What would be the process of getting OUT of an accepted job offer?

Wait the day. It would be worse form to accept today and decline tomorrow than it would be to decline tomorrow for a good reason.

As long as the new employer has not said that they need an answer today, wait.

Sign the offer letter before the deadline – assuming they gave you one – regardless of when you give notice.

Let me ask you this – the new job pays more and has more opportunity for advancement – why would you stay with a current employer who would pay you what you’re worth only after you would give notice of leaving?

Here is the deal – once you give notice you are done. If you accept a counteroffer you are essentially a short timer as the majority of those who do are gone within a year. Why? Because money wasn’t the primary reason they were not happy with their job, it was more an issue with advancement, being challenged, needing a change, etc.

The bottom line is to leave for the right reasons – which you appear to be doing. Also, keep in mind that people always remember how you leave an organization so do right by your current employer, don’t burn any bridges. Good luck with your new job.

GA, @BosM. I could not have said it any better.

UPDATE: It may be a moot point after all. I talked to my boss today and told him around what I would need to stick around. He checked with HR and his boss (or those he could get ahold of, many were out of town)....

In short, it is basically impossible that they will be able to match what the new company is offering. They can come within a few thousand close to it, but matching is almost 100% impossible. Also, their match would not be right away. I’m due for my annual review in a few weeks, so I would probably get a solid 3% raise then… But to get the rest they would have to promote me to a new title, which could take up to 6 months or so… AND since his boss is out of town and can’t sign off on it right now, there’s no guarantee they would approve said promotion.

In short it seems all but a certainty that I will be taking the new job. I actually sent in my acceptance letter of the position, but I have not yet typed up a resignation letter for the current job. Thankfully I have a window, the new job wouldn’t start til July 7th so I’m well before 2 weeks. Though I’ll have to have a solid answer for the current job by early next week (mostly I just want to see what the bosses boss says first).

I also iterated that I would have no problem sticking on in a part time capacity after I left to help train my replacement, or indefinitely even if they wanted me part time (I currently work a part time job that I would just drop in favor of this one).

NewNameGuy – your offer to help during transition and training your replacement is generous, but if you have committed to the new company then you’ve given your word and should not be considering a counter offer – least of all a meager one. You are walking a dangerous line with your reputation if you play a bidding game.

Continue being supportive through transition but move on. If they wanted to keep you they’d have beat the offer and wouldn’t have hinted at a possible promotion in 6 months, that’s bullshit.