Yeah, this is kind of a tough position to be in, sort of. Someone once told me a long time ago, “No one’s paying you to be stupid.” That doesn’t sound very nice but it actually was incredibly helpful advice. I had accepted an offer from a very large consulting firm when I received an offer to interview with an equally large company. I went on the company interview just because you can ever have enough practice interviewing, and they offered me the job. I was stunned (first, I was 30 minutes late to the interview because I got lost and this was before cell phones, and then within 30 seconds the hiring manager found a type-o in my resume, then she told me she did not have time to interview me and asked if I could come back. I didn’t think she was serious.).
At the end of the day, no company really has your best interests at heart. And they do have many candidates – that they chose you is really fantastic, but you absolutely have to look out for your own best interests. If you receive an offer that is better than the one you already accepted, assuming you have not already started working, you need to call the recruiter and very honestly and sincerely explain what has happened, why you are more interested in the other offer (unless it is only because they offered you more money), and thank them very sincerely for their time. More than likely, they will wish you the best and hold no hard feelings.
Do be gracious. A company may not be looking out for your best interests but the people in the company who went to the effort to meet, interview and hire you, will remember you. You just have no appreciation for how small this world is until you start working. As my grandmother used to say, “Always be a lady.” (or gentleman…)
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