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Counteroffers are a typical occurrence in the ever-changing world of career advancement. It’s that critical moment when you’ve decided to leave for a better opportunity, only to be presented with a tempting offer from your current employer to keep you. Many professionals face a situation filled with challenges and issues that extend beyond the immediate attraction of a better compensation or benefits.
The Temptation of Counteroffers
Consider this scenario: After carefully refining your CV, successfully navigating many interview stages, and getting a job offer that exactly aligns with your career goals, you’re ready to start on a fresh career path and say goodbye to your current role. However, just as you’re about to make the decision, your employer surprises you with a counteroffer. Suddenly, the decision to leave becomes complicated by tempting offers of a salary increase, a promotion, or even a more flexible work schedule.
A false sense of instant satisfaction
At first look, a counteroffer may appear to be a lifeline, confirming your worth within the company. It boosts your ego and provides immediate happiness from feeling respected. However, under the surface lies a deeper truth: counteroffers are frequently used as a temporary patch rather than a long-term solution.
The Hidden Challenges
Accepting a counteroffer can introduce a myriad of complications, both professionally and personally.
Trust and Loyalty: Your decision to look for other opportunities could jeopardise trust and loyalty in your existing workplace. Your company may question your dedication and wonder whether you’re just using the offer as leverage to get a better deal.
Cultural Fit: If you’ve already considered leaving due to concerns about company culture, job satisfaction, or career advancement opportunities, a counteroffer might not resolve these issues. Accepting it may simply prolong the inevitable: the desire to seek fulfilment elsewhere.
Career Progress: While a counteroffer may promise an increase in salary or an attractive title, it does not always address your long-term career goals. Will the concerns that caused your job search in the first place be effectively addressed, or are you simply putting off the inevitable?
The Harsh Reality
Statistics show a grim picture: nine out of ten candidates who accept a counter offer leave their existing employment within twelve months. Why? Because the underlying issues that drove individuals to seek new possibilities continue, regardless of the short-term relief provided by a counteroffer.
Going Forward
So, what are the alternatives? Rather of falling to the attraction of a counteroffer, it is critical to address the situation with clarity and perspective.
Reflect on Your Priorities: Determine what is most important to you in your career. Is it just about salary, or do you want more fulfilment, growth, and alignment with your values?
Communicate Openly: If you’ve decided to pursue external opportunities, be open and honest with your employer. Express gratitude for the experiences and relationships you’ve built while explaining why you want to take on new challenges.
Stay Committed to Growth: Accept change as an opportunity for growth and development. Rather than settling for short-term fixes, prioritise opportunities that match with your long-term career goals and personal fulfilment.
Counteroffers may provide temporary relief, but they rarely address the fundamental challenges that motivate people to seek new opportunities. By embracing change with courage and planning, you open up possibilities for true advancement in your career and fulfilment.
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You find yourself in need of a crucial position to be filled, having exhausted all internal recruitment avenues. However, you’re wary of engaging a recruiter due to associated fees. While this hesitation is reasonable, it’s important to consider the broader picture. Despite the upfront cost, investing in a recruiter can prove to be a strategic decision, ultimately saving you both time and money in the long run. This article explores the real costs associated with a bad hire as well as the logic supporting a recruiter’s charges. It also draws attention to the potential drawbacks of choosing a recruiter with lower fees.
The Cost of a Bad Hire
Let’s examine both the obvious direct costs and the less evident indirect costs linked with bad hiring decisions:
- Unrecoverable Salary
- Wasted Management Time/Training
- Recruitment Agency Fees
- Lost Productivity
- Lost Team Productivity
- Indirect Staff Turnover
- Loss of Business
- Impact on Reputation
Hiring the wrong person can result in significant costs. According to research, the average cost of making a bad hire is 3.5 times the employee’s first-year salary. This includes recruitment and training costs, reduced production, and significant damage to morale and client relationships.
Consider this: if you make an incorrect hire and need to repeat the hiring process, you’re essentially doubling your recruitment expenses. Additionally, there’s the significant investment of time and resources in onboarding and training someone who ultimately doesn’t align with the role.
Why Recruiter Fees are Justified
Expertise: Recruiters specialise in finding the best candidates for a position. They know where to look, how to attract top talent, and how conduct rigorous candidate evaluations. This knowledge can save you countless hours looking through CVs and conducting interviews.
Access to a Larger Pool of Candidates: Recruiters possess connections to a candidate network that you might not reach independently. This capability substantially enhances your likelihood of discovering the ideal match for your position.
Time Savings: Time equates to money, and the recruitment process can be exceedingly time-consuming. Entrusting this responsibility to a recruiter allows you to reclaim your time, enabling you to concentrate on other critical aspects of your business.
Reduced Risk of Poor Hires: Recruiters’ expertise and screening processes help to reduce the risk of hiring mistakes. They are adept at detecting warning flags from the start, ensuring that you only review candidates who are truly qualified for the position.
