Multiple offer madness: Five ways to cope if several banks want to hire you

Are you so irresistible that not one, but three, banks are hotly pursuing you? While it's nice to be wanted, multiple offers can also be a minefield. Here's our low-down on how to cope.

1) Think, hard

Or in other words, why do you want to move? Ambika Sinha, manager, IT, Morgan McKinley, says: "Evaluate offers based on why you are looking in the first place and what would be the best overall opportunity in terms of all reasons, including compensation, but not just compensation."

Candidates should look at whether job offers match their profile and aspirations, adds Stephen Gordon, senior account manager, banking technology, Aurec Singapore. Gordon gives a recent example of a candidate who had three banks vying for him. "His decision came down to team fit, future projects, job responsibilities, the bank, specific hiring managers and of course, remuneration."

2) Honestly, honesty's good

Ben Batten, head of Kelly Selection, reckons job seekers should be open and truthful. He says: "The candidate needs to be very honest, but in doing so, should not play games. If they get what they want or seek to leverage from the conversation, they need to be decisive."

There are situations where some discretion is good. Sinha says: "If you are very clear on just one company and its offer, you should go ahead to accept and not mention other multiple offers."

3) Make bargaining work

Batten suggests using open, unemotional language when discussing an offer. Candidates should also only negotiate with the banks they really want to work for, he adds. Job seekers should steer clear of outlandish demands because banks will withdraw offers if the candidate is unrealistic.

It's not all just about making demands though. Batten adds: "Candidates need to demonstrate their value to the organisation and what return the bank will get. Banks are now much more risk adverse and there is a balance between fixed and variable, performance-based pay."

4) Nobody likes to wait

Gordon says different banks have different time scales and tolerance levels; hence candidates need to be able to read the situation. Delaying acceptance for too long can result in three or four offers being reduced to one, or worse still, zero.

5) Don't be a tease

Once an offer is accepted, it's only professional to inform the other banks. Sinha doesn't recommend accepting an offer only to reject it later on, for ethical and long-term career prospects.

Batten agrees: "The network within the banks is very close, and if a candidate gains a reputation of such behavior, or if they later seek re-employment, this can jeopardise their future chances."

Have you experienced multiple offers recently? What did you do? Let us know in the comments box below.