I asked my boss for a raise but he said I didn’t deserve it so I sent him my resignation letter. Now he is asking me to stay with a higher salary.
Should I accept his offer or start my job search?
Lost and Confused
70-80% of people who accept counteroffers either leave or are let go within a year.
Why? Counteroffers are retention tools. It takes a great deal of time, energy and money to rehire, something that employers typically prefer to avoid all together. While accepting a counteroffer may seem workable in the short-term, you have already established yourself as untrustworthy. It’s difficult to overcome being viewed in this light and may affect the types of projects you’re given or future pay hikes.
Start looking for a new job. In the future, should you need a raise, here is my advice: appeal to your employer’s priorities without being threatening (i.e.: presenting them with ultimatums or resignations).
There’s a lot to be said for the spirit of cooperation-
“I’ve been receiving a bunch of competing offers as of late. I’m not interested and I’m definitely not thinking about leaving, as I love my team and appreciate the direction this company is going. I understand the company can’t match these offers, but I was wondering if we can close the gap a bit. If not, of course I understand.”
The above example speaks to an understanding and awareness that any employer would appreciate. You’re not requesting a match, but a bump. Asking for a raise isn’t an art form; it can be as easy and straightforward as understanding your manager’s priorities and goals.
Pro-tip: If/When you’re actively interviewing for a new position and you’re inevitably asked “So why are you choosing to leave your current job”, it’s important to remember you are interviewing the company, as well. Let the company sell themselves a bit: “I’m very happy with my current job. I learned from [recruiter name/referral] of the interesting work you’re doing and I’m always open to new opportunities.”
(P.S. Connect with one of our talented mentors [former hiring managers] for interview practice and more advice regarding how to navigate the counteroffer!)