February 1st, 2022 – The following counteroffer took place…
…I was moments away from finalizing a major deal for a new Chief Financial Officer for a manufacturing customer of mine…
After presenting the offer to my candidate, the following conversation took place…
Candidate: Don’t worry, Troy. The only way I don’t take this offer is if they throw “stupid money” at me (Stupid Money = an exorbitant amount of money that you’d be stupid to walk away from).
Me: Okay, let me know how it goes
(an hour or so later)
Candidate: So, I just had that conversation with the owner of the company and they offered me stupid money…………I think I’m going to stay where I’m at. I’m sorry, Troy.
May 10th, 2024 – This is precisely why you should never accept a counteroffer from your current employer!
It’s been over 2 years since this candidate took the counteroffer from his company.
I decided to call him today…
It’s not good news!
Shortly after accepting the counter, he was approached by senior management and told that they were hiring another CFO and that his role would become redundant. He was given time to find another position while they transitioned this new CFO into the company. He was paid during that time, but not given a severance.
“…I should’ve listened to you, Troy…”
For those wondering whether I said, “I told you so!” I held my peace. This was not an “I told you so” moment – it never is…
It was a lighthearted conversation, and it was great to catch up with him…
I could tell that it was a learning experience for him, and reaffirmed to me that counteroffers may seem attractive in the moment, but you’ll face the consequences of your decision at some point…
The candidate remains a top prospect in my mind, and I hope to work with him again!