October 31, 2020

Counteroffers Rarely Work for Employees Jumping Ship

A recent Robert Half study found that 78% of CFOs don't extend counteroffers to employees who are leaving. Chris Jensen, CPA, cgma, explains:

“In most cases, when someone leaves and gives you the heads up, it’s probably best for both parties to separate,” said Jensen, the CFO at Pinnacle Exhibits in Hillsboro, Oregon. “They’re ready to move on and progress, or they weren’t fitting in.”

This sounds about right, especially given the fact that it's a rare instance where an employer is so desperate for someone's abilities that they make that person an offer (s)he can't refuse.

However, if you're one of those people who always has a job offer in hand and can apply chill to this professional relationship, then maybe an extra $5-$10k is enough to keep you interested in your current job.

But more often than not, counteroffers are too little, too late. Sure, more money is enticing but if your work environment sucks and you aren't offering decent career options people aren't going to stick around, no matter how much money you offer them.

What do you guys think of counteroffers? Do they ever work? What kind of circumstances would have to be present to make a counteroffer worth it? Discuss below.

[CGMA]

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