Got a job offer letter!!! A few questions for you "experts" ;) - update 11/2

1) congrats on the offer
2) with the current global & economic crisis companies might be less inclined to negotiate since I'm sure they have stacks of people all looking for your position, just keep that in mind
3) call company 2 let them know your so interested but have received and offer and don't want to take it before taking to them and finding the status of your cv
 
TheNinja said:
Some of you might know I got laid off in late August due to company making changes during COVID. I got severance pay through January. However after months of working hard......I just received an offer letter from a great company and I am BEYOND thrilled to get it!

  1. Counter offers. I got an offer pretty much equal to the pay I was making prior to being laid off. I don't want to miss this opportunity but they also don't have 401k match which is a pretty big deal as my old job had 8% company match. Do I just be happy with what I was offered or try to get more since I'm losing my 401k match?
  2. I have another company who I believe is close to an offer. Should I reach out to them and let them know the situation and see if they offer and play the 2 against each other?
  3. Should I just be thankful for what I've given and jump on it in this covid-19 environment?
Click to expand...

I thought Walmart had a 401k match?
 
TheNinja said:
That's the thing. I don't want to jeapordize the first company as it's a great job. BUT , isnt it kind of expected to counter offer? Even if I come up with maybe non financial things like more vacation or granted stock options rather than me purchasing them?

The offer isn't even the average for the job title in my area.....but the company is smart and knows the current job market. I don't have a ton of leverage or power at this point and they probably know it.
Click to expand...
Do what you want man. But I'm telling you. The secret to negotiation is being willing to walk away. You are not willing to walk away. You have nothing. You have no other offers. You have no job. You have no power. Engaging in negotiations when you have no power is like going into a shootout with no bullets.

When you have multiple offers, when you already have a job and are considering leaving out for a better job, THOSE are times when you negotiate.

Right now you're just going to call then and pray that the person who makes salary decisions knows less about the art of negotiating than you do. That's a hell of a risk for someone in your position.

Best of luck either way.
 
Fedorgasm said:
Do what you want man. But I'm telling you. The secret to negotiation is being willing to walk away. You are not willing to walk away. You have nothing. You have no other offers. You have no job. You have no power. Engaging in negotiations when you have no power is like going into a shootout with no bullets.

When you have multiple offers, when you already have a job and are considering leaving out for a better job, THOSE are times when you negotiate.

Right now you're just going to call then and pray that the person who makes salary decisions knows less about the art of negotiating than you do. That's a hell of a risk for someone in your position.

Best of luck either way.
Click to expand...

I get what you are saying. I'd honestly probably just be up front with them and potentially give away all my bargaining power. But I'd basically say the company sounds great and I want to take it but is there flexibility on the salary. I know I basically have no bullets in my gun and the probably know it too. I mean they can always say no.....or my fear is that they picked me with a lower salary or b/c my salary requirements were lower or something and if I ask for more, they'll just be like "OK......well we have 5 other people in that salary range so let's go with them".

But this isn't some offer for a $18 an hour gig at retail. It's a professional corporate job so the HR surely is open to negotiation in good faith.

I'm going to call them b/c I have some questions about vacation (it wasn't spelled out in the offer) as well as stock options. I might try to bring up salary and just get an idea on what they are thinking. In any case I'm going to sleep on it and hopefully get clarification in my mind tomorrow.
 
TheNinja said:
Some of you might know I got laid off in late August due to company making changes during COVID. I got severance pay through January. However after months of working hard......I just received an offer letter from a great company and I am BEYOND thrilled to get it!

  1. Counter offers. I got an offer pretty much equal to the pay I was making prior to being laid off. I don't want to miss this opportunity but they also don't have 401k match which is a pretty big deal as my old job had 8% company match. Do I just be happy with what I was offered or try to get more since I'm losing my 401k match?
  2. I have another company who I believe is close to an offer. Should I reach out to them and let them know the situation and see if they offer and play the 2 against each other?
  3. Should I just be thankful for what I've given and jump on it in this covid-19 environment?
Click to expand...

1. Did you tell them what you wanted up front and did they meet it? ive made that mistake before, and the company wouldnt budge.
2. Yes reach out to the other company ASAP. Tell them you have an offer in hand and express interest in their company but need to know their offer.
3. Be thankful. There are millions out of work right now.
 
Cygnus A said:
1. Did you tell them what you wanted up front and did they meet it? ive made that mistake before, and the company wouldnt budge.
2. Yes reach out to the other company ASAP. Tell them you have an offer in hand and express interest in their company but need to know their offer.
3. Be thankful. There are millions out of work right now.
Click to expand...

1. Yes. I screwed up in that sense b/c I didn't want to scare them away. I gave them a range and they of course offered the bottom end of the range. I also didn't know the full benefits package at the time and assumed incorrectly in contained some 401k match.

2. Did that now just to let them know and give them a chance to make an offer.

3. I'm very grateful and thankful for sure! :)
 
Hiya, Ninja!
Glad to hear that.
I'd go with option #2.

Ask and ye shall receive!
I would omit "playing against each other" though, I'd simply ask both companies if they can do what you ask, and then take the best offer.
 
TheNinja said:
Some of you might know I got laid off in late August due to company making changes during COVID. I got severance pay through January. However after months of working hard......I just received an offer letter from a great company and I am BEYOND thrilled to get it!

  1. Counter offers. I got an offer pretty much equal to the pay I was making prior to being laid off. I don't want to miss this opportunity but they also don't have 401k match which is a pretty big deal as my old job had 8% company match. Do I just be happy with what I was offered or try to get more since I'm losing my 401k match?
  2. I have another company who I believe is close to an offer. Should I reach out to them and let them know the situation and see if they offer and play the 2 against each other?
  3. Should I just be thankful for what I've given and jump on it in this covid-19 environment?
Click to expand...
1. Express excitement and gratitude, but see if they can be flexible on the numbers. Did you already tell them your expectations before hand?

