Received external offer (w/ slight bump, but longer commute). Informed manager, who is consulting HR for retention options. I've heard of off cycle increases, but how hard are they to get, plus wondering if hiring freeze lowers probability of getting a match. Any insight you can share?
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@2cyu+1lYszypw you received counter offer, because they need you for sometime to get the knowledge transferred before they let you go.
I can’t understand for the life of me why you’d want to stay at this sht hole organization. They don’t value employees, as evidenced by the bonuses and raises the last couple of years. The fact you had to threaten to leave to get the money you deserved means they were willing to lose you but now you think they’ll value you more all of a sudden?! If they cared they would have cared to take care of you before your threat.
I quickly received the counter offer as many predicted. It was a no brainer to stay put. I'm likely going to be a lifer now. Thanks for the feedback
A very large percentage of people who accept a counteroffer leave within 6 months anyway. If it is by the employees choice, it is because the original reason for wanting to leave is never really addressed. If it is by the company’s choice, it is because they will spend just enough money to keep you there while they can get knowledge transfer and then they will lay you off (in some cases they will fire you for cause to prevent paying out severance). It isn’t worth it.
Best of luck, time to turn your assigned equipment. You are wasting your time and your managers.
The Bank does not like to see any good teammate leave, but retention ultimately comes down to the scarcity of resources qualified for your specific role and your willingness to leave.
If your role is hard to fill, and HR believes your are going to leave, an increase may be possible. If your role is easily filled, you do not have much leverage in negotiations.
As with most things in life, preparation is key. If you inform your manager you have an external offer, you should have already decided to leave unless certain conditions are met. Similarly, your manager must have a succession solution ready before informing upper management and HR. Not having these preparations is a poor reflection on you and your manager.
Agree with @rwp+1lYszypw - their response will tell you all you need to know about whether you should stay or not.
If you are valued, they will do everything they can to keep you. (there is no obstacle to off-cycle increase in retention scenarios. I've tried to leave 4x and they always moved quickly.)
If they don't, then you know.
Beyond the minimal increase, I'd also press your manager to give you an idea of upward potential if you stay so you don't get sidelined. Then, weigh that vs. the upward potential at the new place.
Personally, I would not do a longer commute for "minimal" increase unless the work was more exciting and/or future there looked much more promising.
If you prefer to stay, but manager/HR either can't/won't match the $$$, then ask for the equivalent in extra vacation time. (like an extra week)
spread those wings my man, this place will always be here.
Why do you want to stay? You got the offer. Go. Or else they will know you threatened to leave and likely made your life a headache by piling on work after you say you will stay but passed up the other offer.
I’ve seen it happen quickly if the leader really needs you and your leader is a band 3 or 4.