6 Figure Career Management

So you have done all the hard work – found the right opportunity, negotiated and agreed on a salary package and finally managed to get some time with your boss to offer your resignation.
 
But there is another twist to your job search – your current employer makes a counter-offer.
 
Whilst it is flattering and a welcome boost to your ego, it can be a little stressful.  It’s a nice problem to have – but what do you do?

How do you decide which offer to take up? How do you negotiate the best deal for yourself without coming across as unprofessional or overly materialistic?
 
Here are 10 tips that may help:
 

 1. Re-look at what your original reasons were for interviewing
- Recruiters often quote a statistic: “75% of people who accept a counter-offer are looking again within 6 months”
- I have no idea where that stat came from. Maybe someone made it up. But there is some truth in that.
- When you started interviewing you had reasons other than just monetary reward for looking. If you accept the counter-offer, will the extra money eradicate those issues? 
- As part of the counter-offer discussions, can you negotiate on these other factors?

 2. Re-look at your career, lifestyle and financial goals for the next 3 years
- What are you looking for from your career and lifestyle in the next 3 years?
- Which position will give you the time, money and opportunity to realise these goals?
 
3. Know Your Numbers
- Like any negotiation, be clear in your mind about what you want from each party
- Have a number that is your ‘bottom line’ – the lowest you would accept
- Ask for the ideal numbers and never ever quote your bottom line to any other party
 
4. Weigh up the non-financial factors
- How much flexibility, autonomy, travel and opportunity do the two roles involve?
- How much free time will the two roles create for you?
- How interesting is the work?
- How much meaning and sense of satisfaction do the two companies give you?

 5. Consult with your inner circle
- You should have an informal board of advisors that you consult for major career decisions 
- These should include your partner and a few close friends, family, colleagues and possibly a mentor
- Use these people as a sounding-board and for advice
 
6. Make your own decision
- Whilst it is important to consult with your inner circle to see things from a different angles, that’s all you should be using this group for – advice and a sounding board
- The decision must be your own. NOT the decision of your partner, your colleagues or your mentor.
 
7. Don’t burn any bridges
- Your aim is to come out of these discussions with the right job, right package and your relationships intact
- If you decide to take the new role, you want to leave the door open with your current employer in case it does not work out
- If you accept the counter-offer and stay where you are, you want to maintain a relationship with the other company (and indeed the headhunter) 
- Get the best deal for you, but do not compromise your integrity or professionalism
 
8. Take your time
- It is common to want to get things sorted quickly. You have finally made up your mind and you want to act 
- But showing too much urgency and open desire will often go against you in negotiations
- Negotiating the final stages is an art form and requires you to be a little more controlled 
- You are in the driving seat, so control the pace of discussions
- Take it easy; if it takes a few days or maybe a couple of weeks then that’s OK, provided you make the right decision and get what you want
 
9. Listen to your gut feeling
- Do some rational objective evaluation of the two opportunities and packages as detailed above
- But do also listen to your instinct too
- Your intuition will always be directing you – you just need to stop and listen at times
 
10. Stop thinking there is a ‘right decision’
- Forget about there being a ‘right decision’ and a ‘wrong decision’
- There are potential risks and benefits to any career change or job change
- The above steps provide some practical ways to evaluate the risks and benefits of the two opportunities
- But regardless of which path you take there will be pitfalls and opportunities and your success will be down to how well you capitalise on these opportunities and overcome the pitfalls
 
 
Counter-offers are at times the nightmare of recruiters, headhunters and indeed hiring managers.
 
For a candidate they can be an opportunity to gain a significantly better deal by leveraging the negotiations in a way that meets your goals without compromising your integrity
 
What has been your experience of managing counter-offers?
 
I would love to hear your thoughts on the above tips and any other suggestions. Let me know your thoughts in the comments box below