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Counteroffers – good or bad? The rate of revenue collected in the IT and Legal sectors have taken a nosedive this year. This is another economic effect of the coronavirus pandemic (COVID). Many law school graduates still remain in a state of limbo as top law firms have seen pay cuts, layoffs, and furloughs.
With the promise of a vaccine near, there are some bright spots that point to economic recovery. One boost has come from law firms with strong labor and employment practices as their clients navigate cutting jobs and addressing workplace safety issues. There is a trend towards growth as the Bureau of Labor Statistics reported that the legal industry added 1,900 jobs in July.
During these uncertain times, employees attempting to move on to new jobs may be subject to “generous” counteroffers from their current employers. However, as the adage goes, appearances can be deceiving.
Especially in light of the pandemic, most employers with any interest in pulling themselves out of the current downturn in revenue will try to retain you with a moderately attractive counteroffer. This tactic may be to buy themselves time.
The counteroffer is more so for the employer’s interests than it is for you. If your employer valued you and you were satisfied with your wage and the work environment, you would not have looked elsewhere for employment. Remember, a counteroffer is not a solid promise.
Consider these five reasons why you should reject a counteroffer:
1. Your increase may have been a future raise.
If a raise is offered as part of your counteroffer, take into consideration that all firms have budgets with wage guidelines. The increase included in your counteroffer may represent your future raise granted early. Translated this means you will have to wait longer to see another increase.
2. Counteroffers may create a toll on your work relationships.
If you accept your employer’s counteroffer and remain at your current position you may face alienation from the company’s culture. On a ground level, your coworkers may see you as disloyal and no longer a part of the team. In their eyes, you tried to leave them.
3. The same issues may resurface.
If the reason you decided to move on from your employment was any issue other than money, then your dissatisfaction may return after the glow of your pay raise fades. Also, if the corporate culture changes promised in your counteroffer do not last, you will soon be back to job hunting.
4. You may have stunted your ability to be promoted.
No matter what, if you accept a counteroffer, your credibility and reputation within the organization will fundamentally change. Your manager will always question your loyalty as you will be seen as a dissatisfied employee or “the one who wanted to leave.” This may cause you to be passed over for future promotions or important projects.
5. Counteroffers may narrow your job options in the future.
If you make it through a company’s hiring process only to turn around and accept your current employer’s counteroffer, you should not expect the prospective employer to ever consider you for a position again. Also, realize that the legal community is smaller than you think.
When evaluating an employer’s counteroffer it’s important to remove your ego from the equation. Be clear on the issues are that caused you to seek a new job in the first place and evaluate the counteroffer from that perspective. Unless the counteroffer addresses all of the reasons why you considered leaving in the first place, it’s best to move on. Even if the counteroffer does address all your issues, there are always drawbacks to consider.
Strategic Recruitment Solutions has been matching top companies with top talent in the Gulf Region for more than a decade. We specialize in Legal and IT recruiting. Also, our industry-expert recruiters can offer insight and guidance. Call us today at 888-366-6508 to learn how easy partnering with SRS can help you reach your business goals. Best of all, we offer a free resume review. Find out more information here.