How To Avoid A Counteroffer Spoiling Your Career

You’ve just received an initial offer for an executive or manager-level position in the premium and luxury brand space. Don’t let a counteroffer ruin your plans. Read on for a closer look at what a counteroffer really means and why you should never accept one.

Time to celebrate! You’ve just received an initial offer for an executive or manager-level position in the premium and luxury brand space. It is an exciting prospect – especially when the average search for a new role in your industry could take up to 2 to 6 months, and possibly much longer for executives

But this moment to celebrate may not be shared by your soon-to-be former employer. 

For employers, the prospect of losing talent of any level means they’ll have to spend a great deal of time and money searching for, hiring, and onboarding a replacement. Not to mention the loss of irreplaceable esoteric operational knowledge that leaves with the exit of a highly experienced executive or manager.

That is why, as an act of desperation, so many employers will suddenly produce a counteroffer to avoid such an incredible loss. 

But what is really behind a counteroffer? What does it mean? More importantly, why should you never accept a counteroffer?

What’s Really Behind A Counteroffer?

Did you know that 80% of people who take a counteroffer from their current employer end up looking for a new position within a year?

Here are some of the reasons why:

  • Temporary benefits – Your counteroffer might give you a bump in pay or benefits. But very likely the cultural and structural problems that had you looking for a new career in the first place haven’t gone away. 
  • The cat’s out of the bag – When you put in your notice, don’t be surprised if you experience increased scrutiny at work. Now that your boss knows the depth of your dissatisfaction (and even a perceived disloyalty) they may want to keep a closer eye on you to ensure you don’t leave. That is, until you can be affordably replaced.
  • Strings attached – Make sure to read the fine print on a counteroffer. Many employers may feel that once you accept the counteroffer, you owe them something extra. Often, additional strings will be attached to the deal – even if you’re merely receiving the compensation you were due for the work you were already performing.
  • Confirmation – If you had a hunch you were being underpaid before, a counteroffer will only confirm your hunch since it took an extreme measure to get the pay you deserved. Why continue to work for an employer who underpays their executives and management-level talent until they threaten to leave? 

The Enduring Lure of a Counteroffer

It’s only natural that many executives and managers will feel very loyal to their current employers. Combined with an attractive counteroffer, the lure to remain in your current position would be considerable. But when you really see what’s behind a counteroffer, you’ll feel much more confident knowing you made the right decision to leave.  

In the end, the decision is up to you. But the best advice we can provide is the most simple advice: keep in mind the reasons you were looking for a new career in the first place and focus on how your new position is a new beginning. It will be challenging to be certain – such is the nature of work. But there is a world of new and exciting possibilities awaiting you in your new role. 

You Need an Advocate in the Luxury and Premium Brand Industry

You need an advocate in the luxury and premium brand industry, one who can help you find your next career move- whether it’s in Retail, Wholesale, E-Comm, Marketing or other key roles. Bowerman Group can help you get there. We can help match you with the position that’s right for you, navigate interviews, offers, and yes even counteroffers. We can ensure your next career move is a smooth and profitable transition.

At the Bowerman Group, we encourage our candidates to take on new career opportunities in the luxury and premium space. We want professionals in the industry to grow their networks and skillsets. So, we advise them and offer tools throughout our recruitment process to ensure counteroffers don’t stifle their career growth. Contact us today if you’re seeking a new opportunity in the luxury brand space in a leadership position or you’re looking for a new executive or manager for your luxury brand.