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Kristy, in my experience as a corporate executive recruiter this offer was never finalized b/c you did not formally accept their offer when you "countered"....so, you were in final negotiations and they had received your response when this new development occurred. Therefore there is no active offer at this time and it would not be necessary for them to rescind the offer.
Squirl , do you feel with the current economic climate that employees can counter offers with salary / benefits or does the make the employer feel like they might want to remove any offers / counter offers because they have so much of an * Employers Market * rather than an Employee Market right now ?
I'll tell you what that "On Hold" @%$% means. When you hear those words from a recruiter, it can mean that you should just keep looking for a job because they fear legal exposure if they deny you the job, or it means that they are sending someone else in before you to establish seniority over you (in which case, they are basically holding you up and waving someone else around you to proceed first).
Depressing as it may be, I'd agree with the others, keep looking and don't keep your hopes up too high. Even if they find a replacement #1 in a hurry, he or she may have very different ideas of how much input to have in the selection of the #2.
On the other hand, maybe you have negotiating b*lls of steel and nothing to lose and you really want that job. In that case, if you really are an ideal #2, you may be able to talk them into hiring you based on your focus on customer stability and your willingness to pick up the slack and still step back when they hire a new #1. It's up to you to sell the idea.
Being an optimistic, and the fact that the CEO was on vacation all last week, I was hoping that in some way the message "I need to put this on hold until I get things stabilized" meant let me get back into the office and see whats going on.
Thank you everyone for your input.....back to the drawing board.
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