You have handed in your resignation and your employer has come back with a counter offer. It happens more often than you might think, and it can be genuinely tempting. Here is how to think it through clearly.
Why employers make counter offers
It is worth asking yourself why your employer is suddenly willing to offer you more money or a better package now, when they were not willing to do so before. In most cases it is because losing you at short notice is inconvenient. That is not the same as genuinely valuing you.
Think about why you started looking
Most people do not explore new roles purely for money. You were looking for a reason. Perhaps you had plateaued, perhaps the culture was not right, perhaps you wanted more responsibility or a better quality client base. A counter offer rarely changes any of those things. The underlying reasons you wanted to leave will almost certainly still be there six months down the line.
The statistics are stark
Research consistently shows that the vast majority of people who accept counter offers leave within eighteen months anyway. Either the issues that prompted them to look resurface, or the relationship with their employer has been permanently altered by the knowledge that they were prepared to leave.
Your reputation matters
If you have accepted a role with another firm and then withdraw, you are burning a bridge with an organisation you may need later in your career. The financial services industry is smaller than it appears.
Talk to us
If you receive a counter offer, call us before you make any decisions. We can help you think it through objectively and make sure you are making the right choice for your career in the long term, not just the short term.