At what point do you counter the offer? Immediately after receiving the call from HR? Or do you first mentally process the initial package they’re offering in the call, say you’ll think about it, then call back 1-2 hours later and counter?

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Recruiter here, yes first mentally process and prepare for counter. It's typical for a second call.

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Unless it's a laughably low offer, I will usually wait a little while. I want them to think that I did my due diligence, even if I know I'm going to counter.

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I agree with principal recruiter 1. I always process it and prepare for a counter offer. I usually come back with a counter offer later that day or early the next day.

Immediately if it won’t work otherwise I wait about a day

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