How to handle two competing job offers
Have you ever heard of the "Law of Chance and Coincidence?" Well, if you haven't you can probably guess what it is. Broken down, it refers to when events in your life happen unexpectedly when there is very little possibility or chance of them happening.
Relevancy?
Picture this:
You spent the past 7 months and 4 days looking for a new job. You know this time down to the exact, because you’ve been counting. You applied to over 100 positions; you were only called for 6 interviews. Again, you've been counting.
You now find yourself on a call with a recruiter who is telling you “Congratulations! We want to hire you!” You are excited and have “all the feels,” but there is just one small problem, yesterday you also received a verbal offer from a different company. What are the chances? What is the problem here? Well, you now have two offers but you can only accept one. So naturally, you are a mixed bag of emotions because everything is happening so quickly and you don’t want to make the wrong decision.
How do you approach this situation like the true professional that you are?
The Law of Chance and Coincidence also states that when unexpected events occur, you should not panic. Okay well it really doesn’t say that per se…we just made that one up, but it goes par for the course. In a situation like this the best thing you can do is to remain calm. Having competing offers is a great problem to have, it means that you are a desirable candidate. Also, #brightside (cannot believe we included a hashtag in one of our blogs), a few days ago you had NO offers!
Here’s what you can do:
Step 1 – say thank you and express your gratitude for the second offer and be enthusiastic. Be genuine.
Step 2 – be transparent and let the second company know you received another offer. They won’t rescind your offer because you have another offer in hand.
Step 3 – take your time to review any paperwork associated with both offers. Be clear on how much time you have to get back with an acceptance. Fast forward, if you need more time to decide, ask. Most companies give you a grace period of 2-3 days to return your signed offer letter and supporting documents. As excited as you may be, take the time to thoroughly review both of your options. If you’re able to, have an HR or legal professional review the contents of your offer letters as this person may be better able to spot details that you might miss. Job offer letters tend to be very legalize and it can sometimes be difficult to understand some of the language they include.
Step 4 – don’t sign anything until you fully understand what you are signing including all of the elements of the offer documents that include the benefits, total compensation package, and employee handbooks (if applicable). Some really important details that are often missed by candidates include stipulations around vacation time (is this prorated?), health benefits (do they kick in right away?) bonus payout eligibility, stock option plans, clauses around confidentiality (NDAs, non competes) and severance/termination etc. These things might not matter now but they will matter once you get started in your new role.
Step 5 - compare both offers based on potential for growth and professional development opportunities. Equally important to monetary compensation should be whether or not your new company offers assistance and support for any type of paid training or opportunities for you to advance/upgrade your skills. Also, ask yourself: which company would be best to help me grow and progress within my career? This might also be a good time to circle back with both recruiters and seek clarification on this area if you are unsure. Remember, it’s okay to ask questions when you have an offer.
Step 6 - After you’ve carefully weighed your pros and cons, make a decision and stick with it. The company that you have chosen to pass on should know right away. Don’t keep them waiting because the offer that you don’t want could go to someone else! When you decline, be honest and let them know why you have decided to decline. However, you should still remember to say thank you and ask if you could keep in touch.
If properly handled, you could turn down an offer and still maintain a great relationship with the said company. Don’t burn your bridges! Try and avoid using the other offer as leverage for a salary bump and a new offer. This doesn’t show much integrity. If the second company comes back with a competing offer to entice you, then take some time to think about that as well. Also, once you’ve accepted the offer, stick with it.
Step 7 – Now that you’ve made your decision it’s time to sign and return the accepted offer letter and celebrate. Feel confident in your decision.
