A candidate once asked us, "I found my dream role at a new company and went to put in my notice – but my boss insisted that I stay, countering with a generous raise and bigger office. Which offer, the counteroffer or outside offer, would be better for my career?"
Managing counteroffers is a delicate art- which is why most choose to forego them. Counteroffers arise when you’ve received an outside offer, submit your resignation, and your manager sweetens the pot to entice you to stay.
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But before you even begin looking for a new job, it’s imperative to set time with your current boss to candidly discuss why you’re thinking about exploring for new opportunities. While it may be strictly salary-related, often dissatisfaction with management, company culture, lack of room for growth or work-life balance are influential factors.
Counteroffer Etiquette 101
If the main reason you’re considering leaving your company is strictly financial, try to negotiate a higher level of compensation before applying to outside jobs. The best negotiation tactics are rooted in facts, not emotion. Feeling you "deserve more" is less persuasive than pinpointing exactly how many key metrics you exceeded or how much money you have earned the company.
It's imperative to articulate not only what you want – but why it will improve the quality of your life and work. Rather than asking for a salary bump, show why you are worth more. Resources like an industry salary guide, great recruiters and mentors can help you.
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When hearing your concerns, your boss will likely be aware of these problems and will be sympathetic to your position. If they’re not willing to work with you to solve them, that’s your green light to update your resume and start interviewing.
When You’ve Received an Outside Offer
If you've met with your manager and heard paying you 10% more isn't in the current budget, what they didn’t relay is that the costs that go into searching, interviewing and training your replacement will probably exceed what you are asking for. They’d likely rather put those resources toward a competitive counteroffer than a new employee. With an outside offer to fall back on, your freedom to easily walk away puts you in a more valuable position.
So what might you expect to hear from your current company before they counter back? When you submit a resignation letter, your hiring manager's concerns could include:
- Losing you during a pivotal project in which you're essential
- You're a respected leader, whose departure might damage morale
- They're already short staffed and can't afford to lose another person
- They'll personally look bad for not retaining their talent
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Your hiring manager will fight for you if they like and value you – but anything you do to negate this view will hurt you. When having this conversation, treat it as a peaceful negotiation; don't be afraid to ask for what you deserve but avoid sounding greedy or petty.
Get Everything You Want (and More) in Both Offers
If your current company is trying to keep you, they will likely try to match your outside offer. While a huge boost to your paycheck is tempting, it is important to identify what gaps you are missing in your professional life beyond salary. If you have multiple reservations about staying with your company, accepting a counteroffer usually only solves one of your concerns. If you have reservations about leaving, you should address them in the offer negotiation stage.
Decide what you need before walking into the conversation. If your initial concerns were multi-fold, address them collectively in either an offer or counteroffer negotiation, rather than getting one approved at a time. If you ask for only one thing at a time, the expectation is that you will accept if they agree. If you repeatedly ask for more, the only thing you'll be offered is the door.
Beyond the paycheck, focus on how you can increase your quality of life. Exciting opportunities like travel, remote flexibility, or an expense account are tangible items, but you might require something more idealistic like better management, a clearer company mission or a culture change. When you were interviewing for your outside offer, what attracted you to apply?
The Risk of Taking the Counter Deal
No matter what the company says when making a counteroffer, the fact is that you are becoming a fidelity risk. By being willing to walk away, it may seem like a lack of loyalty, which can compromise your status as a team player or member of the inner circle if you don't make your reasons for leaving - and any work life gaps - clear.
Additionally, there is a strong possibility that band-aid fixes to accommodate your requests will be short term. You could be in a similar scenario searching for another role in a few short months, if a simple pay raise doesn't address all of your considerations for staying.
Employers know that statistically, counteroffers are frequently the step before someone quits -- they may even start looking for your replacement after giving you the offer. Plus, if they need to lay someone off, you've positioned yourself nearest to the exit.
The increased popularity of blockchain, the technology behind cryptocurrency, has resulted in new jobs in the tech industry. Research from employment search engine Indeed shows that the number of postings referencing blockchain, bitcoin, and cryptocurrency has increased by a staggering 621% since 2015. The site also reports an even higher increase of 1,065% more searches mentioning these terms. (Forbes) As companies continue to embrace this new technology, there is an increase in demand for candidates who have experience working with it or the desire to learn.
Though blockchain is most commonly associated with cryptocurrency, there are various uses for the technology. Blockchain’s ability to store all the changes made to its data makes it difficult to hack, which could prove to be an asset for different areas of business. According to Derek Martin, a Cloud Solutions Architect at Microsoft, the four industries that he believes could best employ the use of blockchain technology are finance, retail and manufacturing, healthcare, and government.
Dominic Tancredi, Co-Founder of product agency Dom & Tom, says that his company plans to support the professional growth of team members that are sharing their research and experiments in the field of Blockchain. “I could see us having a dedicated team in 2-3 years as the technology stack grows in adoption and requires specialists,” he says.
Daniel Mason, VP of Business Development at Springcoin agrees, “I expect this explosion in demand to continue to grow throughout 2018 as blockchain continues to shift from its niche positioning to a mainstream technology trend that many startups and larger companies will be pursuing.”
Increase in Technical Roles Using Blockchain
According to Velas Commerce founder Hannah Rosenberg, blockchain is a candidate’s market. “What I have seen is that there is currently much more demand for blockchain and smart contract developers than there is supply,” she says. “An experienced developer with even a little blockchain exposure can get picked up quite quickly to work on very interesting projects.”
Mason, can also attest to the high demand. “Engineers with relevant blockchain experience are extremely hard to find, as the technology is relatively new but has exploded in popularity over the past year,” he states.
The good news is that expert knowledge of Blockchain is not always a requirement. Companies are looking for candidates who are genuinely interested in the technology and willing to learn it as well as candidates who can contribute right from the start.
Tech Jobs in Blockchain Beyond Cryptocurrency
Looking to get involved in blockchain? You’ll need strong back-end skills, knowledge of the fundamentals of cryptography—the computerized encoding and decoding of information— and a genuine interest in blockchain technology.
According to Gavin Pacini, Senior Consultant in Deloitte's EMEA Blockchain Lab, agility and the ability to adapt are also required when working with a new technology such as blockchain. “It’s not an established platform so it’s a real learning curve. We’ve had cases where we’ve had to dig through the source code of open source projects which normally isn’t required when using existing technologies but with blockchain, we don’t have a choice,” he says.
Due to blockchain’s growth in popularity, a variety of online courses and certifications are now available courtesy of IBM, Blockchain Council, and Udemy, to name a few. Many of these courses are offered at little to no cost. Another great way to build your understanding of the technology? Local Meetups! Tech in Motion has a variety of upcoming blockchain events coming down the pipeline.
Click here to see upcoming Tech in Motion events on emerging technologies like this.
Once you have built out your understanding and required skills, be sure to look out for available blockchain jobs. Here are a few examples of available jobs:
- Blockchain Engineer
- Blockchain Developer
- Mining Technician
- Full-Stack Developer
- Bitcoin Front-End Developer
- Blockchain Project Manager
- Data Scientist
The rising popularity of blockchain has created many new opportunities for professionals, startups, and enterprise companies alike. As this technology proves to be useful for more than cryptocurrency, individuals with experience and a passion for blockchain will continuously be in high demand.