EDITOR'S POST
Should I accept a counter-offer?
Q. Should I accept a counter-offer?
A. When you tell a current employer that you're leaving, you can normally expect a counter-offer, or a buy-back -- an appeal to stay with the company. Counter-offers typically involve:
- Offers of pay increase (What did they offer, why were you leaving, and what do you need to stay?)
- Offers of promotion/more responsibility/changes in reporting structure (We were just about to promote/raise you, and it was confidential until now.)
- Scare tactics/disparaging remarks about the new company or job (You won't last a month in that burnout shop.)
- Manipulation/flattery (You're too valuable, and we need you.)
- Guilt trips (You can't desert the team/your friends and leave them hanging. We've got that important project to finish.)
- Delaying tactics (My boss wants to meet with you before you make your final decision.)
The purpose of a counter-offer is to save your boss from being embarrassed by your resignation at an inconvenient time and to avoid the inconvenience of an unfilled position while the company is searching for your replacement. Since you've already burned your bridges, you will be replaced as soon as it is convenient for the company.
Often, an offer is made to satisfy your request for pay raise that was previously denied. The company has judged that you were not worth this pay for a long-term position, but is willing to pay it to keep you around for a few more months. Although you may extract some concessions from the current employer in exchange for staying, most of the reasons why you chose to seek another opportunity will remain.
The conventional wisdom says not to accept the counter-offer and to stick to your decision to move on. Wall Street Journal's statistics indicate that more than 80% of those accepting counter-offers leave, or are terminated, within 6-12 months. Not all of them get a second chance at the opportunities they had given up on.
If your new employer is willing to delay your starting date, you can offer your old employer to stay on longer (e.g., 6 weeks instead of the customary 2 weeks) for a substantially higher pay rate.
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Posted by: Editor at July 5, 2005 06:34 AM