I got a verbal offer from an I-bank, and they won’t give me email or written offer until I verbally accept it. Is it normal?
I dont know about an IBANK but i just went through the offer process a well . I got a verbal with the salary after 3 of my reference checks went through and then I got a written offer which I accepted contingent on the last reference check with my current manager .
But why I have to verbally accept the offer first before I can get the written offer? The hiring manager also want my verbal commitment that I will stay in his group for at least 2 years. The fear is I would learn their techniques and get a desk job. Is this a red flag enough for me to pause.
I’ve accepted verbally before a written offer. Often times if you are negotiating the salary and final bits, they want to know what numbers and contingencies to put in the offer letter. If you’re just fiddling around the edges, it makes sense to discuss it on the phone rather than have several written back-and-forths with HR, which can make you look like a difficult colleague and cause problems as you start up.
AssetMgrWannabe Wrote: ------------------------------------------------------- > But why I have to verbally accept the offer first > before I can get the written offer? The hiring > manager also want my verbal commitment that I will > stay in his group for at least 2 years. The fear > is I would learn their techniques and get a desk > job. Is this a red flag enough for me to pause. I too had to give a verbal acceptance before they got down to doing the contract for me to read. As a matter of fact I did not directly give a verbal acceptance as I told the headhunter “I am extremely keen on the job and I’d love to start on it. But, I need to read the contract before I can take a fully committed stance.” I am guessing that it’s because it takes a lot of time and effort to do the contract+letter of offer so they want you to give a verbal acceptance first? “The hiring manager also want my verbal commitment that I will stay in his group for at least 2 years” -What makes him think that he can hold you to your word?And what makes him think that he’d be at the same place for the next 2 years such that he wants you to be in HIS team for 2 years?I’d say, just say “sure, i’d stay” but if a good chance comes, don’t hesitate to leave cos no one is going to give a flying fudge about you, like what was said in another thread.
“-What makes him think that he can hold you to your word?And what makes him think that he’d be at the same place for the next 2 years such that he wants you to be in HIS team for 2 years?I’d say, just say “sure, i’d stay” but if a good chance comes, don’t hesitate to leave cos no one is going to give a flying fudge about you, like what was said in another thread.” … Well, I don’t think that oral agreement is legally enforceable (they could try, but probably not worth the effort). I think it’s just trying to clarify expectations and let you know that your manager will feel betrayed and perhaps not give you good references if you try to split before 2 years.
HydrogenRainbow Wrote: ------------------------------------------------------- > I too had to give a verbal acceptance before they > got down to doing the contract for me to read. I think you mean “confirmation of employment” letter. Contracts are legally binding, and they are only offered to CEOs or sports players. Most contracts have clauses where you would still get paid if you couldn’t do the job anymore.
In general, employers don’t want to have a lot of offer letters floating around, and they particularly don’t want offer letters to get into the hands of candidates who only want the offer letter as bargaining leverage with another employer. To reduce the chances of that happening, they ask you to commit to their offer before they’ll send you the letter. It’s not foolproof, but it does reduce the problem.
They simply don’t want to extend you an offer and have you sit on it for a few weeks while you look for something else. They leave themselves exposed; if 3 weeks down the road, you say “no” then they have to start the process all over again and likely had to put off interviewing or extending offers to other qualified candidates in the mean time. Also, they do it to get around on campus recruiting requirements sometimes. Some schools have strict deadlines that an employer can set an exploding offer deadline before. But, if they don’t offer you a job until you’ve already accepted it, that deadline doesn’t matter too much anymore. This is another case where they are doing it to make their hiring process more efficient.