Going Forward
Though paying a recruiter fee may appear as an initial expense, it’s crucial to weigh the long-term advantages.
By avoiding the costs associated with a poor hire and leveraging a recruiter’s experience, you can ultimately save money and time while getting the best candidate for your organisation.
Partnering with a recruiter is more than just a cost; it’s a strategic investment in your company’s success and growth.
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In today’s fast-paced world, successful leadership involves more than just giving orders and making decisions; it requires being a supportive leader who empowers and inspires their team to reach new levels of achievement. Supportive leadership is a leadership style that focuses on creating a good and collaborative work environment in which employees feel valued and driven. In this article, we’ll look at the attributes of a supportive leader and how using this strategy can help a team or organisation succeed.
- Effective Communication: Effective communication is one of the core elements of supportive leadership. A supportive leader actively listens to their team members, promotes open communication, and delivers clear and constructive criticism. A leader can develop an environment where everyone feels heard and understood through creating a communication culture.
- Empathy and Understanding: Supportive leaders understand the importance of empathy. They take the time to understand the unique challenges and perspectives of their team members. This emotional intelligence allows leaders to build strong relationships, instill trust, and create a sense of camaraderie within the team.
- Encouraging Growth and Development: Empathetic leaders recognise the value of connection. They take the time to learn about their team members’ unique challenges and perspectives. This emotional intelligence enables leaders to form strong relationships, instill trust, and inspire team unity.
- Recognition and Appreciation: Recognising and acknowledging team members’ efforts is a vital part of supportive leadership. A simple thank you or public praise for a job well done can go a long way towards improving morale and establishing an enjoyable work culture.
- Flexibility and Adaptability: A helpful leader recognises the value of flexibility in today’s constantly evolving business world. Adaptability and openness to change helps leaders in guiding their teams through problems while establishing a culture that values innovation and continual progress.
- Building Trust: The foundation of any effective team is trust. Trust is built by supportive leaders being honest, consistent, and trustworthy. Team members are more inclined to collaborate, take chances, and give their best work when they trust their leaders.
- Problem-Solving and Conflict Resolution: With an innovative perspective, supportive leaders handle challenges and conflicts effectively. They actively work to address challenges and achieve a beneficial outcome for the entire team. Leaders instill confidence and resilience in their teams by displaying good problem-solving skills.
The position of a supportive leader stands out as a symbol of success. Supportive leaders not only improve the well-being of their team members but also contribute to the organisation’s overall success and longevity by adopting good communication, empathy, and a dedication to progress.
What makes your company successful? The people who work for you
According to a recent survey, 17% of UK employees planned to give their notice at work in order to pursue a higher-paying job, while a staggering 94% agreed that household incomes could not keep up with the cost-of-living crisis.
In light of the recent the cost-of-living crisis and Great Resignation* movement, some companies have given their employees one-time payments and/or pay raises.
*The ‘Great Resignation’ is the name given to the trend of people choosing to quit or change their jobs, or considering doing so in the near future, largely attributed to the work and life changes caused by the Covid-19 pandemic.
We asked on LinkedIn last week, “When was the last time you got a pay rise?”
69% had received a pay raise in the last year, demonstrating that a lot of companies realised the need to raise salaries to keep up with the cost of living, as well as understanding that in order to retain their most valued employees, the must show them they value them and their efforts for the company.
Giving employees pay rises on a regular basis demonstrates that you value them and their efforts for the company. Increases in salary can promote morale, increase employee satisfaction, and motivate employees to work hard.
Salary is often the simplest way for businesses to attract and retain people.
As the cost of living has grown since the pandemic, salary has become one of the main motivators for many people. Although it is not always the primary motivator for some, if it is incorrect, it can demotivate.
When attracting new talent, it is just as important to make sure the salary you are offering is right. We have seen it many times where companies have missed out on exceptional people because their offer is lower than their current salary package and market average.
Prepare to discuss salaries and benefits during the hiring process. While you may have previously screened candidates based on their desired salary, it is also vital to discuss other bonuses and perks that are accessible to candidates. This is another opportunity to emphasise the benefits of working for the organisation.
“You want to make the right offer to the best candidate,” says Sandra. “To ensure you’re interviewing top talent that will be engaged in the process, strongly consider partnering with a recruiter to find A* players that will move your company forward. They can represent your brand effectively and present candidates to you that are thoroughly screened and informed. Not only will this weed out weaker candidates, but it’ll also help you experience fewer rejections from seemingly strong contenders.”
Summary
If you do not pay employees what they deserve, they will begin looking for positions that pay a competitive salary. This puts you in a difficult situation since you will not only lose your greatest people, but you will also face the massive and costly task of hiring new people.
Your employees are the ones who ensure the success of your business, and they are your most valuable asset. It is essential you look after your employees, because your company is only as good as its greatest employees.