“The cost-of-living crisis is still having a huge impact on workers across the country and it’s no surprise that salary is front of mind for many. Our recent Page Pulse research showed that a quarter (24%) of UK workers had been given a pay rise in the three months to June, but with over half (53%) saying they are worried about their disposable income, it’s clear that there is still a significant gap. It’s a tricky balance for employers at the moment to be able to manage increasing costs across their business whilst also remaining competitive, but keeping hold of top talent is a priority – so some will counteroffer, as they know how hard it can be to replace great candidates.
“Counteroffers can be beneficial in certain situations where salary is the only driver, but businesses should always consider whether there are other factors at play, and whether the employee ultimately has one foot out of the door already. It’s always better to anticipate this happening than having to react at the eleventh hour, so I’d urge leaders and managers to keep checking in with employees, have career conversations to identify their key drivers and ultimately, give as much transparency as possible on where the business is and what’s available to them both now and in the near future. If they still want to leave – you should consider whether a buyback offer would be worthwhile for both the business and the employee in the long term.”