You survived the interview process, the company made you an offer and you accepted. Now you hear from another company interested in hiring you and you want to drop the first offer and take the second one. What is a job seeker to do?
Consider the impact. Your word is your reputation and the manifestation of your integrity. The first company has notified their other candidates that they were not selected and they are busy planning for your first day. After telling them how excited you were about this opportunity, can you really call them and say you changed your mind?
The world is very flat these days. You do not know where you might cross paths with that hiring manager or recruiter again but your reputation would precede you. They would certainly not rush to take your word in the future.
Reneging on an offer also sends a message that you don’t really know what you want.
Before reneging on an offer, be sure you fully consider all the implications. If you do renege let the first company know as soon as possible and be completely professional about it. Do your best to maintain the positive relationship. Be sure offer two is truly the offer you can’t refuse before taking the hit to your reputation.