Ask yourself this question before making a move!6/8/2021
Candidates have become hot property, there is no doubt in my mind!
As we start to return to some kind of normality there has been a quick change in the recruitment world from a job or “vacancy driven market” to a “candidate driven market” (I.e it is now more challenging to find candidates than it is to source job vacancies)
This is great news for anyone looking for a new opportunity because: 1) Salaries will be on the rise as companies look to secure the best industry talent & 2) Those in the job market are likely to have multiple options out there to choose from.
My experience is that when we are in a “candidate driven market” that counter offers from existing employers become more frequent than ever.
THINK BEFORE YOU ACT………All sounds good in the candidate world right? Well on surface this is very true but there are potential landmines that you need to be careful of. This in the main boils down to why you want to leave your current position/employer and this is something you need to think about long and hard before making that first move into the job market.
Firstly, think about why you are looking to leave and think about whether there is a solution from your current employer that could make you stay. Ask yourself this…”IF” the company offered you a solution to the problem that has triggered you to have a ‘look around’ would you stay at your current employer? If the answer is YES, then go and speak to your boss about it and see what can be done, you will be amazed how much time you can save by just speaking to your employer rather than guessing what they would say. If the answer is a “NO”, then wisely choose one industry specific recruiter and start looking into the sector where you want to consider opportunities.
Why should you place so much consideration on this question I hear you ask……..3 points to look at…..
ACCEPTING A COUNTER OFFER IS A TICKING TIME BOMB……..80% of employees accepting a counter offer leave within 6 months, over 90% leave within 12 months…..WOW……case and point!
LOYALTY IS PRICELESS…..…It really is an exciting time to be a candidate in the job market but don’t burn your bridges if you are not ready to make that move. Once you hand in your notice, even if your existing employer counter offers you, YOUR CARD IS MARKED. Who do you think they will reward/look after during tough times, a candidate that held them at gunpoint or a loyal employee? Moving on…..
BRINGING IN A REPLACEMENT IS A COSTLY BUSINESS……..Don’t get me wrong, receiving a counter offer is flattering, who doesn’t want to feel wanted….BUT think about this.…To replace an employee costs an employer in excess of 210% of your current annual salary (when you consider them incurring recruitment fees, training, set up costs, gardening leave, new salaries etc), trust me a counter offer isn’t always based on how good you are, it can be a financial decision that the business makes to keep costs low and dare I say it…..to make some time to find a replacement for you!
Don’t get me wrong some people who take a counter offer live happily ever after….but at a lower than a 10% chance, I am not sure those would be odds I would be taking….