Counter-offers are making a comeback in the recruitment market after being shelved for the past 18 months. “The war for talent is over, and the candidates have won!” is what some have declared about the current job market, according to one legal recruiter.
Executive general manager of Hudson Singapore, Georgie Chong, said that while this may be an over-generalisation, it nonetheless reflects current market sentiment. “It is certainly true that the job market has picked up significantly but the talent pool remains tight,” she said. “Top candidates are being royally courted both by existing employers and outside parties.”
Statistics on exactly how often counter-offers are made are hard to come by, but according to a number of Asia-based legal recruiters, people who accept such offers generally leave their jobs within 12 months. The majority leave within 3 to 6 months, perhaps because counter-offers seldom meet the career development expectations of the job seeker.
Those faced with a counter-offer need to consider a couple of things, including whether the counter-offer will give them greater responsibility in their role or will add to their skill-set. Chong said accepting or rejecting a counter-offer comes down to two questions: Am I growing with this firm/company/; and Am I happy with this firm/company?
Chong noted how important it is for job seekers not to change roles too often. “Potential employers are very wary and may reject applicants on the grounds that they appear "jumpy" on paper,” she says. “Any move needs to be well considered and justified.”
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