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Resigning from your job for a new opportunity can be an emotional rollercoaster. But what happens when your employer doesn’t want to let you go? They may make a counteroffer.
If you don’t have any intention to stay, don’t waste their time—or yours—and politely decline. But if you’re open to it, here’s how to handle the question, “What will it take for you to stay?”
Be Gracious
The fact that your company is trying to keep you on board signals that it values your contributions. While this may be a stressful time for you, it will also be an intense few days for your boss and the human resources team. It is especially important to show your thanks since there is a chance you may continue working with them.
Go Big
You’re in the driver’s seat for this negotiation: you already have a job elsewhere and have the chance to stay. A one percent raise and an extra vacation day aren’t going to cut it. For salary, ask for at least 5% more than what you would make at your new job. Then think about the other things that are important to you. That could include more time off, work from home flexibility, additional responsibilities, a new title, subsidized classes, a better workspace, or anything else. If you want it, ask for it.
Give Them 24 Hours
Be clear that while you are open to staying, time is of the essence. The clock is already ticking down to the first day at your new role and if you are going to stay, you’ll need to decide as soon as possible. Ask them to provide the details of their offer by the next day.
Alert the Other Company
If you decide to accept the counteroffer and stay with your current employer, let the other company know immediately. It’s the right thing to do and will allow them to make other plans. (And they’ll find out eventually!) They may be disappointed…or they may give you another counteroffer. Consider the benefits of what you can get against the risk of ruining your relationships with either of the companies or its people.
Be Prepared
Half of employees who accept counteroffers to remain at their current companies leave within a year anyway. Be sure that you are staying for the right reasons and don’t be surprised if the initial excitement of the new benefits you negotiated wears off.
This is an exciting time, and there’s no way of knowing what the “right” decision is. There are pros and cons to every situation. So trust your gut, commit to your decision, and be considerate and gracious to all parties so you don’t burn your bridges. Good luck!