What would you do if you received more than one job offer within the same week? If you don’t know, you’ve come to the right place! Though it may seem like a surprise, in this candidate-driven financial services job market, this is actually a question that many of our recruiting specialists are commonly asked by their candidates. In fact, according to Melanie Marshak, a Director within The Execu|Search Group’s Financial Services Recruitment – Compliance division, multiple job offers are something that finance professionals, specifically those who specialize in compliance, should be prepared for.
“As the demand for finance professionals across a variety of specialty areas continues to outweigh supply, many of our strongest candidates can expect to receive more than one offer,” explains Melanie. “While this is an excellent position to be in, many people struggle with their decision to accept one opportunity over the other, and sometimes default to compensation as the final deciding factor. Though it may be easy to let a higher salary influence your decision, it’s important to put each job’s monetary value aside and consider a variety of other factors before accepting an offer.”
To help candidates make a more informed decision between two offers, we’ve included a list of the factors to consider below:
Opportunities for growth: When contemplating your decision, it’s important to think about which opportunity will give you a better chance at achieving your long-term goals. “Just because an opportunity pays more, doesn’t necessarily mean that it promotes long-term growth,” warns Melanie. “Focus on the big picture and think about which position will enhance your skillset and marketability.” The offer that pays less initially, but gives you more opportunities to learn new skills, undertake more responsibilities, and advance within the organization, will most likely provide you with higher salary potential in the future.
Company culture: Remember, money doesn’t always buy happiness. As a result, it’s important to ensure that you choose to work for the organization that is the best fit for you. To do this, some questions to ask yourself before making your decision include:
- Would I work well with the person that I will be reporting to?
- Do I like the dynamics of the team I would be joining?
- Do I see myself being happy to come into the office on most days, or will I dread it?
“You can be making all the money in the world, but if you don’t jive well with your colleagues or the company culture, that higher paying job may not be worth it,” explains Melanie. “In the long-run, the happier you are, the more productive and successful you will be.”
Work/life balance: If you have important responsibilities outside of the office, you have to think about whether the job you plan on accepting will give you the time you need to devote to them. If you can’t work something out with the employer or find that the demands of the job will disrupt your personal life, you may want to take the job that offers more flexibility.
The entire package: When reviewing their offers, many professionals often make the mistake of getting caught up in the salaries that are presented to them. However, rather than focusing just on the number of each offer, Melanie advises her candidates to consider the entire package. “When evaluating an offer, it’s always important to look over the entire package. For instance, benefits, bonuses, retirement plans, tuition reimbursement, and vacation policy are all factors that can make up for a lower salary.”
Though salary can be an important factor to take into consideration when weighing multiple job offers, it shouldn’t be the only one! With these tips in mind, you should be well on your way to accepting the offer that works best for you.