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Counter Offers – Is It Worth It?

16-04-2022
Employer advice

There has been a substantial increase in counter offers, due to the engineering industry having a shortage of employees with the appropriate skills. Will your business be affected by the cost of count-offers?

Let’s take you back four or five years, when staff shortages were less apparent. Businesses used to be confident that employees were replaceable by someone equally well trained, and would be able to offer the same salary as the employee that had resigned. Counter-offering was less heard of and businesses were able to scout for new employees independently, and find a replacement in a shorter recruitment period.

Looking at today’s employment culture, this is less likely to happen due to staff shortages. When an engineer hands in their notice, how do you intend to react? Is it cost effective to either counter offer or to find a replacement? If you feel as though the engineer isn’t replaceable, would offering higher pay be fair towards your other employees? If it would cause disruptions amongst the team, could that encourage other to hand in their resignation or demanding a pay rise?

When looking back at differences of wages across the last five years, there are noticeable differences in rewards packages. With there being such a high demand within the engineering industry for skilled workers, basic salaries are increasing. Salary increases have been consistently on the rise and show no signs of slowing down.

So – Will your business be affected by the cost of counter-offers? If you decide that it is unnecessary to provide a counter-offer, you may have to invest into recruitment costs, training, and the risk of not finding your desired employee. Once again you have to take into consideration the effect it will have on the rest of your team. Will you need to increase basic wages? The National Employment Association states that almost 80% of employee who take a counter offer, end up resigning six months later. After increasing everyone’s wages to accommodate one individual, they have decided to leave the business anyway.

 Will you be considering the expense of a counter offer?