How do you manage multiple job offers?

Getting a job isn't easy, but getting multiple job offers isn't either. Here's how you can manage.

During the financial crisis, even single job offers for candidates in Asia were scarce. Today’s employment market in Asia is considerably different. Talent is now short and it is not uncommon for several financial institutions to be chasing the same job seeker at the same time.

In line with this, multiple offers are making a comeback and job seekers in Asia’s finance sector often have more than one opportunity to consider. Some are, however, in a better position than others. When the economy is growing and transaction levels are rising, firms increase front-office headcounts and actively compete for revenue-generating staff, whose specialised skills make them all the more sought after.

Investment bankers in the resources sector provide a good example of professionals who are enjoying more multiple offers than most. In the back and middle-office, many firms are also targeting candidates to fill vacancies for talent-short functions like risk and compliance.

George McFerran, Head of Asia Pacific for eFinancialCareers, discusses how candidates should handle multiple offers in a competitive market.

How to manage your multiples
Candidates with multiple offers are in a good position to pick the job that puts their career on a great path, but there are still pitfalls to consider. How you conduct yourself once an offer has been made is as important as how you act during the interview process. Adopting a business-like attitude, using unemotional language, and acting with integrity will help you secure the job you want without burning any bridges in the close-knit financial services community.

Getting the timing right: no place for procrastination
Multiple offers can be difficult to juggle as their management is often largely governed by recruitment timelines at rival firms. While it is unreasonable for an employer to expect you to accept immediately, there are dangers in taking too long to respond. Once an offer is received, it’s courtesy and best practice to accept or decline within a week. After that, most employers will restart the hiring process, which may result in the offer being withdrawn.

Waging bidding wars: beware the backfire
In the current talent-short market, some candidates are using multiple offers to create bidding wars between employers to boost their salaries. Although it’s tempting to play one firm off against another, you should think twice before going down this path. Candidates fare best when they only negotiate with employers they really want to work for.

Accepting the right offer: cash isn’t king
When it comes to choosing between two or more offers, compensation should not be the mitigating factor – money comes with performance on the job. It won’t make a difference if you end up unhappy in your new position. Candidates who prioritise money invariably return to the job market within 12 to 18 months.

Of course no one likes receiving a raw deal when it come to remuneration, so candidates should find out whether competing packages at least match market rates. But if the lowest offer is a reasonable one, then qualitative factors should be the primary concern. A helpful tip is to imagine that all the firms have given you the same compensation deal and then decide based on what role is the best fit to your career and personality.

You should carefully consider which offer meets the criteria that you set yourself at the start of your job search. Decisions based on factors such as career progression opportunities, job responsibilities, training and development, specific hiring managers, future projects, the employee brand, and the working environment will usually prove more worthwhile in the long term than those motivated purely by money.