Hold back on the buyback

Looking for a new job? What if your existing employer offers a considerable inducement for you to stay put?

Ireland's recruiters tell us that more and more people working in the funds industry are turning down job offers after being enticed to stay with attractive counter-offers known as "buybacks".

But while threatening to quit your job may seem like a powerful bargaining tool to negotiate better conditions, it should be used with caution.

David Hannon of PPG recruitment agency says buybacks happen quite frequently at "a senior level" now, but he has some words of warning. Firstly, this is a tactic that you can only really use once. If you're trying to negotiate a raise or perhaps a company car, then it may work the first time, but your employer is unlikely to be so accommodating the next time round. And you should question why, if your employers really values you, they didn't offer the conditions you wanted before matters reached a head.

Employees in Ireland have become used to having their demands answered, David says, but it only goes so far. "People who want to build careers have to look at it from the employer's perspective as well."

Andrew Litchfield of the Careers Register recruitment agency describes buybacks as a "panic tool" used by employers desperate to hold on to staff. "It's very much a buyer's market," he tells us. "There's a real shortage of experienced people within the funds industry."

Buybacks may prove a transient phenomenon, however. Recruiters say employers are already moving to hold onto staff in other ways - many are now putting in place two or three month notice periods.