The talent pool is tight and it is expected to get even tighter in the upcoming years. Due to the age gap with the Baby Boomer generation retiring and Millennials and Gen Z moving up in the workforce, there will be more jobs open than candidates to fill them. This means that companies will be working harder to retain their employees. Chances of receiving a counteroffer when turning in a resignation letter are likely to increase. As chemical recruiters and animal health recruiters, counteroffers are something we are very familiar with and speak to candidates about often. Our suggestion: consider not accepting the counteroffer.
To start with, what is a counteroffer? This is when a company offers more compensation, benefits, a promotion, etc. in response to an employee putting in their resignation after accepting an offer with another company.
Counteroffers can look like a sweet deal, and it really could be a great opportunity. However, take a step back before deciding. What were the initial items that made you consider taking a new opportunity? Was it culture, compensation, no upward movement, or something else? Will those issues still exist after the excitement of the new proposal wears off? There are usually more reasons other than the compensation that compel a person to make a job change. If it is new responsibilities or a promotion, consider why this was not presented or mentioned prior to discussing resignation from the company. What will be best for your career goals? This will also cause questioning of your loyalty to the company after accepting the counteroffer. Your employer may question how long you will be staying. Due to this, some companies use it as a stall tactic to keep someone working in the role while they find a replacement who potentially will do the role for a lower salary. Ultimately what is most important to consider when the counteroffer comes in is what will be best for you and your career.
Counteroffers can be tempting. They can promise promotions, more responsibility, and higher pay. However, there are usually reasons why those things are only brought up once you put in your notice. It is up to you to decide if what is being offered is enough to fix the issues that led to you considering a new role in the first place. It can be hard to commit to leaving a company you have built a role in, but consider what doors could be opened through the opportunities this new role could bring to you.
Are you looking for top talent in the Specialty Chemical, Plastics, or Animal Health industry?
Contact us to discuss how we can bring top leadership talent to your team. Boaz Partners is a premier executive search firm focused on the direct recruitment of executives and professionals for the specialty chemicals and animal health space. We are your partner, and our focus is on custom recruiting solutions.