I know a guy who asked for his sign on bonus to be added to his salary, and the company “rescinded” the original offer ~ he was kind of a jerk though…
Numi brought up the issue of mentioning other offers on the table. Does the interviewer usually validate this info.? If so, how? I don’t really see any other way for them to verify this, other than relying solely on the candidate’s “claim.” So for example if someone is getting low-balled big time, on a decent job, would it be possible for him/her to improve the situation by stating that he has other offers? I realize that this brings up the question of ethics, but I’m just curious as to how often people use this as a negotiation technique.
I think it’s very ethical and effective as a negotiating technique, so long as you’re truthful about it. I can’t comment on what would happen if you pretended like you had an offer but didn’t, because I would never do that. You really have to weigh the benefits of making up a story vs. the risk of getting caught – especially if you’re not their top choice and they’re just looking to hire a huge bunch of people for a fairly non-selective position, they can just tell you to go take a hike if they don’t like your attitude. They generally won’t rescind an offer if there’s already one on the table, but let’s say you’re interviewing with one firm and are trying to push them to give you an offer by pretending you have an offer at another firm – well, if you decide to go down that route, you have to be prepared to take your “imaginary offer” if the firm somehow calls your bluff. However, assuming you really do have other offers, you can and should definitely leverage them. Even in the interview process, sometimes firms will ask you what other companies you’re speaking with – and generally I prefer not to name other companies, but will try to classify them more generically – and in most cases, it piques the interest of the interviewing firm because it shows that there’s demand for you elsewhere. For example, when I was interviewing for a sell-side research position and I was asked where I was in the interview process, I basically said: “I’m actively speaking with several other firms including a couple of bulge bracket banks, but I’m really excited about the opportunity at your firm for reasons X, Y, and Z, and would definitely be interested in giving you whatever information you need in order to expedite this recruitment process.” Employers respect a response like that, and assuming you really are a good candidate and you say something to that effect, potential employers will usually assume one of two things: (1) You are telling the truth; (2) consider that maybe you’re just bluffing, but give you the benefit of the doubt anyway because you know to play the “hiring game.” Hope this helps.
Mentioning other offers has worked for and against me. One company stepped up to the plate and countered with more money and I ended up going with their offer. Another company basically said, “well that sounds like a great offer, I guess we have nothing else to talk about, thanks, bye”. That backfired a bit.
I’d totally like to agree with Numi on two things … that are in a mutually contradictory stylee: 1) I would always bring up other offers in exactly the kind of way Numi has described, and I’d always be prepared to take another offer if I bring it up. 2) IF it was a position I was keen on I would never bluff - however, interviews are all about establishing fit and credibility … so if you appear convincing then does it matter whether you haver the other or not? Why, as a prospective employer, would I check? If I judge you as convincing enough in an interview you are probably a good enough bluffer to put in front of clients / the salesdesk / whoever. Let’s face it - we are all freestylin on the buckled wheel of a thin veneer of knowledge … well, at I am, all my peers are and so is everyone I’ve met along life’s rich pageant - except for the weirdos and geeks.
XSellside, Why do you think the latter approach backfired? What was specific about the firm or the people there that may have induced them to respond in such a fashion?
numi Wrote: ------------------------------------------------------- > XSellside, Why do you think the latter approach > backfired? What was specific about the firm or the > people there that may have induced them to respond > in such a fashion? It backfired for two reasons. First, I think I was one of two candidates to get the job and they were probably seeing what each of us would counter. I should mention that neither jobs were firm, in writing offers, but in more of a negotiation stage. So, I’m willing to bet the other guy didn’t counter for more money so they took him. Second, and this is my own dumb fault (but a good lesson learned) is that I really didn’t want the second job and ultimately didn’t take it. It all worked out in the end, though.
THey didnt ask for verification…but I stated what they gave me. Which were in the ballpark of what they were offering…just different sturctures.
Thanks for that Numi. It definitely helped.
How would one verify this, anyway? Offers and discussions don’t get recorded the way past salaries are on a W-2, and I can’t quite imagine a company calling up another company and saying “We want Joe Schmoe and are thinking of paying him X to come here; Joe said you’re offering him Y, is that how much you think he is worth?” Past salaries… now that is likely to be verified. But competing offers?
there’s a real-life story of a guy at citi who, when he was recruiting straight out of undergrad, got offers from solly(then citi) and goldman. he went to each of them and said that the other firm is offering him an associate position (title + pay) and asked how this changes things. goldman responded that they could give him the associate title but analyst pay, solly gave in to his “threat” and gave him both title and pay of associate. so this guy was never an analyst, began as associate straight out of undergrad… but i’m with numi… you should definitely have back up offers if you intend on using them during negotiations…
bchadwick, competing offers can’t be verified but if you counter and the firm doesn’t budge on their offer… you can’t just give in. that’s when you need your competing offer, to sign. not necessarily to prove something to the original firm, but so you can take it if negotiations don’t go so well…
Ah, that makes sense to me. Personally, I would never make stuff up anyway (though I probably have been guilty of mild embellishment from time to time), so would never be in that position.