Sometimes companies have room to negotiate. Sometimes companies don't like it when you rudely surprise them with numbers that contrast previous conversations. I've dealt with both.

2. Yes. Continue to express honest interest in the company. But, update them on your status. It could help move things along and better your situation.

3. Maybe? I haven't been too effected by it directly. So, no idea on this one.
 
TheNinja said:
Everything is pretty similar except not as much vacation time b/c I had been at my old place for a long time and will start new at the new place obviously. The 401k matching is the biggest difference financially. so giving up matching 401k for ability to purchase (not given) stock options.

#1 vs #2 is tricky b/c #1 is the better job title and potentially better company. #2 is less commute and less responsibilty and stress.
Click to expand...

A lot to figure out for sure.

Are the stock options at market price?

The only experience I have is make sure you comare the overall compensation package, b/c employeers can get rustled if you cherry pick the best of yoru old job and weakest of yoru new job.
 
TheNinja said:
Some of you might know I got laid off in late August due to company making changes during COVID. I got severance pay through January. However after months of working hard......I just received an offer letter from a great company and I am BEYOND thrilled to get it!

  1. Counter offers. I got an offer pretty much equal to the pay I was making prior to being laid off. I don't want to miss this opportunity but they also don't have 401k match which is a pretty big deal as my old job had 8% company match. Do I just be happy with what I was offered or try to get more since I'm losing my 401k match?
  2. I have another company who I believe is close to an offer. Should I reach out to them and let them know the situation and see if they offer and play the 2 against each other?
  3. Should I just be thankful for what I've given and jump on it in this covid-19 environment?
Click to expand...

You mentioned its a corporate job....

you need to look at and understand the total compensation offered..

Sounds like they came in at the minimum salary that you asked...You could say thank you, thats a good offer but I was expecting more...negotiate in a professional way..."thank you, this is a fair offer. I did expect better compensation ( best to be specific and negotiate what is negatiable....)...especially the salary. Is there any room in the budget to bring the salary in line with my experience and skills?

Hiring bonus can be negotiable as well....

if asked be prepared to give them a number...be prepared for them to meet it, increase their offer but not meet it and be prepared for them to not do anything....

as for 401K, their match is their match...You have little to no negotiation there...i say this based on 30 years working in IT...in my exp 6% match is the norm...many places offer 3 and 4...

Bonus in my exp is based on grade level which oftentimes matches to title....prolly little room there...except bigger salary = bigger bonus

stock option?....in my exp most companies have gone away with ISO's and now use RSU's...presuming you're not a VP or higher...again they match to grade/title...HOWEVER, you can negotiate for your initial grant to be increased...future grants will tie to grade/title BUT your mgr can give you more if you are a hi performing Employee..

Vacation could be negotiable...

you should reach out to the other company and let them know a a "professional courtesy" that you have an offer in hand but are still interested in continuing the interview\hiring process with them.
 
So yes, I would inform 2nd company that you have an offer in hand and need to make a decision in whatever your accelerated timeline is.

Depending on the company (size, etc), pretty much everything is negotiable. I negotiated a 401k match of 9% for first year of employment and 14% for the 2 years following for a candidate, and I never even knew that was a possibility.

Also, is your skill set so rare/in demand, that they would show more flexibility in their offer (random IT admin v. some type of research/applied scientist)? It's less about are you willing to walk away v. do you have something that they want (that applies to you as well).
 
SammyPops said:
A lot to figure out for sure.

Are the stock options at market price?

The only experience I have is make sure you comare the overall compensation package, b/c employeers can get rustled if you cherry pick the best of yoru old job and weakest of yoru new job.
Click to expand...

Yes, stock options are purchases at market price. Nothing granted or given in that sense.

However I don't want to push too hard b/c my background check is going to show an arrest for a DUI and a conviction for a "wet reckless" about 3 years ago. I don't know if they'll rescind their offer after that or not.


Anyone know how and when to bring it up to them?
 
fungi said:
Hiya, Ninja!
Glad to hear that.
I'd go with option #2.

Ask and ye shall receive!
I would omit "playing against each other" though, I'd simply ask both companies if they can do what you ask, and then take the best offer.
Click to expand...

Thanks man!! I'm hoping the background check goes OK and they won't deny me based on it. Ya, I definitely don't want to play hardball or pit them against each other. Company #1 is better job, Company #2 is closer. I don't have an offer in hand from #2 so it isn't secured yet but #1 has given an offer.
 
greygoose said:
So yes, I would inform 2nd company that you have an offer in hand and need to make a decision in whatever your accelerated timeline is.

Depending on the company (size, etc), pretty much everything is negotiable. I negotiated a 401k match of 9% for first year of employment and 14% for the 2 years following for a candidate, and I never even knew that was a possibility.

Also, is your skill set so rare/in demand, that they would show more flexibility in their offer (random IT admin v. some type of research/applied scientist)? It's less about are you willing to walk away v. do you have something that they want (that applies to you as well).
Click to expand...

Good advice! I don't think their 401k is negotiable as they don't offer it to any employees. They offer a certain amount of stock options to puchase and maybe that's negotiable. Or maybe salary and/or vacation time.

I'd say my skilset at this point is not rare, espcially in my area. My history of work fits the company's goals and position really well though as I've basically gone through exactly what they are needing help with for hte next 3-5 years. I don't want to walk away that's for sure.
 
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