered employment elsewhere, the trust is always going to be weakened, which could end up limiting your chances of any further career progression. We may not be 100% happy at our jobs all the time, but now that you’ve made clear your desire to leave, will your current employer want to continue to invest in your career?
- Remind yourself what led you to look in the first place – Change is hard. But remember you got to the point of dissatisfaction where you decided you couldn’t work it out at your current job and needed to look elsewhere. Ultimately you have to do what’s best for you, but if your initial reasons for leaving resurface this may lead you to look elsewhere again.
- Think past your current situation and into the medium and long term – What does accepting this counteroffer mean for you at your workplace? Most likely, your new compensation and role from the counteroffer is borrowing from future pay rises and promotions. Come the time for your next salary review, you might be less likely to get the salary increase or the promotion opportunity which you deserve at that point.
We appreciate that undoubtedly and understandably people need to make decisions in their own best interests, and we would never advise you to do anything other than that. It’s for this reason that we see it important to think ahead at the possibility of being counter offered and be 100% informed to make the right decision for you.
We are here to support you throughout the recruitment process so please ask us if you would like additional advice.