You’ve been hunting for months for a new job offer. You’re just not happy with one, some, or all parts of your current job and it’s been stressful to say the least. Finally, after constant interviews, follow-ups, follow up interviews, follow up interview follow-ups, and hesitant follow up calls as to your applicant status, you finally get the job offer. It might not be exactly what you’re looking for, but it’s a step in the right direction. Maybe the company has more to offer you in terms of benefits, or growth, or maybe the pay is closer to what you think you’re worth. Whatever the case is, you are happy with the offer. Happy enough to leave your current employer, at least.
The time comes to meet with your boss and break the news. Maybe you despise them and you revel at the thought of watching them realize that one of their hardest working employees realized their value. Possibly, you like your boss, and feel bad- or even worse, guilty- for leaving them to clean up the mess that will inevitably get left behind because of the time between your last day and the first day of your replacement, which will likely be months down the road. Either way, you figure out exactly what you want to say, prepare and compose yourself, and head down to their office.
You tell them why you’re leaving. They may be supportive and realize this is the best decision for your career. They may realize the work that’s about to fall on them, and ask them if you realize the position you’ve left them in. You talk about how your final days with the company will play out, who you will help train for your transition to cover your work load.
Before you leave the office, your boss asks you how much it would take to stay. You hadn’t really thought about it, to be honest. You were so focused on finding a new position it didn’t even occur that they would counter. So you say, ‘Give me your best offer.”
A few days pass. Your desk is nearly clean, your files have been assigned, and you’re helping answer questions your colleagues have. The big boss shows up today. Your boss calls you down to his office, and the big boss is there. The big boss writes a figure on a piece of paper, and slides it across the table to you. “Don’t tell anyone we made you this offer,” and waits for your response. The figure is much higher than you could have ever expected, and your heart races at the thought of what you can do with the extra money. A new car. Not just a vacation, but an all-expenses vacation. But your mind has already started thinking about your new opportunity waiting just outside the door. They need an answer by the end of the day. What do you do?
You’d be surprised. This happens more frequently than you think (not quite literally, though). Don’t take the offer. I repeat: Don’t. Take. The. Offer. I’ll break down why.
First: Why are they giving you this money? They value you. That’s great, but they didn’t value you enough to give you the money until the threat of your leaving came to fruition. That in itself tells you a lot about the company, and it’s a pretty good sign that it’s not a company you want to work for, because they’ll take advantage of the information asymmetry regarding salaries at the first opportunity. It’s also important to remember; they are not going to give you that money if they can find someone that is as good as you are for the same price. In effect, they are trying to keep you and are willing to pay closer to your market value because they know what your output is, versus taking a risk on a new candidate. What this means is that the second they find someone who can produce at your level, your head is on the chopping block. Second, that money always comes with strings. Higher quotas, less leniency when it comes to sick time, vacation time, missing benchmarks, etc. They will hang that money over your head for the rest of the time you work within the company.
Also, on the flip side; why are you leaving? It’s usually a mix of a few reasons; quality of life, salary, job focus area, monotony, among other things. It’s never just one thing. The money helps plug one of those holes, but there’s still a few more leaks coming through that aren’t being addressed. Don’t let the allure of additional income supersede the other reasons you’re looking for a new opportunity. At the end of the day, money isn’t going to change how you feel about going to work every morning, or your opportunity to grow within the company.
When you’ve made the psychological decision to make a career change, it’s nearly impossible to reverse course. If you do decide to take the offer, you may feel like it was the right decision at the time, and starting to see the new checks hit your bank account will feel great. However, when the shine wears off, the reality of the lack of change in quality of life will become apparent, and you’ll wonder if it was worth losing the new opportunity to grow over a few bucks.
Andrew Cerrone MSA, MBA, MA; Wealth management, career planning & taxation specialist
Andy writes numerous articles on financial planning, wealth management, and career planning as a repeated LinkedIn Pulse featured author, as well as for the website Common Cents, focused on both career & financial planning. https://www.facebook.com/havecommoncents/