Many industries are currently facing a candidate shortage. Unemployment is low, many fields have skills shortages and plenty of workers have had a mindset shift. Essentially, we’re in a candidate-driven market and there’s more competition for employers to hire and retain talent, so it’s a great time to be a jobseeker.
It’s an ideal time to seek new opportunities to further your career. If you are successful in receiving a job offer at another company, you’ll no doubt be wondering if you’ll receive a counter-offer from your current workplace. The short answer is yes. We are currently seeing the highest number of counter-offers we’ve ever seen, so it’s a likely bet. This is a good problem to have, however there are some drawbacks to consider.
Things to Keep in Mind If You Receive a Counter-Offer
1. Do you feel valued?
If you’ve been seeking a new job because you feel dissatisfied and undervalued at your current workplace, a counter-offer might feel like a sign that your company appreciates you. However, just remember that it is expensive and time consuming for companies to replace you, so that might be the driving factor behind the counter-offer.
2. Look at the Statistics
The 2021 Hays Salary Guide surveyed over 2,752 organisations representing over 2.6 million employees. Their data on counter-offers is interesting:
- On average, 46 percent left anyway
- Four percent accepted the counter-offer but stayed less than three months
- 21 percent stayed between three and 12 months
- Just 29 percent stayed longer than 12 months.
In summary, there’s a high chance you’ll either accept the new job offer or leave your current company within 12 months.
3. Don’t let money be the main decider
Economic reasons may be a driving factor for you, so if the counter-offer comes with a more attractive salary, it may seem like the best solution. However, if you were unable to secure a pay rise before you were counter-offered, it may be an indicator that you’re undervalued at your current company. If you didn’t first seek a pay rise with your current employer, perhaps money isn’t the only motivator for you and in reality, you’re actually keen for something new.
You are not a house being sold to the highest bidder! Make sure you don’t let the money be the main factor.
4. Identify what you like about each role
It’s vital that you take the time to contemplate what you like about your current role and your potential role so that you can directly compare them. Your day-to-day experiences and contentment are shaped by the nature of the work you do, so it’s important to have satisfaction in your job.
5. Consider your career prospects
It’s always a good idea to remember the bigger picture when making important decisions. Think about what you’re hoping to achieve in your career and where you will ideally be in five and ten years. A pros and cons list based on career opportunities is an easy way to help you decide which job will provide you with better long term gains.