Related Posts
Layoffs on the horizon?
Additional Posts in Accounting
Craziest inventory count stories, go
Has anyone gone CAIA route ?
Anyone else feel like the office token?
Is Boston part of our Northeast? Yes, right?
What’s your Alvarez & Marsal bonus this year?
New to Fishbowl?
unlock all discussions on Fishbowl.
I don't believe in accepting counteroffers from a current employer. Once they know you've been looking, it changes the relationship. Then you go and essentially strong arm them into giving you raise? Yeah, no. If you want more money and can't negotiate it on your own, getting an external offer is not the way to do it.
OP - then leave. It's public accounting. The work will be the same at another firm and you'll be getting paid what you think you're worth. They'll replace you just like that with another warm body. Don't worry. I'm sorry if it sounds harsh, but that's the reality.
I agree with Manager 1. I was severely underpaid at the last firm. I got another offer and gave the firm a chance to match. They made promises, I believed the promises but it changed the relationship. The same reasons were still there that caused me to look that I ended up leaving 4 months later for another higher paying job. Step back and throw money out of the equation. Why did you really start looking? If you were really willing to give them a chance to make it better, you should have gone first before looking externally. Most people that accept a counter still end up leaving. I'm not trying to be rude but just want you to think about the other reasons that caused you to look. I occasionally miss my old firm but at least I know I'm making what I believe I'm worth for my efforts.
If you're a high performer, then do your homework to have a discussion with your manager/senior manager/partner regarding your salary. Research compensation for people at your level in your area and build a case as to why you deserve to be paid at that higher level. If they say no and you know well enough that that is not fair because you have an offer from another firm for that amount, why would you want to continue working if these cheapskates anyway? I wouldn't bring up the offer, though, for reasons I've already outlined.
"If that's what's going on, then I'm extremely unsympathetic." That's what's going on. These firms all talk. They know what employers are paid. They may not give you a raise unless you ask. I mean, why would they? You're sitting there doing the work for much less. They're not just going to approach you and offer more. It's business. Don't take it personally. Squeaky wheel gets the grease.
Are you an available for sale security or held to maturity? That should determine wether adjusting to market value or holding you at original cost. Lol good for you, talk to partner for sure. Be strategic though and come off as committed rather than strong arming them into the Corner.
Bring it up with a partner you are on friendly terms with. Ask them to counter with 110% of the offer you got from the other firm. Negotiate specifics from there
And I do not believe for a second that I'm not replaceable, I have no notions of being a unique snowflake. I just don't like being screwed financially.
Many of the partners will be afraid of the potential ramifications that others will do the same. If you're a high performer then they'll do their best to keep you but it's hard to judge just how they'll feel and treat you afterwards. It's really a dicey game to play but like others have stated. Accepting counter offers is usually a bad idea.
That is the case usually. We are easily replaceable at the end of the day. Some high performers more difficult than others but still will be done. You have to look out for yourself. I mean worst case scenario you leave for 2-3 years and you keep a good relationship and can come back with a higher title and such and above market pay. But at least you kept a good relationship. If you take the counter and leave soon after then that bridge will be permanently burned more than likely.
That is a great idea I think, have the candid talk but hold back the fact I actually do have an actionable offer but be ready to leave. That way if they match it they don't need to know I have this other offer and it can come off as more sincere and less adversarial. Great advice, thanks.
I see nothing wrong with asking for a counter offer from your current employer. If you tell them that you really like the firm and want to stay, but your salary is too low based on the other offer you received, they might work with you. That strategy works better in industry, however. In public accounting, the partners are very greedy and generally have no commitment to the staff, so they may not care if you go.
You have to find the partner who likes you best and values you the most. Talking to the wrong person can fall on deaf ears.
I left for more money in the past and it was great for the first year then I was skipped for a raise in the second year. They said I was I high performer but I was already being paid above market and they couldn't raise me again. Partners will overpay to get you to jump because they need help, but they will find ways to adjust you back to the market rate in the following years. My advice is to think long term, which firm fits your goals, which office will you look forward to the work and the challenge, which culture and schedule correlates with your lifestyle. $10k bump in pay is nice in the short term but think about which place offers a long term opportunity for a $250k+ bump in pay. One of the great things about public accounting is even if you switch and it doesn't work out you can always switch back if you are hard working and haven't burned bridges.
CH is notorious for paying market rate. I mean they emphasize it at the state of the firm and everywhere else really. Which might work in certain areas but it kills them in others. I know it hurts them in my office and there has been a slow change because of it. But there needs to be a partner who is there for the comp discussion who understands that and isn't greedy for the extra 500 in their income. Good luck with that one. But like others have said, I would lean against taking a counter offer. But definitely leave on good terms.
If they are afraid of the ramifications that others will do the same then they are underpaying everyone and just hoping no one will notice basically. If that's what's going on then I'm extremely unsympathetic.
I can understand not coming off like I'm trying to squeeze more money out of them, but there's the flip side that I really knew I was underpaid, and don't see just quietly continuing to work for less than I'm worth as a great solution.
I'm sincerely open to leaving but also willing to give this current employer a chance. We've rightfully had a lot of turnover in my position over uncompetitive salaries recently, so I am feeling good that I'm in the right to do this.
I see the logic generally against counter offers but is there any way I could wind up staying at my firm but without being bitter about being underpaid? I'm not looking to screw them but I'm looking to not continue being screwed as I clearly am currently. Is there no way they can respect that I'm worth more but without harboring a negatively altered work dynamic? Or is that just not how the works works here?
*working for