The unspoken downside of counter offers
November 30, 2022
Ok, so a recruiter being prickly about counter offers is nothing new. But I’m not about to launch in to an attack on those who accept them. Sometimes you’d be a fool not to.
Yes, it’s a shame it’s gotten to the stage you’d had to resign in order to receive the salary you need in order to stay, but if it’s enough and you’re not otherwise hell-bent on leaving, some will accept it and it’ll work out well for them. Plenty of recruiters do it themselves too.
The bigger problem I see, is not for that individual, but for the impact on the wider finance function itself.
Let’s say you’re considering the next step in your finance career. Which of the following finance teams would you want to join?
Option #1. Very low staff turnover. Nobody ever leaves. When people do resign, managers are fearful of losing them and seek additional budget in order to persuade them to stay with knee-jerk pay increases. Promotion opportunities are therefore few and far between, with bottlenecks of long serving colleagues ahead of you – many of whom will have been priced out of a move elsewhere, so they won’t be budging any time soon.
Option #2. A healthy level of staff turnover, with regular intake at junior levels who can work upwards through the team. Clear succession pathways exist throughout the department, but when someone reaches a plateau and there isn’t room to match their ambitions (you can’t continually promote everyone) they’re not given special treatment to stay and they look elsewhere for a fresh challenge. They move on. They’re thanked for their service and their departure creates room for others below them to increase their responsibilities a little further.
Which do you feel would provide you with the best chance of progressing your career? Which do you think you might want to return to later in your career?
IMO, leaders need to get comfortable with staff turnover. Each role should have a natural shelf life and where possible a succession plan. It’s healthy and it creates opportunities for others to progress and to enjoy fulfilling careers and personal development within your teams. You’ll be an attractive proposition when hiring and you’ll have an engaged and motivated workforce.
Richard Hooper
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Attracting the right talent is becoming increasingly difficult, especially in specialist markets like legal finance. Many employers are finding that traditional approaches (e.g. job ads and salary-led incentives) aren’t delivering the quality or engagement they need.
When aiming for an internal promotion, understanding how salary expectations align with your experience is critical - especially in competitive fields like legal finance. Misjudging this balance can unintentionally weaken your chances, particularly when external candidates are being considered alongside you.
Salary survey results for the finance and finance systems teams of law firms in London.
Our latest Legal Accounts Market Update (November 2024) covering hiring trends for law firm accountancy and finance systems roles. To download the full document in PDF please click here
We've crunched the numbers and the results of our 2024 Legal Accounts Salary Survey for London are now in. Thank you to all of our contacts and members of the ILFM who contributed to this years survey. The aim of our survey is to provide the most comprehensive salary benchmarking guide covering all disciplines that make up the modern day legal finance function, with additional commentary on the hiring trends we've observed over the prior 12 months. Of course, there may be some outliers or bespoke roles that a universal salary survey won't be able to accommodate. If you'd like to discuss salary benchmarking for specific roles, please reach out to Richard Hooper on 02039411067. Download your pdf copy here: https://irp.cdn-website.com/08975377/files/uploaded/Market+Update+-+November+2024.pdf
Your first conversation with a recruiter. What do I need to consider? If you’re active in your jobsearch, there’s a good chance you’re going to speak to a recruitment consultant for help at some point. Whilst the conversation with a recruiter is very different to the one you’ll have with a prospective employer, it’s still important to establish an effective relationship if you’re to get the most benefit from working with them. Each time a recruiter introduces you to one of their clients, they’re staking their reputation on you after all, so you’ll want to ensure that you build trust and rapport. Good recruiters can open doors that can be tricky to do directly. You’ll therefore want to have them fighting your corner ahead of your competition. Here’s a few tips to help you get off to a good start: **Be specific about your career goals** Being open minded to everything and anything will be a concern for recruiters. Employers want to see enthusiasm from interviewees. If you’re not able to articulate what you really want from your next role, recruiters won’t feel confident recommending you to their clients. A recruiter should be willing and able to help you consider what options you could explore however, so if you’re really unsure, ask for advice to help make some decisions. **Be open about your motivations for a move** Recruiters aren’t going to judge you for wanting to be paid fairly, nor for hating your boss. We’ve heard it all before and we want to help. Tell it like it is. It’s builds trust and allows us to fully understand your motivations, which will help to avoid wrong moves. If you’re vague or reluctant to discuss your motivations for a change it creates doubt, which won’t help you to reach their shortlists. We can also offer help in how to effectively discuss these motivations with a prospective employer. **Ask them questions about the market in which you specialise** There’s two reasons you should do this. Firstly, it shows enthusiasm and that you’re serious about making a move. A specialist recruiter should be a valuable resource of information that you can tap in to for free. Take advantage - we generally like talking and it helps build that rapport. Secondly, it allows you to assess them too. It’s a two-way relationship after all, and you want to be working with a credible, knowledgeable recruiter who knows their market and shares advice and expertise generously. If you work within #legalfinance and are looking to build a relationship with a recruiter who’ll support you throughout your career, please get in touch and we can arrange a convenient time to talk. If you've enjoyed this article, why not follow me on LinkedIn for regular blogs and exclusive content: www.linkedin.com/in/richardhooper1
