When you finally decided to leave your job and with months of job searching and applying you have landed your next job. When you offer your resignation, you may find yourself with a counteroffer to encourage you to stay with an increased salary and promotion. The question is whether you should take the counteroffer or continue with your new job.

Why Do Employers Make Counter-Offers?

When employers make counter-offers it can be incredibly flattering and make you feel wanted. Another reason why counter-offers are made is that the cost to advertise your job, fill the vacancy you leave, and train a new hire can cost the company considerable amounts of money. If you are in a highly skilled job then your position might remain open more months leaving a huge gap within the company, which may delay the company in reaching their goals.

Psychology of Counter-Offers

When moving to a new job, you may start experiencing cognitive dissonance. You start to have inconsistent thoughts, beliefs, or attitudes about your decision. This is due to the unknown quantities in accepting a new job and you may start to convince yourself to stay with your existing employer is a better option. For example, when starting a new job you have to learn new skills and be the new person in the company or the fear that the new job may not live up to expectations.

What to Consider When Thinking About A Counter-Offer?

When considering your counteroffer you may want to consider a few things before making your decisions. Here are a few things to consider:

Consider your reason for wanting to leave

Think about the reason why you wanted to search for a new job in the first place such as job progression, work-life balance and job satisfaction.

Consequences of Accepting A Counter-Offer

Although your employer has made a counter-offer, you making a U-turn in your decision may cause your employer to question your loyalty. Another doubt your employer will have is whether you are staying for the long term and may be reluctant to invest in future training opportunities.

Was a pay rise always available?

If they offer you a pay rise now, question whether the pay rise was always available and it's only until now they offer the pay rise. You should question whether the pay rise is genuine and your colleagues might be getting the same pay rise in the future.

Accepting a counter-offer might damage your professional reputation

Accepting a counter-offer may damage your reputation with recruitment agencies and company. If you were to apply to the same company in the future, they may remember you backing out of the deal and may question your loyalty and dedication.

Summary

When considering a counter-offer, remember the main reason why you started job searching in the first place. Consider whether the pay-rise or new job title benefit your present employment. Once you offer your resignation, questions will be asked on your dedication and loyalty to the company, accepting the counter-offer may further question your loyalty. It’s better to consider all these factors and always think about your career progression, what you hope to achieve in the future, and the situation in your current job.