What to Do When You Have Multiple Job Offers

I've noted several times that your career is your most valuable financial asset, offering you many financial benefits. You can make the most of it by getting a college degree and managing your career to its full potential. Doing this well can earn you millions of dollars in extra income throughout your lifetime.

As you seek to maximize the value of your career through the years, you may come upon a situation where you receive multiple job offers at the same time (or, worse yet, where you get an offer from one place and hope to get one soon from a preferred place -- but the first company wants an answer now). So, what should you do? Here are a few tips for negotiating multiple offers without losing your mind or your reputation from the Washington Post:

• Press for more details.

• Put it on paper. Make a pros-and-cons list for each job.

• Don't artificially play employers against each other. Of course you can negotiate. Just be straightforward.

• Don't ignore people. If you haven't made a decision, say so.

• Ask for more time. Few employers expect you to accept an offer on the spot.

• Don't overreach. Deferring a decision for more than a week will probably irritate people.

• Don't back out. Accepting an offer and then reneging is the "unpardonable sin" with recruiters.

Ok, it's confession time.

In mid-1994, I had two solid job offers (we'll call these Company A and Company B) and one potential job offer (from Company P). Unfortunately, the potential offer was dragging on and on while Company P made some internal moves, and I wasn't sure if I'd ever get an offer from them (there were no guarantees). The problem was that Company P was BY FAR the company I wanted to work for. But since I didn't have an offer from them, I couldn't consider them in the decision process.

I stalled as long as I could (about a week is all you can put something off in these situations), then made a decision to go with Company A. It was a decent offer with a good company, though I wasn't nearly as excited about it as I would have been with an offer from Company P. But it was a move up and was a much better alternative to my job at that time, so I was fine with it.

Well, guess what happened? A week and a half after I accepted the job at Company A, Company P called me back, said they loved me, and made me an offer. And not only was it a better position at a better company doing something I loved, but it was MORE MONEY too! Yikes!

So now I was in an ethical dilemma. What should I do? Was it even an option to consider the new position?

I contacted everyone whose opinion I valued -- co-workers, family, past bosses, my pastor, etc. -- and for the most part, everyone said I should take the job at Company P and tell Company A that I was sorry but I had to rescind my acceptance of their job offer.

In the end, that's what I did. One of the hardest business calls I've ever had to make was to the man who was going to be my new boss at Company A and tell him I was not coming after all. But when I told him what I had decided and why (BTW, he knew that Company P was in the running when I had interviewed with him), he was very gracious and said, "I think you're making the right decision. If you didn't take this job, you'd be asking yourself 'what if' for the rest of your life."

The recruiter, on the other hand, was not as nice. He told me I was ruining my career, that I was taking a step off the fast-track, etc. In reality, he was just upset that he hadn't yet delivered for his client and was trying to save face. I said I was sorry but that my mind was made up.

In the end, it all worked out perfectly. That job at Company P started a series of jobs that have left me both fulfilled and well-compensated. Looking back, I can say that it was completely the right decision to make. Of course, we'll never know for sure that I made the right call, but I can't imagine it having worked out any better than it did in the 12 years since then.

So while I'd agree with most of the points the Post makes above, I disagree with the last one. Remember, it's your career, your life, and your money. You have to manage it the best way you see fit, and if that means making some tough calls, then you need to do that. Of course, you always want to do so with as much grace as possible, but you still need to manage your career according to your own standards and goals to make the most of it.

Comments

[Bill]

Don't back out. Accepting an offer and then reneging is the "unpardonable sin" with recruiters.

It is an unpardonable sin, since many external recruiters get paid typically by commission for each job they fill. By reneging on an offer they lose a commission. They may put you on a personal 'blacklist' but there are any number of recruiters in most cities/industries.

[Digtialrich]

FMF- very good and timely information. Hey- I think I know who Company P is!