Accepting an Employer Counter Offer is a Bad Idea
Until recently, I have never played the counter offer game. When managing my career, I made very calculated moves so whenever I decided to test my marketability, it usually meant I had reached the end of my road. Then once the offer(s) came, it was a done deal.
Frugal Dad also wrote about this: Accepting a Counter Offer Can Be a Risky Move and I agree with his assessment. Further, according to Carter-Baldwin Executive Search Services:
In a survey done by the Wall Street Journal, over 50 percent of individuals receiving counter-offers after turning in their resignations accepted them. Within eighteen months, 93 percent of those accepting counter offers had left, some voluntarily and some fired. All of the remaining 7 percent were actively seeking new employment. All in all, the reasons the employee had for searching for new employment in the first place do not go away just because they received more money or a promotion.
I haven’t read the actual study, but I can vouch that the odds are probably true. For example, with my current employer, I ignored my better judgment. I was enticed by the promise of more money and future conveniences, rather than listening to my gut instincts. The extra money came and a few accommodations were made, but the underlying problem still remains. I won’t go into any personal details, but I will say this much is true - money can NOT buy (long term) happiness!
I’ve been burned twice in 9.5 months and I refuse to be unhappy. Remember the sage advice from my college professor? “If you don’t like what you do, then do something else.” It really is that simple. Hence, the reason I’m back in strategic planning mode, my recent acknowledgment of lessons learned, and my willingness to take one for the team.
Fool me once, shame on you. Fool me again…well you know what your President said. LOL
At this point, I have nothing very little to lose. Even with kudos and bonus cash coming from the very top, there is nothing that can persuade me to stay anymore. Since I have made a significant impact and earned the respect of many in such a short period of time, hopefully, my departure will make a bold statement about current affairs. If not, oh well…I don’t have to be a victim when the cookie finally crumbles.
So in the usual Single Ma fashion, I have two opportunities brewing. One organization is crafting their vacancy description to fit my resume, while the other has scheduled an all day interview for the end of this month. Some of you who know me personally have watched these opportunities unfold with the placement of a few phone calls. Based on my rapport with the decision makers, I’m almost positive that I’ll receive both offers.
What will I do differently this time?
First of all, I will not entertain any counter offers EVER again in my career. Second, my final decision will be based on the TOTAL benefit - quality of life, career development, office morale (took this for granted at my last job), commute, and salary. In that order exactly.
Now if I can stretch out this recruitment process until mid to late April, I will have given my current employer an entire year. Therefore, I will honor the terms of my relocation agreement, which will allow me to extend the reimbursement benefits towards the sale/purchase of a primary residence; survive end of term performance evaluations and possibly receive an annual bonus; and avoid a short gap on my resume. I’m not sure how all of this play out, but there is one lesson I’ve learned:
ALWAYS FOLLOW MY INSTINCTS
~*~*~*~*~*~Work to achieve, not to acquire.
And as always, BE FABULOUS!
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18 comments:
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Fabulous Financials v2.0 » 4 Ways to Get the Most Out of Your Interview (Pingback), 14 February 2008, 8:32
[...] it out, but now I regret ignoring my initial instincts. So yesterday, I explained why I thought accepting an employer counter offer was a bad idea. In response to that post, Sarah left the following comment/question: I’m also on the job market [...]
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Fabulous Financials v2.0 » Top 5 Remix: Your Career (Pingback), 17 February 2008, 14:23
[...] Single Ma’s Fabulous Remix: Accepting an Employer Counter Offer is a Bad Idea [...]
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Fabulous Financials » Subscribe to Fabulous Financials (Pingback), 2 March 2008, 8:44
[...] reading Fabulous Financials? Would you like to keep up with my continued shoe deprivation (lol), my career changes, BabyGirl’s teen financials, my progress towards meeting our net worth and annual [...]
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Fabulous Financials » Temptation (Pingback), 9 March 2008, 12:58
[...] a good thing I’m not an indecisive person. Otherwise, I would respond to the temptation and make a bad decision again. Fool me [...]
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Have you read the Fabulous Financials comment policy lately?
SM,
Best of luck, not that you will need it. I do so like to you work (even from waayyy over here).
I agree with your conclusion. In my past, when I have been truly dissatisfied with some of the above you mention, I have talked about it with my employers, with increasing frankness/charts/examples, etc. (if I wanted to stay or thought things could get better).
