As the competition for talent continues to heat up, three out of five candidates are being counter-offered.
As we continue to move out of COVID we have seen an 80% increase in demand for digital transformation, product management, and systems development talent. This in turn has created fierce competition for specialist skills and means that demand is outstripping supply.
Increasingly, clients are being forced into making counteroffers to retain talent and keep teams and projects intact.
Whilst it is flattering to be told you are key to the future of your organisation and offered a sizeable pay increase. Why were you not told this before and is this just a knee-jerk reaction by a manager who knows how expensive and time-consuming having to rehire is, not to mention the re-training that will have to take place?
Our research shows that 70% of candidates that accept a counter-offer come back to us within six months.
Once the dust has settled and the increase has been banked the old frustrations can quickly come to the forefront. These can be around career progression, lack of training and support, reporting lines, and culture.
Also, once a buyback has taken place there will be the stigma of being the person that resigned and was bought back. Once the trust bond has been broken this can be held against you and may affect future progression.
Our advice would be to think long and hard before accepting a counter-offer and remember what motivated you to want to move in the first place. If you want any advice in how to navigate a counter offer, get in touch. One of our specialist consultants will be on hand to help you.