Should I stay or should I go???
As the demand for top marketing talent intensifies, counter-offers are becoming increasing prevalent to the point where both recruiting organisations and candidates alike must be aware of the potential spanner in the works that a last minute buy-back can be.
It’s natural that organisations want to retain talented individuals and given that a significant percentage of perspective candidates consider a career move based on financial factors, often companies will offer a financial incentive at the point of resignation to try and keep that person.
This counter-offer trend has been fuelled by the past five years’ challenging economic climate. With confidence rising, candidates who had to put their career and earning aspirations on hold through the recession are now aiming to get back on track. Often not having received regular pay increases within their current role, candidates who are feeling undervalued look for pastures new. It isn’t until an employee resigns that companies consider that person’s value and subsequently find budget to counter-offer.
Bookmark Recommendation… Candidates – expect your current employer to counter-offer, be aware of this from the start of your search. Really consider your reasons for looking for a new role, if purely financial, consider why it takes you handing in your notice to jolt your current employer into life. If you are looking for reasons beyond those financial consider if these will be addressed or simply subdued before accepting a counter-offer. Candidates who are bought-back rarely remain within their current role for more than 12 months and generally the extra cash proves to be a short lasting solution to deeper issues and motivations.
Hiring organisations – again expect great candidates to be counter-offered, in fact worry if they aren’t! Understand the market and think about your offer of employment. Sell your business to candidates, consider your location, benefits and work-life balance. If you identify a great candidate make a great offer! Make them feel wanted! Increases of £1K,£2K or £3K above current salaries will just mean you miss out to another organisation or a counter-offer.
Current employers – Recognise your great people and reward them before it’s too late and someone else does recognise their value.