The scene: You applied for a job, gone for the interview, aced it, and congratulations are in order because now you have been offered the job! You hand in your notice to your current employer, ready to embark on your new journey. Your employer is shocked to hear that you want to leave, surprised to learn that you aren’t as happy as they thought you were, anxious that they will now have to employ and train someone new. They know that the job market in Cyprus now is very much in favour of job seekers, and they will struggle to replace you. For all those reasons they really do not want to lose you, and they offer you a salary increase and other benefits to get you to change your mind and not resign. It is a big boost to your ego that your employer is so keen to not lose you, but that is obviously not enough.
The conundrum: Should you stay, or should you go?
The answer: You will not be surprised to hear that there is no standard answer to this question. Most of the time, starting with the new job is the obvious answer because you have gone all the way down the path in this exciting new direction and it’s the right time to make the move. But what is the right thing for you to do?
The questions to ask yourself: The team at StaffMatters have suggested these 7 questions for you to answer truthfully when you are weighing your options, to help you make the decision:
- Why did I want to leave in the first place? If you were unhappy because of insurmountable personal conflicts at work, or a toxic corporate culture, the lack of any future opportunities, feelings of not being appreciated or recognised for your efforts, feeling that your efforts are being taken advantage of. Will any of those issues change if you decide to stay?
- Am I working just for the money? According to bestselling author and business journalist Suzy Welch, there are only three times that you should work just for the money: if you are in deep financial difficulty, if you need to make extra money to reach a goal, or if you need the money to support a philanthropic effort. Do any of these describe your situation? Do you need to work just for the money?
- If I am indeed working just for the money, do I have a clear understanding of both the packages on the table? Are you taking into consideration all that is involved in terms of compensation, including all the benefits and perks? Are you determining and comparing the monetary value of, for example, the provident fund, shares, medical insurance, bonuses, etc. in order to make a clear and accurate comparison? Does the increase that is being offered now mean that you will not receive another increase when it is due? How does that compare to the expected increases at the new job?
- Why did my employer offer me this now? Bear in mind that an offer from an employer is usually made to benefit the employer and you do need to ask yourself what the motivations are behind the offer. Maybe they need to buy time to either look for your replacement, or for you to finish a project? Maybe they know that you have been underpaid for the role you held in the company and that they will not be able to find a replacement at the same, low salary? Maybe they don’t have the time or resources to train a new employee? Maybe none of these apply to your case, and your current salary is, in fact, accurate and in line with the market – will the increased salary that is now offered over time make your employer feel resentful towards you? If your current salary is indeed lower than market-related salaries, why did your employer not increase your salary until now? Why did you need to threaten to leave before they would pay you an accurate salary?
- Which job offers me a better career? Let’s put this very simply: What will your CV look like if you stay? What will your CV look like when you accept the new job?
- Will my relationship with my current employer be damaged if I stay? Now that your employer knows that you were unhappy and had been looking for other work, will your future in your current job be jeopardised in any way? Are you going to be overlooked for future promotions because your loyalty and commitment to the company will be questioned?
- Am I burning bridges? Is the job that has been offered at the new company one that might not come along again? Is the new company a leader in its field and you will miss the opportunity not only now but also in the future? If you go back to the new company with your decision to not join them after all, will that mean they will not consider you in the future?
The bottom line: You might be convinced to rather stay put: the prospect of an increased salary, benefits and perks is very tempting, combined with the other reasons to stay (every company has its good points!) plus the fear of the unknown of a new job, might all convince you that your current job is the place for you, after all.
The stats might convince you to rather move on: studies published online all find that the vast majority of candidates end up leaving their employer anyway, within a few months of accepting a counteroffer. This happens for various reasons: the things that bothered them about the company are all still there, the promised increases were not delivered, the company replaced them as soon as they could, they were not given an increase they were due in addition to the one at counteroffer stage, the relationship with their employer became strained, and so on.
Tony Papadopoulos, owner of StaffMatters, agrees that he sees the same results in practice: “We experience this first-hand, when candidates contact us after six months or a year, looking for new opportunities again, after opting to accept a counteroffer.”
“But,” he says, “every job seeker obviously has their own, unique situation when the merits are considered of both options on the table. There is no standard answer for everyone. It is not always the right choice to decline a counteroffer and start the new job. Our team goes to great lengths to help individual candidates to make the right decision for their circumstances. We have the advantage of many years’ experience in the Cyprus market and we love to share that knowledge!”
Put the team at StaffMatters to the test if you ever find yourself faced with the decision to stay, or to go? Their specialised insight into the Cyprus market will be invaluable to assist you when making an informed and coherent decision.
Contact us on +357 25341383 or firstname.lastname@example.org.
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