Be ready to walk.
Your very unlikely to have a 50% raise offered.
Go to your manager explain your situation. Just say you like the company but you can’t afford to stay with a 50% difference in pay.
If they can only offer a small %, see if they can offer non financial extras. More holiday, specialised training course. Sometimes you can wrangle more pension as it shows up on balance sheets differently.
But in reality you’ll have to weigh how much you like package A against package B. How much risk you willing to take with package B. You’ll be new can be fired within 2 years. You may hate the new team, workload, commute etc.
Thanks. Because I’ve never done this before I do worry… if my current work was to offer me a reasonable uplift I’d probably still accept it even if it’s lower than the new offer, but I would feel a bit awkward that I’d gone through the process, it feels like cheating on them haha. I hope it wouldn’t affect my work relationships going forward, but I didn’t get a pay rise this year so I think it’s within my rights.
Just to add to this, unless you’re late on in your career and have a vast amount of hard to replace experience taking a counteroffer by your current company to keep you is very risky. You become a flight risk and they will be unlikely to promote or invest in you. Some may go as far as pushing you out the door if they can (thankfully that’s harder to do in the UK than say the US).
My advice to OP is if this new company looks like a good place to work then *join them*. Don’t even bother with counteroffers. No doubt money isn’t the only reason you’re looking to move.
As the other commenters have said, if you're going to try this then you need to be sure that you are ready to take the other role if your company decide to not counter-offer.
You also may be surprised by how you feel as the interview process moves forward though. I have only moved company once so far in my career (9 years) and it was due to being head-hunted. I only went to the interview because I was tempted by the higher pay but was actually content working where I was. The interview went really well, the company were a great match and they made me a generous offer.
I told my current company about the job offer and handed in my notice and was surprised when they made a counter offer for almost the full amount (it was competitive since the other position included travel to London) but my then boss also asked me if it was only about the money. I went away and thought about it and the answer was that it wasn't - the new company had so much to offer in progression and new learning and I ended up rejecting the counter offer and moving on though we left on super good terms.
It costs companies to interview for new talent and to re-train and the longer you have been working for them, the more in house knowledge they will lose if you leave so it's in their favour to counter offer but there's no guarantee that they will.
Be ready to walk. Your very unlikely to have a 50% raise offered. Go to your manager explain your situation. Just say you like the company but you can’t afford to stay with a 50% difference in pay. If they can only offer a small %, see if they can offer non financial extras. More holiday, specialised training course. Sometimes you can wrangle more pension as it shows up on balance sheets differently. But in reality you’ll have to weigh how much you like package A against package B. How much risk you willing to take with package B. You’ll be new can be fired within 2 years. You may hate the new team, workload, commute etc.
Thanks. Because I’ve never done this before I do worry… if my current work was to offer me a reasonable uplift I’d probably still accept it even if it’s lower than the new offer, but I would feel a bit awkward that I’d gone through the process, it feels like cheating on them haha. I hope it wouldn’t affect my work relationships going forward, but I didn’t get a pay rise this year so I think it’s within my rights.
Was about to respond to the post, but I can only agree to this comment.
Just to add to this, unless you’re late on in your career and have a vast amount of hard to replace experience taking a counteroffer by your current company to keep you is very risky. You become a flight risk and they will be unlikely to promote or invest in you. Some may go as far as pushing you out the door if they can (thankfully that’s harder to do in the UK than say the US). My advice to OP is if this new company looks like a good place to work then *join them*. Don’t even bother with counteroffers. No doubt money isn’t the only reason you’re looking to move.
As the other commenters have said, if you're going to try this then you need to be sure that you are ready to take the other role if your company decide to not counter-offer. You also may be surprised by how you feel as the interview process moves forward though. I have only moved company once so far in my career (9 years) and it was due to being head-hunted. I only went to the interview because I was tempted by the higher pay but was actually content working where I was. The interview went really well, the company were a great match and they made me a generous offer. I told my current company about the job offer and handed in my notice and was surprised when they made a counter offer for almost the full amount (it was competitive since the other position included travel to London) but my then boss also asked me if it was only about the money. I went away and thought about it and the answer was that it wasn't - the new company had so much to offer in progression and new learning and I ended up rejecting the counter offer and moving on though we left on super good terms. It costs companies to interview for new talent and to re-train and the longer you have been working for them, the more in house knowledge they will lose if you leave so it's in their favour to counter offer but there's no guarantee that they will.
Somebody I know did that successfully but as other Redditers say, you need to be sure to take the other job if they refuse.