Counter offers are an unsuccessful strategy in long-term staff retention, Hays Resources & Mining has said.
Of the 1,700 employers surveyed for the annual Hays Salary Survey, 52% counter offer staff when they resign. But 37% of counter-offered staff still leave immediately anyway, and a further 32% leave within 12 months.
“These results show employers are hard-pressed to hold onto an employee once they’ve tendered a resignation letter,” Regional Director of Hays Resources & Mining Simon Winfield said.
“Counter offers are rarely successful in retaining employees. They have other offers on the table and have applied for and seriously considered other jobs. Their decision to leave the company was made long ago.
“Offering a higher salary is also not the only element in successful retention, since for most people their motivation for resigning is unrelated to pay. Unless the original motivation for looking for another role is addressed, the employee is still likely to seek a better offer elsewhere, despite any offered salary increase.”
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