Having made the decision to move forward in your loss prevention career, you’ve gone through the job interview process, were offered a new job, accepted a position with another company, and presented your resignation to your supervisor offering appropriate notice. But on many occasions this isn’t the final step in the process.
A counteroffer is an inducement from your current employer to attempt to get you to stay after you’ve announced your intention to take another job. In response to offering notice that you will be moving on, your current employer comes back proposing new terms in order to tempt you to stay with your current company. This can come in the form of many different incentives:
- The terms may be financial, offering an improved salary, bonuses, and other financial perks.
- The offer may involve a promotion or new position, an elevated role, or new and different responsibilities
- The provisions may involve quality of life incentives such as additional vacation, working from home, fewer hours, or other related perks and stipulations
- The incentives may involve an emotional appeal, a reiteration of your value, a promise of better things to come, or even a call to your sense of loyalty
- Likely a combination of these factors will come into play
Counter offers are quite common for many different reasons. Obviously, companies want to retain their best people, which keeps the organization healthy and productive. But it also takes a lot of time and money for a company to find and replace valuable staff. There are training costs, continuity concerns, team-building, business relationships, professional contacts, and a host of other considerations. As a result, the company will want to do what it can to retain the employee.
Be Prepared
Building a successful loss prevention career requires making intelligent and informed decisions, and it’s important to be properly prepared for the possibility of a counter offer both at the time you submit your resignation and during the transition period between jobs. You need to be prepared to be enticed to stay on with promises of new benefits or responsibilities. However, this is not a time for egos to rule our decisions, and the resignation period should never be viewed as simply the beginning of a negotiation.
- First of all, it’s important to keep in mind that ultimately anyone is replaceable. Hall-of-famer Joe Montana was replaced by hall-of-famer Steve Young. Horses were replaced by automobiles. Every four years we vote for a new President. And each one of us can be replaced as well. Make sound decisions based on objective information, not as the result of a swelled ego.
- There are reasons why we seek out to find a new job that better fits career requirements or goals. Are you running towards something or running away from something? A counteroffer isn’t a magic wand that will likely fix anything other than how you are being compensated. If there are other reasons why you want to leave, they are likely to remain, so you should weigh the pros and cons.
- A loss prevention career decision shouldn’t become an auction. Our decisions should be based on career development and long-term professional growth. Decisions based solely on short-term material enticement should be considered very carefully—is the outcome really worth it?
- In the business world, it’s a good thing to know why the people who work with us are on the team. As a loss prevention professional, it’s just as important that we ask ourselves the same question. Why are we a part of the team? What is the long-term value of staying or leaving?
- Many will claim that by resigning, the company may lose trust in you. Accepting a position with another company is a confirmation that you were looking for a change. However, every decision must be viewed on its own merits. The reasons for a potential move, how it is handled, and the reasons for staying must all factor in any decision that is made.
- It’s also a fair question to ask why it took the opportunity to leave for another job to have your current employer offer the terms of the counter offer. Every organization has budgetary considerations and other limitations that can influence these decisions. What’s the real reason?
- If you’ve already committed to your new employer, then you’d be dealing with rescinding an offer that you’ve presumably already accepted. This can be a very delicate situation. Consider your decisions very carefully.
If nothing will change your mind, simply make your decision clear up front. Be firm and tell your boss how much you appreciate the offer, but that the new opportunity is something you just can’t pass up.
The Best Way to Find Answers is to Ask Questions
As is true in so many situations, the best cure is prevention. The time to talk with your current supervisor about your future is not when you’ve already decided to leave. A loss prevention career plan should include regular conversations with supervisors about career growth and career opportunities. Similarly, companies with the highest retention rates are also those where managers are having frequent conversations with the people they don’t want to lose.
It is uncommon for a counter offer to be successful in the long term. If the underlying job dissatisfaction issues aren’t addressed, then it typically won’t make a difference. It is probable that even after accepting an appealing offer, many will be gone within 12 months.
Every loss prevention career is different. What’s most important is to make the best decision for you, your family, and your future. Consider all of your options. Talk it through with those most important to you. Remain objective and use common sense. If you’ve done your due diligence, chances are you’ll find the answers, and the decision becomes clear.