In a recent survey carried out by the Wall Street Journal, more than 50% of individuals accepted a counteroffer upon handing in their resignations. Nevertheless, after 18 months of accepting the offer, 93% of those individuals left their positions, while 7% remained with the company but continued to actively seek new employment.

Counteroffers are a strategy that many businesses resort to in an attempt to avoid losing valuable talent, particularly if the employee possesses unique skill and experience that is difficult to replace. Certain sectors are widely-known for making counteroffers, including technology, finance and the professional services sector, and as such, if you possess unique talent and experience, there is a high chance that you will be presented with a counteroffer when trying to resign.

Opportunity, Money or Both?

It’s essential to take into account an array of factors when presented with a counteroffer. The recent findings from the Wall Street Journal demonstrate that money should not be the primary motivator for someone searching for new employment; factors such as job satisfaction and career growth should take precedence, as well as the long-term goals and values of your current and (potential) new employer. 

It’s also essential to reflect on the initial reasons for commencing a job search in the first place. Though it can be immensely appealing to be offered a better salary package whilst you are simultaneously in demand from another company, this is not a career-building strategy that anyone should follow. A recent article published by Forbes emphasised the importance of thoroughly evaluating every employment offer received and never making a decision based on salary alone.

Instead, it’s important to focus on which path you want your career to take and which decisions you can take to realise your short and long-term goals. In addition, your initial reasons for handing in your resignation should not be ignored, whether they involve the work environment, corporate culture or the company’s products or services.

Evaluating your Decision: The Pros and Cons

Of course, many of these issues can be voiced with your employer in order to establish whether or not they can be rectified. If there is a specific area of concern that can potentially be resolved, it’s certainly worth considering a counteroffer. For instance, if your issues revolve around a lack of responsibility or stagnant career growth, these are areas that can potentially be remedied.

On the other hand, if you are feeling stuck in your current position and seeking career growth and exploration elsewhere, then it’s essential that you do not let a counteroffer stand in your way. Issues with operating techniques, workplace culture or employee management will not change overnight, and as such it’s essential to have a clear understanding of why you sought new employment prospects in the first place and evaluate these carefully.

It’s also imperative to take into consideration the impact that your decision will have on you and your employer. In a job market that is employee-driven, companies are more tolerant of individuals who have effectively been ‘won back.’ But in an employer-driven market, management can become resentful and suspicious of the individual, and it is not unusual for the market to turn on itself. Likewise, if you do eventually decide to leave, it is unlikely that you will receive another job offer from the company that you initially turned down.

Finally, you should never entertain a job offer simply as a way to leverage a pay rise, as this will have a detrimental impact on your current and future career prospects. The career decisions that you make now should be honest, logical and achievable, as they can have a lasting influence on your future success.