It is natural for a company to want to hold onto their most talented employees, particularly within sectors where there are talent shortages and demands for skilled workers such as the infrastructure and engineering sector in Singapore.
When a valuable worker hands in their resignation, it is common for businesses to prepare and offer a counter-offer with an increased salary and perks. These are often accepted as a talented employee opts to remain in an environment where they feel comfortable. However, this can be a ‘quick fix’, and the leading trend is for employees who have accepted a counter-offer to ultimately leave the role within twelve months.
This article covers why counter-offers are a waste of time and money, with poor short and long-term outcomes on both sides of the negotiation.