Receive A Job Counter-Offer? Don’t Take It
Pitting your employer against another in a bidding war for you is often career suicide.
A few years ago, I recruited an executive to run a mid-level company. The night before he was supposed to start his new job, the executive called to say he was staying put. The board of directors at his current company – a major multinational retailer – had offered to name him CEO in one year’s time.
I was aghast, but my former candidate could hardly envision a better scenario. He had leveraged an offer to run a mid-sized company and used it to land the coveted top spot at a retailing giant. No greater career coup exists, right?
After three tumultuous years as CEO, my former candidate was fired. This executive was not yet ready to run such a large organization. Had he accepted the job at the smaller company, he could have gained the necessary experience to successfully run a major multinational in due time.
Instead, he lured his company into a bidding war and forced the board to make a rash decision about retention in the name of corporate competition. As a result, his career ultimately suffered a mortal blow, not to mention the damage he caused shareholders, who watched their stock drop as a result of his inexperience.
Unable to land another CEO position, he took an early retirement.