As we’ve said in the last two years during 2016 and 2017, there’s no point conducting a search unless you are prepared to provide a sufficiently generous offer likely to get someone to accept and resign. A meager 5% increase or even 15% is often insufficient enticement. What’s generous defined as?
That’s spelled out in our job offer booklet and usually equates to a twenty-percent increase at a bare minimum. More is better. Counteroffers are prevalent and should be factored into the offer and considered a given expectation. Just as is the case with certain real estate markets. It’s important your job offer is set at a sufficiently high enough percentage point above someone’s current salary so as to be counteroffer proof!
But why are there more counteroffers? Competition is fierce, with a national unemployment rate at 3.9 percent, a rate that is significantly low for executive ranks, and 6.7 million positions open nationwide, there is a clear disparity between the supply and demand of talented professionals. Because of this reality, companies will do anything to retain talent, which means plenty of counteroffers. So, how do you ensure candidates are not going to accept them?