I recently got a verbal offer, the firm requires me to accept it before moving forward with paper offer. I am not comfortable with it and have more interviews to go to. But they want me to let know immediately. What you would do in this situation?
I wouldn’t be comfortable with this either. It sounds like they’re putting you under pressure, which is never a good sign. Do you have to respond in writing to their verbal offer?
that is wrong. I’ve never seen that before How can you accept a contract without seeing it in writing?
Take it, then continue interviewing. They don’t own you
They just want to know whether it is worth the trouble to go and write up an offer. You can still have a little back and forth on details after you’ve accepted a verbal offer, but if there are major disconnects (compensation, responsibilities, etc.) then they want to negotiate that at the verbal offer stage. Insisting that you accept immediately is a bit of a red flag. Often times companies want to do that to avoid you thinking about it too much. They might do that if they have someone else they can turn to if you say no, or if they want to keep you from asking for more for fear that you might lose the offer.
Should I worry there is something shady going on? Is it possible that recruiter is creating the problems?
I’m not sure it’s shady… but it may indicate that your employers are going to be jerking your chain all the time once you’re on board. BS’s advice is good too. Maybe accept the offer and keep interviewing. If you quit after a few weeks because of a better offer, your name will be mud at the shop you’re at, so if it’s a big-name shop, then you may be concerned about burning bridges, but it’s pretty standard in the industry for that kind of thing to happen.
You mean it happens a lot in this industry that somebody accepts an offer and only decide to leave after a couple weeks…?
I don’t know exactly how often it happens, but it happens often enough that it isn’t a complete surprise when it does. It is by no means “unthinkable.” You are likely to be burning bridges if you do it, though, so it needs to be a substantially better offer. But remember, most companies will not be afraid to axe you if they find a better/cheaper option. The money business is very Machiavellian. Personal relationships and trust do matter, but lots of people are feigning it to squeeze out as much as they can from people.
For example, if you accept an offer from Goldman, and after working there for a couple of weeks, you got better offers and decided to leave. Then your name is on the black list that you would never be able to work for Goldman ever again.
In some companies people go away and then return, especially when there are only two-three similar shops in town, like in Madrid. I even think these companies even prefer that, as it’s easier to dismiss a person without continuity. They make much better offers to returning employees than what they pay to the staying employees with the same experience and position. Probably that’s not the case in other countries.
If one leaves after a couple of weeks, I would say, that’s another story. And most probably you won’t be welcome again in any case. I think it’s better to agree to a verbal contract, but then disagree on a written contract, but not work for a couple of weeks and then leave.
Your offer must be in writing.
It sounds like they have a significant offer approval chain on their side, and they don’t want to have to run multiple offers up that chain, so they’re like to get you to agree to basic business terms (comp, title, etc.) before sending it up for approvals. once they get the sign-offs they’ll generate a paper offer. Some terms (like separation consideration) may or may not be included in their verbal offer, so to the extent these are important to you, you might want to expand the term list before you accept verbally.
Sorry I see I replayed most of Bchad’s points. Just to confirm: it’s perfectly fine for you to accept a verbal offer (and a written one) and then back out later. it’s not like they’re going to sue you.
DarienHacker Wrote: ------------------------------------------------------- > It sounds like they have a significant offer > approval chain on their side, and they don’t want > to have to run multiple offers up that chain, so > they’re like to get you to agree to basic business > terms (comp, title, etc.) before sending it up for > approvals. once they get the sign-offs they’ll > generate a paper offer. > > Some terms (like separation consideration) may or > may not be included in their verbal offer, so to > the extent these are important to you, you might > want to expand the term list before you accept > verbally. I think this is good advice. The first paragraph describes something similar to my process for my summer internship employer. I verbally accepted but asked for something in writing – it was done pretty informally through e-mail before I physically signed a document, and then two weeks later was when I received the actual employment agreement and background check. They never “required” me to verbally accept, but my sense is that the reason for the lag time was because the firm goes through a centralized HR department to handle new hires and other adminstrative tasks that is external to the firm.