How to reject an offer but keep the opportunity open?
Ended up rejecting an offer over the weekend strictly for money reasons. The firm had the money, but was hesitant to pay my ask based on my background and their need. We couldn’t reach an agreement, but I’m still a huge fan of the firm and the guys who work there.
Experience wise it would’ve been great, but I wasn’t so sure I was ready to take such a cut.
Now more than ever, I think it’s important to keep the option open if at all possible. Obviously I rejected it. Not right now. But down the road things may change, especially since $$$ was the only issue.
What things can be done to keep them warm over the next 12 months or so?
Has anyone ever rejected a formal written offer and had the company return with a new offer?
What should be done now so as to not burn any bridges and close future doors?
For reference how it went down:
Hiring manager hinted they may not be able to give me my full ask given my background, I expressed appreciation and a positive attitude, but also reiterated both my admiration of the firm and where I stood comp wise. HR sent the written offer, in line with hiring managers range. I called HR and basically asked if there’s any way to bring the offer up $15K. Was shut down, and therefore I rejected, and followed up with an email shortly thereafter expressing thanks and memorializing our call while also stating I loved the firm, hope to stay in touch etc... No reply.
I sent thank you to all the other guys the day of the final round, and received the offer shortly after on that same day, ultimately rejecting the offer by EOB.
I genuinely thought they were cool, and assume HR has already told them my decisions, however, would it help to write another thank you, seems redundant but a mentor has told me it’d be a good idea to send thank you to all the guys I spoke to. Not totally sure what I’d say but probably something along the lines of “it was great talking, thanks for sharing xyz with me, although this didn’t work, I’d love to stay in touch, best of luck etc.”
So just two quick points...
1. You are still negotiating, perhaps the turn down is a power move. Make sure they understand you would be taking a pay cut, it is a reasonable explanation to come up. In short, don't "chase" them, let them come to you. Since you have responded, best to just let them make next move.
2. Assuming you don't make a deal now, the best move is likely being super positive and upbeat. Thank everyone, just make the subtle hints that perhaps it will make more sense all around next year. The goal is to make them feel like they are missing out, while clearly leaving the 'no hard feelings' door open. Frankly, the goal should be to make them reopen the negotiations with you, if you are "asking" you will be in a weak spot. You just need to keep the hint open in your availability.
Honestly, I can't say how powerful your position is, you are making a move with experience so you have market power clearly. Whether this firm sees you as so unique as to justify a shift in budget pay scale is beyond my ability to guess. Your profile implies you area 3rd year + analyst, thus I'm guess this role is spec'd for a 3-5 year exp person; that is one of those tricky spots where some firms have more "scale" for pay bounds but not yet where you can cut custom deals generally. So the issue may be paying you more than those at the firm with equal titles/yrs of exp. No way to know this unless they tell you.
Good luck!
This is 100% the route to take. Thank them all again - in a personal way, not a bullshit boilerplate thank you letter way - and just be frank with them. Remember, hiring is a business decision. There's no shame in it not working out right now.
Now would you send this thank you today? I rejected the offer Friday which is also the same day I thanked them all right after the interview.
redever CRE
Upon receipt of formal offer, I called and informed my decision to pass for $ reasons, then followed up with a well wish email to HR that remains unanswered. Obviously she’s told them...
@redever brings up an interesting point that the negotiations aren’t over and based on the fact HR didn’t wish me good luck just yet may mean they’re having discussions? It really seemed like an awesome fit. Redever says it’s in their court now so should I wait a bit until it’s done done to send anything?
Just thank them nicely and move on. In all seriousness though, if you’re negotiating over $15,000 and they can’t budge at all - not a firm you would want to work for. Why? Because most firms worth their salt won’t be so cheap. $15,000 really isn’t that much money. It will mean the world to you but be diddly to them. $15,000 is not breaking them to the bank. To me, it’s actually a red flag. They should have at least come up halfway. I would be $10 this firm is cheap and if you went, you’re raises and bonuses would be minimal.
On top of that, it sounds like they knew the salary requirements you needed before the offer went out, and they still moved you forward and didn’t budge. They were trying to pick you up on the cheap.
Now...the other way to see this - it’s a huge corporate and they have salary bands they must work within. Small firm - go with above thoughts - big firm - it’s prob a salary band issue.
Yeah that’s true - they’re small. Pay bands aren’t an issue here.
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