We at PeopleSource have been coaching people on the delicate subject of counter-offers for years.
We recently polled our substantial network and asked them the following question:
“If you had decided to leave your current company and on handing in your notice you were offered
more money would you stay?” We were somewhat surprised when the answers came out exactly
50/50!
Now, while the world has become polarised with many important votes and elections going down to
the wire (think recent US Elections, Brexit, French Presidency, Scottish Independence, Border Polls
etc.) this one did surprise us, and, to nail our colours to the mast, we thought more people would
answer ‘no’. That’s certainly been our experience.
Recruiters have often been thought of as biased in this area, and it’s understandable why, with every
successful counter-offer from a current employer representing a lost fee to an agency. However,
conventional wisdom has always had it that a majority of people who stay with their current
employer after handing in their notice leave within 6 months. So, let’s look at the pros and cons
here;
| Staying | Leaving |
| Pros: - Better off financially now - Know the people & culture - Familiar with the job - Known commute/hybrid - Friends & shared experiences - Comfortable about the future |
Pros: - Better off financially - Feel more valued - Exciting opportunity - New friendships & challenges - Broader CV - Possibly better promotion prospects |
| Cons: - Have potentially burned a bridge - Always knowing you were willing to leave - Feeling you were only valued when their backs were to the wall - Worry if you’ve messed up future promotion chances |
Cons: - Worry that job has been mis-sold - New things to learn - New culture and processes to adapt to - Travel / Hybrid may not suit - Grass may not be greener - May be ‘trapped’ in new job for some time |
Clearly there are pros and cons on both sides of the decision to either leave your current employer
or accept more money to stay. Our view, and this is backed up by years’ of experience of candidates
who accept counter-offers re-presenting themselves as candidates within 12 months, is that people
don’t leave jobs for money alone, and they can never feel quite the same way again about an
employer who had to be coerced into paying them what they feel they were worth.
It is an oft-quoted maxim that people don’t leave employers, they leave managers, so frequently
money alone is not going to solve the problem. People, especially nowadays, think very little now
about moving on to progress their careers so the age-old issues of loyalty and security are less at
play than ever before. In future we believe more people than ever before are going to turn down
counter-offers from their current employers after they hand in their notice.
Why therefore, you ask, did the results of our little poll come out 50/50. I think on reflection that
the question, which was really just a little bit of ‘engagement’ with readers of the PeopleSource
Monthly Newsletter was a little vague. For instance, we didn’t consider the length of service or
seniority, we didn’t mention other possible reasons for wanting to leave, but most of all we didn’t
mention how much money was being offered to entice the reader to stay. We all have our price!
For more information on finance recruitment contact Rachel Tubridy on rtubridy@peoplesource.ie.
