Retaining top talent is a challenge for any business; what do you do if your current employer responds to your resignation with a tempting offer to stay? And if you are an employer trying to recruit a new team member, how do you ensure that your preferred candidate accepts the role?
What to do if your current employer tries to get you to stay…
Think about why your employer has waited until you said you were leaving to offer you more money or a promotion. Do they recognise the value that you bring to the organisation and if not, why not? If they do, have they been taking you for granted and would you be better off starting afresh elsewhere?
What is the relationship like between you and your current boss? If you stayed, how do you think this relationship would be affected?
What were your reasons for looking for a new role? If your current employer is offering you more money, does this change any of those reasons or will they arise again a few months down the line?
Recruiting new staff is a time consuming and often expensive process so it is understandable that your employer wants to retain you and may offer a higher than market rate salary to ensure you don’t leave. However, if the issues that made you look for a new role in the first place still remain, you could find yourself priced out of the market should you decide that you do need to move on at a later date.
Are you prepared to give your current employer the opportunity to address your concerns? Are they willing to listen to your reasons for leaving and can they put workable solutions in place? What value do you place on your relationships with your colleagues and clients? Do you find that the culture of your current workplace matches your own values and outlook?
How to avoid a counteroffer being made to your chosen candidate…
Ask why they want to leave their current role. Try to get a clear idea on their motivations and understand more about what they are looking to gain from a move. If their reasons are solely focused upon achieving a pay rise or a promotion you may find yourself in a bidding war further down the line.
Understand the market rate for candidates at each particular level; whilst you need to present an attractive salary package, you do not want to be paying an inflated rate for someone who may not be able to deliver what you need. And ensure that you highlight other benefits and conditions which will have a perceived value such as flexible working, option to buy additional holiday and subsidised travel.
Remember that the interview is a two-way street and it is as much about you selling the role, company and opportunity to the candidate as it is about them showing that they are best person for the job. Listen to their reasons for looking to leave their current role and demonstrate how you can help them achieve their ambitions.
Move at a timely pace. Speed can often be of the essence when it comes to securing your preferred candidate – once you have made the decision, move quickly through the stages and ensure references and any paperwork are actioned quickly. Keep in touch with the candidate or recruitment consultant so there’s no opportunity for them to doubt that you are having second thoughts.
Put your best offer forward at the outset so you don’t leave the door open for a counteroffer to be made. In the same way that questions will be asked of a current employer, if you are only increasing your offer because a counter has been made, it may not reflect well on you. If you do find yourself in a bidding war over a candidate – either with their current employer or because they have received another job offer – know when it is right time to walk away; you want people who are keen and enthusiastic about the opportunity you are offering.
Sharp Consultancy specialises in the recruitment of finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for temporary, interim and permanent roles across the full spectrum of positions throughout Yorkshire and beyond. CONTACT US today and speak to a member of our team about your next career move.