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Be direct, brief, and polite - thank them for the offer but on further reflection you are declining to accept.
You cannot control their reaction and there’s a chance the bridge will be burned regardless. You just need to accept that and do what’s best for you and your career.
Thanks!
Take this as a lesson and in the future try to gauge if your employer will counter offer before you have accepted another offer!
Sincerely apologize for the wasted time, explain your situation (and give a reason other than money) to the employer you are rescinding the offer from.
The old hindsight is 20/20. The new job wouldn’t think twice if they had a candidate that they wanted more than you to cut you loose- cest la vie!
Why were you leaving in the first place? Does the money solve that problem? Better pay doesn’t necessarily solve all the problems unless that was the only issue.
Also they likely interviewed others and can reach out to the next choice. It’s not personal, its business and it’s unlikely to permanently burn a bridge unless you rescind disrespectfully.
Thanks for the comment, I was approached by this company and was not actively looking to leave, which I was also transparent with them about. The main reason was earning potential and development opportunities.
So now you know your employer could have afforded to pay you more, but didn't want to. Id still leave.
It’s not advised to accept a counter offer from current employer. They are aware that you’re unhappy and looking to move. This might not end well for you for an array of reasons. One of them being broken trust, your employer’s counteroffer might be temporary. They may only offer better terms until they find a replacement for your role, making you expendable once they do.
This isn’t always true. The stigma has dissipated over the years. It’s a hassle and expensive to replace office employees, so as long as you’re a decent employee coming back with an offer from another company for them to beat isn’t the nail in the coffin it used to be.
Agree with the question above is it just money? There’s a lot of statistics on how people who accept a counter offer from their company end up leaving.
https://www.recruitment-software.co.uk/7-counter-offer-statistics-every-recruiter-needs-know/
Interesting stats, will keep in mind! And yes, in my case money solve the problem, at least for now
Don’t accept counter offer, it’s a trap.
Your current employer now knows you’re a flight risk and will likely push you out the next economic downturn which could be coming sooner than later.
Never go back.
I’m going to voice an unpopular opinion - sometimes accepting a counter offer to stay is a GREAT career move. I’ve done it twice at my current company - once about 5 years ago, and then again about 3 years ago. Since that second one I’ve actually been promoted twice, not tied to the counter offers - from Lead Software Engineer to Program Director and again to Senior Program Director, and am on track for a third promotion in the very near future to VP.
I think the key is how valuable and unique you’ve made yourself at your current company. If you’re just a run of the mill employee and haven’t differentiated yourself from others in some way that your company values, then the comments about becoming a target in future down staffs is probably true. If you’ve developed a unique skill set that sets you apart from others and makes you hard to replace, then getting other offers and accepting a counter offer will not have a negative impact, and might actually help drive your career forward with your current company.
Thanks, Account Manager! I wish you the best of luck with your company too - hopefully they’re like mine and value you properly. Sounds like they do from what you’ve said!
Update - I accepted a counter offer at my current company and am happy. Of course, I had a difficult conversation with that other company but it happens.
I had my H1 review and only heard positive things.
Congratulations, Account Manager!
Not a bad problem to have!
Thanks a lot for all your comments, didn't expect so much activity on this post. It's really helpful to hear different points of views.
Don’t. Go somewhere new. The door will be open if you want to come back.