I was contacted by a recruiter for a position at another company that is very intriguing. The opportunity would be a step up from my current position and offers a higher salary. It may sound like a no-brainer decision, but I really like my situation at my job now and have hopes of being promoted soon. What are your thoughts on discussing this job offer with my current employer? Can there be any benefit to bringing it up?
Luckily, this is a win-win situation for you. Most employees dream of finding themselves in this circumstance. Who doesn’t like being in demand and scouted for better opportunities? You should be very flattered. So let’s get down to the nitty-gritty of your question.
Presenting this situation to your current employer does have its benefits, but only if you are serious about taking this other opportunity. Interest from a competitor or other firm can serve as a little reminder to your superiors of how valuable you are to the company and to the industry. You can use this to your advantage if you are in the position to either stay or make a move. Here are some tips to a situation like this to help boost your salary base and move you up the ladder.
- Do not discuss the other opportunity with anyone at your current company. If word gets out that you are contemplating another offer and, as rumors do, it spreads like wildfire, things could turn out very bad for you. My advice: keep your thoughts to yourself until you have all the appropriate players in your current position in the know.
- Think long and hard about what you really hope to achieve through negotiations with your current employer or by switching to a new company. Are you entertaining this other offer seriously because the base pay is higher? Are there more opportunities for promotion? Do they offer a better benefits package?
- Remember that hiring a new employee will cost your company money. This could put you at an advantage. The Institute for Research on Labor and Employment at the University of California at Berkeley reports that the average cost to replace an employee for all categories of workers is about $4,000. The average cost for managerial and professional employees may be as high as $7,000. This doesn’t even factor in the time and energy it takes to train a new employee! Just this alone could help lead you to an increase in salary.
- Be prepared that the negotiations may not go as planned or your way at all. Your current employer may be unwilling or unable to meet your demands or the competitor offer. Even if they do raise your compensation to keep you, they may feel as if you’ve proven you’ll leave at the next good opportunity and feel resentful toward you. If you are going to bring the other offer to your current employer, you must be confident that the possible new position is a sure thing and that you are okay with making the move. If not, you may find yourself without a job and without a reference.
Be sure to properly analyze and take into account all angles of your situation. This includes your job performance, relationship with your boss, flexibility, and other factors. It isn’t just the salary number that makes people happy at their job.
Readers: Have you ever been in this situation? How did you approach your boss, and what was the outcome?