Companies believe that employee engagement policies would help them retain employees. Companies are offering counter offers to stop attrition rate, while candidates are learnt to be responding positively to counter-offers by their existing organization. Recent study mentioned that in the last six months the number of people accepting counter offers has almost doubled.
The survey also stated that employees being given a counter-offer feel valued and are motivated to stay back. However, it's difficult to keep millennials, while companies retain them with counter-offers along with added responsibilities to support business. Normally it takes six months for a new hire to settle down in a new role and an additional six months for the return on investment, so companies prefer counter offers to save cot of hire.
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