Counter Offers - Should I Stay, or Should I Go?!

Congratulations! You’ve had a job offer from another financial services or Property company and finally handed in your notice. You’re excited and nervous all at once, which is exactly how you should be feeling.

 Although you feel like you are making the right decision, your employer has presented you with a shiny new raise to keep you from leaving, if this was part of your incredibly risky strategy to get a pay rise then well done, you have possibly succeeded! But let’s look back at why you started looking for a new role in the first place.

 It is no secret that right now we are in a candidate driven market. There is a shortage of qualified, skilled and experienced Financial Services and Property people across the UK. The talent shortage puts a floor on salaries and provides an opportunity for candidates to command a higher wage; 75% of employers in these sectors raised their salaries in 2021/22 and lot’s of companies are changing and improving things to retain their people.

 Where demand is high and supply is low, financial services and property companies are finding that they need to pay more to secure the hire.

As competition for the right staff heats up, so does the focus on keeping key employees. Although money is a motivator for many, companies with clear training opportunities, Employee Value Propositions and/or a framework for career progression are getting much attention. Flexible working, Working from Home and 4-day working weeks are also being thrown around a lot as you will have seen.

 So should I Stay or Should I go?

Here are some things to consider when making the big decision.

1. Are you leaving your current employer for the right reasons?

Being prepared for a counter-offer starts as soon as you decide to start looking for a new job opportunity.

The first question our recruiters will ask you when looking for a new opportunity is, why are you leaving? What has prompted you to start looking? Why now?

Only 12% of employees resign due to money. So, chances are you’re searching for a new job for reasons that will not simply disappear with more money coming in. (So a pay increase won’t change anything)

Integro’s advice is to write down all the reasons why you are unhappy, can these be changed by you or your employer? This list is also brilliant when it comes to must haves from a new employer.

2. Why has it taken this for your employer to see your value?

It’s important to remind yourself why you began searching for a new role in the first place (go back to your pros and cons list) A counter-offer isn’t a solution for any underlying issues. If you are unhappy in your role then really money isn’t the reason you’ve started to look else where is it?

If you’re presented with a counter-offer, why has it taken the fear of you leaving for them to realise your value to the business? This is a huge red flag as it suggests they are only trying to please you now, once they realised you weren’t happy and wanted to leave.

The trust and relationship may also be slightly broken at this stage, with your employer knowing that you weren’t happy and have been to interviews with plans to leave. Sometimes this can lead to trust issues and slight tension in the work place which is never healthy.

3. Have you looked at the benefits and bonus schemes as well as the salary?

Perhaps your counter-offer has increased your base salary, but have you compared both packages? Maybe the bonus’, career framework and progression potential are different? Maybe the culture and way you are treated is also completely different with the new company.

Maybe your priorities changed, and you’d like the opportunity to work from home, or a change in hours of flexitime?

What does the health and wellbeing benefits package look like? Is the new job opportunity less stressful, do the companies values align with yours? 

Have a think about where you want to be in 5 years, and which offer will give you more opportunity in the long run to succeed and fulfil your career development.

Statistics show that around 80% of people leave a job within 12 months of accepting a counter-offer.

Look beyond the base salary, and remember money isn’t everything!

4.  What would you expect if you stayed?

Often, employers will give a counter-offer to avoid having to go through the long and expensive process of recruitment. Yes, it will take them time and also cost them money to replace you so it’s usually cheaper to just give you an increase and try to keep you.

Make sure they are doing it for the right reasons, ask for a plan of action with realistic timelines, changes in writing etc. Don’t just take their word for it! Most importantly, think about whether the relationship and trust will break down after your employer knows you intended to leave?

Will you be equipped with the appropriate training to help develop your skills? You want to know that going forward in whatever role you chose, you’re not just surviving, but thriving!

When it comes to counter-offers in Financial Services or Property sectors, the question isn’t just should I stay, or should I go?  Instead, consider this process before you even hand in your notice. Remember, your resignation won’t be forgotten. It will be difficult to regain the trust and loyalty lost between you and your employer once you’ve handed in your notice.

When making your decision, consider which opportunity holds the most promise for your career path, and use the valuable tips in this article when making your next decision.

If you would like to talk to one of our team about a new role and how to handle a counter-offer, then contact our team and we will gladly help you through the trials and tribulations of a counter offer as well as support in finding you the right role in the first place.

Integro work with some of the best Mortgage Brokers, Specialist Lenders, Property Services & Estate Agent Brands across the UK and have some exciting career opportunities that could be great for your career development.

www.integro.partners

Feel free to email or get in touch with a member of our team:

Financial Services Team - 0161 989 3245

Property Services Team - 0161 989 5669

Email: Hello@integro.partners