Why Counter Offers Are Good (except for headhunters)
Have you been promised a promotion or salary increase? Have you been told that the fresh challenge you’ve been craving – and worked hard for – is just around the corner? More importantly, is it now six months or a year since those opportunities were outlined – but they have yet to materialize?
Many employees find themselves in a situation where their company has repeatedly promised to take care of them, however after months of waiting, it can begin to feel like they’re just paying lip service to the idea.
If this is you, it’s time to consider a high risk-strategy that some career-minded individuals are reaping the rewards from. It’s not for everybody – but worth considering if you are determined to progress your career and want to give the process a kick start. Do you want to live with the frustration of waiting to see if promises come to fruition – or are you willing to do something about it?
Leverage Can Work
If you’re good at your job and you know – or think – you are valued, there’s one sure-fire way to find out. Get yourself an offer. Prepare your resume, apply for opportunities outside your current company and get some leverage. What’s the worst that can happen? If you end up with a great offer on the table from a competitor to present to your boss, it’s crunch time. Either they step up and increase your responsibilities or fulfill that promised pay raise – or they don’t. If they don’t, you’ve got a good opportunity to pursue. If they do, mission accomplished! It’s win, win.
More often than not, its medium sized businesses where this strategy works best. Small companies may not be in a position to boost your role; and large organizations often don’t have as much riding on individual responsibilities, unless you’re already on the management team. Busy – and bottom-line focused – executives will overlook successful individuals for promotion time and time again. Whether you’re flying under the radar, too good at your current job to move on, or need progression but don’t have anywhere to go, you need a catalyst for change if you don’t want to stay stuck in a rut.
Nicky Hoffman decided to take this approach last year – and has never looked back. A sales rep at a successful engineering firm, she had long been promised a senior account manager role. She knew she could procure another position, had established a huge book of business and was confident that her clients loved her: “One year after the promotion had been broached; I knew I had to speak to my employer yet again, but it had got to the point where it was unprofessional to keep bringing it up. I felt I had to take control of the situation.”
Nicky soon found out if she really was a valued employee, as she had hoped. She secured an offer with a competitor, re-approached her company and the very same day she found herself in front of the CEO accepting the role of senior account manager, along with a 45% increase. “They knew that if they lost me, it could have been a big problem. Some clients would have been unhappy, some may have followed me to the competitor, plus it would have been hard to replace me – or swallow the cost of retraining – in the industry I’m in.”
By proactively seeking some leverage, Nicky helped her company realize they’d dropped the ball. She didn’t complain, so she was still viewed as a team player; instead she succeeded in strengthening the respect of her peers for making a strategic move.
It’s true, the majority of those electing to use a counter offer find it doesn’t come to fruition. But it’s a guaranteed way to establish your true worth – and that’s as good a reason as any to give it a try.
Are you unsure if your resume is up-to-par to receive a counter offer? Let us help by giving you a free review!