Articles From the Team
Is it ever a good idea to accept an offer to stay put at your current firm?
What is a Buyback?
In recruitment, we see candidates accepting new job offers day in day out. They go through the sometimes long and tiresome process of registering with an agency, beginning a job search, applying, interviewing through multiple stages, negotiating the right package and eventually come to the conclusion that the opportunity they have on the table from another firm is better than their current position. Therefore, after some time to think, they decide to accept the offer.
Obviously, the next step would be to hand in their notice and for us as recruiters, this can be the most anxious part of the process. This is also difficult for the candidate as there is a good chance that given the current climate, they will be faced with a counteroffer from their current firm. This can often involve a highly inflated salary, more flexibility, and even a promotion thrown their way to stay with their current employer. Therefore, on the face of it, the easier option is to not move.
Take some time, stop and think
My advice is, and always will be, don’t rush into anything, stop and think. Ask yourself the following questions to evaluate your decision;
What was the reason I was considering leaving in the first place?
‘Will more money and the opportunity to work from home 2 days a week remedy all the other issues I have?
Why didn’t my current employer offer me these new terms before I handed in my notice?
These points should remind you of why you were looking to move in the first place and why your current company didn’t value you enough to give you these added benefits before you handed in your notice.
Choosing the right option for you
Buybacks are happening increasingly often, especially as the market is so competitive and candidates are hard to find. The recruitment process is expensive for the firm and it may well be cheaper for them to offer you more £££ than pay for recruitment fees and training for any new recruits. Therefore, the firm itself benefits from you accepting the buyback, but does it benefit you? It is important to consider whether it is worth negotiating or if moving is the answer.
Statistically, of the professionals who accept a counteroffer, over 90% leave their job within the next 18 months. This is mostly due to the previous issues arising once again, leaving you feeling undervalued and unhappy in your role. Often buybacks provide an increase in salary, but it is important to look at the wider picture and whether the important changes you require will be met. For example, were you looking for career progression and training from the other company and will your current firm offer this now?
When faced with a buyback, you should ask yourself if it feels genuine and whether this a long term solution beyond the salary increase. If you are feeling underappreciated, then it is unlikely you will see real change at your current firm and it may be the right time for you to move on.