A counteroffer is a response given to an initial offer. It can refer to an offer made by your current employer to keep you working there after you have received an offer elsewhere, or if a prior offer was rejected and replaced with another one.
In other words, it’s an alternative offer.
Receiving a counteroffer can be an incredibly stressful time. Understanding how to handle a counteroffer could help you make better career decisions, improve your negotiation skills, and increase your finances. No matter the industry you work in or the business you work for, the way you handle a counteroffer can directly affect your professional future.
Here are some things to consider when receiving a counteroffer.
Take Time to Reflect: Thank the current employer for the counteroffer and express gratitude. Politely request some time to carefully consider the offer.
Evaluate Your Priorities: Reflect on your career goals, values, and priorities. Also, consider the reasons you started exploring new opportunities in the first place.
Compare Offers: Compare the counteroffer with the offer from the new employer. Access not only the financial aspects but also factors like job responsibilities, work-life balance, and long-term growth potential.
Consider Non-Financial Factors: Evaluate non-monetary aspects such as career development, company culture, benefits, and job satisfaction. Make sure to think about how each option aligns with your personal and professional goal.
Communicate Transparently: Keep communication open and honest with both your current and potential employers. If you decide to negotiate further with the current employer, be clear about your expectations and concerns.
Be Professional: Regardless of your decision, maintain a professional and respectful demeanour. Avoid making negative comments about either employer.
Think Long-Term: Consider the long-term implications of your decision on your career. Assess which option offers better growth opportunities and aligns with your career trajectory.
Seek Legal Advice If Needed: If you have concerns or questions about the legal implications of accepting or rejecting a counteroffer, consult with an employment lawyer.
Factor in Relationship Dynamics: Consider your relationship with your current employer and how accepting or rejecting the counteroffer might impact it. Think about how your decision will affect your reputation in the industry.
Negotiate Thoughtfully: If you decide to negotiate the counteroffer, do so thoughtfully and professionally. It is important to clearly articulate the specific terms or changes you would like to see.
Consider the Future: Think about the potential consequences of accepting a counteroffer, such as future advancement opportunities and how the company perceives your commitment.
Trust Your Instincts: Trust your instincts and make a decision that feels right for you. Consider the option that aligns with your values, career goals and overall well-being.
Remember that accepting or rejecting a counteroffer is a personal decision, and there is no one-size-fits-all answer.
Take the time you need to carefully weigh your options and make a decision that aligns with your career objectives and personal values.
