I accepted an offer in tech middle size company and my first day will be really soon. I also just got an offer from FAANG with 20% bigger total compensation. I still want to stay with the mid-sized company (more existing job) but worried that their compensation is not fair. What is the right way to tackle this situation? Is this too late to renegotiate? (I’m based in the US)

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You could say, “I remain very interested in working with you, but since accepting I’ve received another offer at a higher level. Before I finalize, I wanted to ask if there is any flexibility in the compensation package with your offer. My preference is to join your team if we can align on terms.”
Give them an out. They may not be able to budge due to their financia position. Forcing the issue risks damaging the relationship. Also, consider culture, company values….more money isn't always a win.

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Keep in mind: most companies won’t (or can’t) compete with FAANG. Also, definition of fair is dubious at best, if you’re comparing industry vs. FAANG. I would try to negotiate non-compensation benefits, if you can, in lieu of the difference (remote for me is well worth the 20% difference).

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I personally would be honest, and only bring it up if I was willing to accept the FAANG offer. Let them know your needs, amd if they can't meet those needs without even a hint of resentment, rescind and take the FAANG job. Worst case is that they will pull their offer, and though not likely it's still possible so you need to be willing ta accept the other offer.

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