Any employer that ignored my attempts to improve the situation, thereby causing me to expend valuable personal energy seeking a new situation, did not deserve a second chance (i.e., the acceptance of a counter offer). To me, it is similiar to a a personal relationship: if I tell you that our relationship is in trouble and you continue to ignore my attempts to make it better then don’t promise “love and diamonds” when you are served with divorce papers.
That may not be your situation and I don’t mean to imply that it is, but the lesson for me was to give my employers the opportunity to do/make better before my resume hits the door. Once it does, very likely I am out, no matter what they offer.
I think this was an excellent analogy. It’s right on point. [-SM]
Too early in the morning for comments:
What I meant to say was: I do so like to watch you work, even from waayy over here.
Whew, that was better.:=)
That’s ok, I understood what you meant.
[-SM]
I’m so proud of you. I have never accepted a counter offer. My decision to leave certain places never had anything to do with money, therefore mo money ain’t ‘gon fix it. I know you’ll be a superstar whereever you land.
My initial reason for wanting to leave didn’t have anything to do with money either, it was quality of life. In response, I was offered several accommodations to improve my quality of life and the extra money (i.e. retention bonus) was icing on the cake. Depending on when I leave, I may have to pay some of it back. At this point, I don’t care. [-SM]
Well I’m glad to see things WORK THEMSELVES OUT. While you didn’t follow your instincts initially, you stayed because you aren’t a “hopper” so you wanted to make a new life in your new home, etc.. BUT when folks have disorders and lose their everlasting minds you have to do what is best for you
Whatever happens or however fast it happens.. we’ll be celebrating new beginnings over the ABC’s LOL
I agree with the writer. After working on the trading floor, I’ve seen it time and time again. An employee wants to leave. The head of the trading desk spends the entire day behind door with him until he agrees to stay. Within 12 months, dude is gone!
The situation is almost a couple on the outs, but one Person A isn’t yet ready for it to be over. So he/she makes promises to the other half to do better. Yet within a short period of time the beggar/Person A grows bitter at the past rejection and moves to end the relationship anyway!
As far as you, you know that Cocoa prays the absolute best for you and Babygirl. Please keep us posted on your fabulous progress, Fabulous!
I’m also on the job market right now and am trying to find a good fit for my skills and a good cultural fit. What kinds of questions are you asking your potential new employers to ensure that these quality of life/office culture issues are addressed? I’ve been on a few interviews so far and whenever I ask about the “company culture”, I’ve been getting the same answer from everybody. “The people here are smart and great to work with, blah blah blah” How do I cut through the BS to find out what it is really like?
I’ll address your question in a follow up post tomorrow. [-SM]
SM,
It is always exciting (and a bit nerve racking) to pick up and find a new job. But when you are really good at what you do, AND you have the contacts you will always have opportunities available to you. Hopefully you can work your opportunities to your time frame so you do not get stuck paying back relocation expenses, etc. But maybe that can be a point of discussion with a new employer? Maybe make part of you sign on package extra compensation to pay back what you will owe? Just a thought.
Also, don’t sell yourself short! Maybe the time is coming where you would want to work for yourself?
Believe it or not, I have no desire to be a full time entrepreneur. [-SM]
Oh no, I ask for more money when I accepted this position. I maybe a victim next year !!! Holy Moley~
Good luck SM.
I am so unhappy at my current position. Not only was it an increase in money, it was a full time position that allowed me to finish college. But I’m commuting further than I want to and am not being given the responsibilities I was promised upon graduation. I’ve been here for two years and right now I’m staying because my DH just got orders to transfer to the base right by where I work and he’s promised me we’re moving to this area in April, so that will take care of the commute, but worse I hate looking for a new position. I always feel like I don’t know what I’m doing when it comes to negotiating a salary. I feel employers want the best employee for the least amount of money and I’m not very savvy in that area so feel like I cut myself short for what I’m worth. Plus I’m never sure I’m qualified, if that makes any sense. I know there’s probably never the perfect announcement but I keep looking. While I’ve never used one, I’ve been thinking of contacting a headhunter to see if they can find the right position for me.
man, if you ever start a career counseling blog, let us know:). I often think my career strategy gets so complicated when really it should be as straightforward as you laid our yours. When it comes down to it, it’s all about the overall quality of life. Way to move and shake in a tough city.
Good luck!! I am also entertaining thoughts of testing the market. Gotta get my mind right and my resume straight before I do.
Following my instincts is something I had not been doing these past few years and it cost me. I agree, follow your instinct-I’ve always come out ahead when I’ve done that.
I’m sorry you’ve been unhappy. Good luck with those two prospects!
Dayum it must be something in the water cuz that sh*t is reaching the West coast too.