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5 Reasons Why Counter-Offers are a Waste of Time and Money

Posted on November 2019

Women sitting in front of laptop holding glasses to her face

Skilled employees with quality insights are essential to the banking and financial services sector, and in a busy job market, it is likely for employers to want to keep their best performing talent when they hand in their resignation.

Research from Deloitte revealed that 58% of senior managers across the financial services sector are willing to extend counter-offers in order to keep a talented employee from leaving for another role.

Though this seems like a solution to retaining valuable staff, a counter-offer more often than not is ultimately a waste of time and money, as a level of trust is broken and a salary raise do not solve underlying issues the employee has with the institution.

This article reviews the reasons why counter-offers are best avoided and provides only a short-term solution.

If you would like assistance in your hiring strategies, don't hesitate to reach out.

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