Are you a Tax professional, in a position to receive a counteroffer from your current employer?
In a world where counteroffers are becoming increasingly more common, we have received a lot of questions regarding the management of counteroffers and the importance around receiving the correct support throughout this process.
Before giving in to the allure of potentially immediate salary uplift, which is often all a counter offer really is, I thought it important to look further into the nuanced landscape of counter offers within the UK job market and provide some facts and figures that underscore the potential implications for your career.
Temporary Gratification, but Long-term Consequences
A recent study ran by LinkedIn found that, on average, professionals who accepted counter offers experienced a 60% higher likelihood of job dissatisfaction within the subsequent two years. This doesn’t always mean the 60% move on from the jobs – but oftentimes people look to move because they are unhappy, so why continue being unhappy for another 2 years? While a higher salary may provide short-term relief, it's crucial to question how much that salary addresses the broader factors influencing your job search.
Trust and Loyalty
According to a survey conducted by the Chartered Institute of Personnel and Development (CIPD), 75% of employers view the acceptance of a counteroffer as a breach of trust. In an industry where relationships and trust are paramount, accepting a counteroffer may jeopardise your internal standing within your current company, potentially impacting your professional growth and networking opportunities.
Underlying Issues Remain
Data from the National Employment Trends Report highlights that 80% of professionals who accepted counter offers continued to experience the same underlying issues that prompted their initial job search, even higher than the 60% reported by LinkedIn. Before accepting a counteroffer, it's imperative to assess whether the proposed changes genuinely align with your career goals and address the root causes of your discontent. The phrase ‘actions speak louder than words’ is really at play here and it’s important to consider if the promises made by the business are empty.
Industry Perceptions
Industry analysts, such as Career Insights, have noted a growing trend in scepticism towards candidates with a history of accepting counter offers. Employers may question your commitment to the job search process and long-term career goals, potentially limiting your opportunities for advancement and industry recognition. All professionals, be that HR, Recruitment or Hiring Managers are aware of the pressure that a strong counteroffer can put on a person and so accepting a counter offer once or twice won’t cause too much damage – but repeatedly going down this route can have an adverse effect.
In conclusion, armed with these facts and figures, I would urge UK professionals to approach counter offers with a discerning eye. It’s important to not only look at the immediate increase in salary, but also the long-term consequences on your career trajectory; will you be afforded the same opportunities as your colleagues? Will you be in the same situation in 6 months or 2 years’ time?
Strategic decisions today can pave the way for a more successful and fulfilling future in your career.
Rutherford Briant are on hand to support you through this process and can have direct conversations with you about the prospects of counter offers, the specifics relating to your situation and what a counteroffer might mean for you and how you can handle the internal pressures that come when handing in your notice.