Our latest Legal Accounts Market Update (February 2023) covering hiring trends for law firm accountancy and finance systems roles. To download the full document in PDF please click here
The answer is obvious, surely? Of course it helps. You need to know where you’re going wrong and what you’re doing right. Right? Well, yes, but this also depends on how you process and internalise this information. And this becomes even more problematic when you’re unknowingly interviewing for opportunities you only have an outside chance of securing. In many cases, the main reason people don’t secure an offer is simply that they’ve been competing against someone who has more relevant experience and skills for that specific role and firm. Sometimes they simply don’t hold enough of the necessary experience the employer requires. In these situations, even if your interview technique was flawless, the outcome will be the same. But constructive feedback can still be expected and actively requested – one of the most common complaints about hiring firms and recruiters (external or in-house) is the lack of sufficient feedback for unsuccessful applications. You’ve invested time and energy in to the process after all – the least you can expect is guidance on what you could have done better. So at this point you can, and hopefully will, receive some constructive feedback which, crucially, may not be the reason you didn’t secure the role, but can be offered in the spirit of providing you with some help and guidance. And this is where the problem can start. If you suffer from imposter syndrome (the majority do at some point) this feedback can fester. You can over analyse it. It becomes ‘the reason’ you didn’t secure the job, even when that’s very far from the case. When this happens a few times over, it’s going to hit your confidence and it’s going to tie you up in knots for future interviews. You’ll be in your head and not in the room. Which becomes a vicious circle. Feedback will always be important. The good and the bad. But listen to *both*. Take on board the positives, see constructive feedback for what it is and don’t let it derail your confidence. When you secured your current role it was your turn to be the most suitable applicant, and that time will come again. When using recruiters, be wary if you’ve got the impression your recruiter will submit you for each and any role you show an interest in, with the bare minimum information shared and no discussion. You’ll almost certainly be entering application processes to make up the numbers, regardless if you may only have a slim chance of securing the role. If you work within legal finance and this resonates and you feel your interview technique is the problem, get in touch and let’s have a chat. Send me a note, give me a call or book a time in my diary from the following link: https://calendly.com/richardhooper/career-planning If you've enjoyed this article, why not follow me on LinkedIn for regular blogs and exclusive content: www.linkedin.com/in/richardhooper1
Kath Reynolds is the founder of Balance Recruitment an independent, multi-award winning Legal Finance recruitment consultancy, exclusively within the legal sector, with a UK & international client base. Based in London, Balance is the ‘go-to’ firm for the Legal accounts space in the city. Kath and her business have won 17 awards, and in this interview we discuss her business journey, and why awards have been so important in her business. Listen to the podcast now or click below...
“They could do the job, but they just weren’t the right fit for the team.” Feedback I’ve heard countless times throughout my career and I’ve understood it. I’ve been there myself. It’s human nature to seek out commonalities. It’s how we’re all wired. But when it applies to hiring, it’s an unconscious bias that we need to discuss and bring attention to: affinity bias. We all experience affinity bias and it’s not intentional. If you find yourself in a social environment where you don’t know anyone, your subconscious will seek signs of familiarity. A common interest, a similar age/gender profile, or just a shared view overheard in conversation. It’s a shortcut to forming friendships and easing social anxieties with strangers. In the workplace however, if affinity bias goes unchecked it can lead to the building of homogenous teams; lacking diversity, innovation and creativity. Both at the point of hiring and for promotion opportunities when managers may be prone to promote those they ‘click’ with better. So what can be done about it? Firstly, the conversations around this need to be about bringing awareness, not criticism, shame or judgement. After all, it’s effectively a ‘native app’ we all have in our brains operating system. Being aware and curious helps elevate it above the subconscious. Decisions makers and interviewers need to be familiar with what affinity bias is - how it manifests, the problems and missed opportunities it can create. Reminders to remain self-aware at the start of every hiring process shouldn’t be considered patronising. Gut instincts need to be explored. Was it familiarity that made a favoured candidate stand out? Did they evidence greater abilities and more relevant experience than others, or were they given an easier pass because they mentioned a shared acquaintance or grew up in the same town? Firm “culture” needs to be understood as tangible values - not the office ‘vibe’. Each step of the hiring process and decision-making needs assessing to reduce the impact of unconscious bias. Can data or scorecards be utilised? Are diverse opinions deliberately being sought-out amongst the interview panel and listened to? All of the above will help your firm to promote greater inclusivity and to harness the potential that a truly diverse workforce will bring. If you've enjoyed this article, why not follow me on LinkedIn for regular blogs and exclusive content: www.linkedin.com/in/richardhooper1
