A new survey found that 58 percent of senior managers made counteroffers to keep an employee from leaving for another job.

With a low unemployment rate and evidence that employees are willing to jump ship for better pay and benefits, it’s important for businesses to stay competitive, Half noted.

The U.S. Bureau of Labor Statistics reports that workers are quitting jobs at the highest rate since April 2001. 

Half found that even dangling a counteroffer may not solve an employee’s unhappiness.

“When employees accept a counteroffer, they will likely quit soon afterward,” said Robert Half Senior Executive Director Paul McDonald. “Money doesn’t solve everything. If you accept a counteroffer, your employer may question your loyalty to the company. And, more importantly, the root causes of why you were looking to leave in the first place may still exist.”