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Counteroffer management
MARK SMITH: We are now joined by Tom from our Melbourne office, and we're going to have a quick chat to Tom about counteroffers and what that actually means if you're actually going out and you're applying for jobs. You get an offer; you go to resign, and then suddenly, they hit you up with a counteroffer. Tom, what advice do you have for somebody like that?
TOM: Thank you, Mark. When you receive one job offer, it can be a pretty easy decision. But if you receive two, three job offers or even more, suddenly you've got to choose between a few perks and a few benefits. The allure of better compensation, improved benefits, different work environments can really make it a tough decision. It seems that this is more relevant than ever. In our recent 2023 Employment and Salary Trends report, we did reveal that 79% of hiring managers experienced more counteroffers in 2022 than ever. So, you know, it's more relevant than ever, really.
I've got three tips to share regarding how to manage this difficulty. First off, it's really important to reflect on your reasons for leaving the role before resigning. Assess your motivations for seeking that new opportunity. Determine if the counteroffer addresses the underlying issues that prompted your decision to leave. Money isn't everything. Always think about things like company culture, perks. People are usually hypnotized by the dollar amount, but there's so much more to a job and making it fulfilling than just the money.
Also, evaluate the counteroffer objectively. Don't just ignore it because it's come through second or third. It's not the first cab off the rank. Consider it; make sure it aligns with your long-term career goals. Think about compensation, but, as I said, think about everything. It's just not all going to come down to money at the end of the day.
Lastly, communicate professionally. It's really important to keep an open communication with your current employer and also the people that are offering these two roles. You don't want to burn any bridges. You never know; maybe the role that you end up turning down, maybe years later, you end up getting hired again by that hiring manager or that company, and you really keep them in the loop. Explain why you're doing everything, and I think in the long run, that will really work to your benefit.
TOM: Thank you, Mark. When you receive one job offer, it can be a pretty easy decision. But if you receive two, three job offers or even more, suddenly you've got to choose between a few perks and a few benefits. The allure of better compensation, improved benefits, different work environments can really make it a tough decision. It seems that this is more relevant than ever. In our recent 2023 Employment and Salary Trends report, we did reveal that 79% of hiring managers experienced more counteroffers in 2022 than ever. So, you know, it's more relevant than ever, really.
I've got three tips to share regarding how to manage this difficulty. First off, it's really important to reflect on your reasons for leaving the role before resigning. Assess your motivations for seeking that new opportunity. Determine if the counteroffer addresses the underlying issues that prompted your decision to leave. Money isn't everything. Always think about things like company culture, perks. People are usually hypnotized by the dollar amount, but there's so much more to a job and making it fulfilling than just the money.
Also, evaluate the counteroffer objectively. Don't just ignore it because it's come through second or third. It's not the first cab off the rank. Consider it; make sure it aligns with your long-term career goals. Think about compensation, but, as I said, think about everything. It's just not all going to come down to money at the end of the day.
Lastly, communicate professionally. It's really important to keep an open communication with your current employer and also the people that are offering these two roles. You don't want to burn any bridges. You never know; maybe the role that you end up turning down, maybe years later, you end up getting hired again by that hiring manager or that company, and you really keep them in the loop. Explain why you're doing everything, and I think in the long run, that will really work to your benefit.
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Featuring Mark Smith
Season Two
Join Group Managing Director Mark Smith for the latest insights into the employment and job seeker markets. Explore our hot jobs across Australia and some exciting opportunities abroad in New Zealand and the United Kingdom. This week, Mark is joined by our P2P Recruitment Expert to discuss counter offers, and some hot tips employees can utilise when faced with one upon resigning.
About our speaker
Mark, a qualified Accountant, began his career with Deloitte in the late 1980’s. In 1994, he decided to make a career change to the recruitment industry. During his early recruitment career with two listed recruitment entities, Mark recruited and managed teams in both temporary and permanent disciplines in the Sydney, Brisbane and London markets.
In February 2005, Mark established people2people with Manda Milling and Simon Gressier. Mark is a Certified Practising Accountant (CPA), a member of the Recruitment & Consulting Services Association (MRCSA) and a member of the Australian Institute of Company Directors (MAICD).
In February 2005, Mark established people2people with Manda Milling and Simon Gressier. Mark is a Certified Practising Accountant (CPA), a member of the Recruitment & Consulting Services Association (MRCSA) and a member of the Australian Institute of Company Directors (MAICD).
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