This is a reader question on my blog from about a year and a half ago. I think it has aged well.
It's been a bit since my last reader question Mon...
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If an employer would scam me into staying like that, I'd walk out the door at that same moment. If we can't trust each other there's no way we could work together.
However, I probably wouldn't turn down my other offer until I've secured my raise and/or promotion where I am currently employed, so I would not be left with no offers.
Fundamentally, there was a reason why leaving looked enticing. Those reasons will still be there if you stay after a counter. A counteroffer will never be completely in your favor unless there was literally only one thing making you leave and that one thing is fixed in the offer.
I don't think rescinded offers happen as much as the internet likes to think, but I also don't think they benefit anyone but the company. Why put future effort and resources in your skills development or give you great projects when they now know you were looking to abandon ship? You'll be the first one shown the door if anything goes south since you're now The Flight Risk.
This hit the nail on the head. The only thing counter offers can be good for is leverage to negotiate your new offer higher.