You either were actively looking for a new role, or an unpassable opportunity found you – and they’ve extended a job offer! Your mind is made up, and you feel ready to accept. This means it’s time to resign from your current gig, which can be stressful. At this time, a counteroffer from your current employer may present itself, and it’s possible you’ll experience mixed emotions about this depending on the relationship you have with them. Remember, counteroffers are purely a response to you leaving, stick to your gut!
Consider the following four repercussions as well as some key counteroffer statistics you should know before turning down a new opportunity.
1. It May Only Be A Matter Of Time
When delivering a counteroffer, employers often are more concerned with the company’s needs than improving your job satisfaction. What may seem like an ideal arrangement to you, could merely be a temporary solution to your employer. It can cost employers a staggering 213% of an annual salary to replace someone, which is why 62% of managers extend counteroffers – do they really value you or are they more concerned with the bottom line? There is a chance that the company you currently work for is only offering you better terms until they feel comfortable finding someone else who can take over your role completely.
2. Will Things Be The Same?
A HuffPost article titled Once You Resign — Go, states that 80% of counteroffers accepted wind up leaving or getting fired before the year is up. Despite your employer’s seemingly genuine attempts to keep you, that worth could diminish quickly if you decide to stay on. Once you have shown disinterest in the company, trust is broken, and managers can become wary of your dedication to the firm. This can also affect your eligibility for future raises and title promotions.
3. You Can Burn Bridges With A Potential New Employer
You run the risk of igniting a bridge forever with the firm extending the new job opportunity by turning them down. As stated above, things may not work out with your current employer after you accept the counteroffer. This would put you in a position to seek work again elsewhere. In fact, 50% of candidates that accept a counteroffer are job hunting again within 60 days. If you decide to reconnect with the firm that offered you a new role, they may not be inclined to give you another chance – they valued you once, will they do it again?
4. It’s Not Just About The Money
According to a Gallup Study, it was found that in addition to your current employer not valuing you at the salary you were worth before a counteroffer was extended, other reasons for resigning has shown to be, a misalignment in cultural fit, management issues and a dissatisfaction with the work environment.
While it may feel gratifying to receive a sizeable counteroffer from your current employer, it’s important to consider the ramifications for accepting and the implications it can have on the new organization looking to bring you on.