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May 17, 2011

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Okay, but what if you know you're being paid less than market value and you have excellent performance reviews? What if raises are only given yearly, but there is a pool of money earmarked for retaining high-performing employees who may get other offers? What if getting an offer from another company is the best (only) way to get a raise midyear via a counteroffer?

I succumbed to a counter offer and received a raise that I was told would not affect my yearly raise. 4 months later, I was told my yearly raise was small because of my previous raise. I should have quit then and there on the spot. I am in whole hearted agreement, never take the counter offer. You already have one foot out the door, let the other foot follow.

@ Jess. In my opinion I think a company that has such a policy has made it known far and wide they are willing to take advantage of their employees and I find that morally reprehensible. In effect that policy states "we know you are worth more but go out and find someone else willing to compensate you fairly and we will then do the same. Until then, we are more than willing to get you on the cheap." Personally, I would leave a company like that as soon as possible.

I have had two counter offers but after consultation with mentors I didn't take either one. In both cases the counter offers left more of a bad taste in my mouth than anything.

The first was a case of oh we gave your buddy a raise but not you, Then after I resign. Oh we can give you x+1 to stay. Sorry but why wasn't I worth that 3 months ago?

The second one was definitely a case of we need the knowledge you have and we can't get it in the three weeks notice you gave us. My response was, well I can and will sub contract back to you to train anyone you want nights and weekends but you are going to pay me a decent but not outlandish rate. They ended up paying me, but not happily. Oh well.

Never ever take the counter offer. Always move forward in life never revolve around that door. Go thru it and go forward.

Rod --

That's actually a great way to make even more money -- sell your services back to your former company. :-)

Yes, but there is a quality of life issue for me. My Family comes first always. I limited it to 6 weeks maximum. Which gave them 9 total weeks to get someone hired and trained. It took them a total of a month to get someone on board. I did the job parttime from home nights and weekends that first week out. New job was filling out paper work so no biggie there. 2nd and 3rd week were training and after that I was only called on occasion. It worked out well for me. There is always that float between jobs were one paycheck stops and another starts and you have to dip into savings. I didn't in this case, or at least was able to fully replenish it with in a month.

Very insightful stuff! I've never actually resigned and then got a counteroffer to stay. Instead, I've basically had a heart to heart conversation with my existing employer basically saying how happy I am w/ the firm, and see if they can deliver on a number range that's somewhere in the middle of the counter i.e. firm X gives me 50% more, and I try and shoot for 25% more to stay. That way, they don't feel like I'm holding them hostage, and I'm asking something reasonable.

If I accept an offer, I really am outta here. Got to move forward!

Best,

Financial Samurai

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