Does a verbal offer still count anymore?
 

I need the advice of my fellow Pelicans. If you have been offered a new/better job opportunity, would you wait until you have something in writing before saying goodbye and giving notice to your present employment?

The company giving the offer is quite a large corporation and I understand things like this take time however, potential start date will be affected if not received. Is this verbal offer enough for you?

Wait for the letter.
That's doesn't mean you can't do a little informal celebrating though.

I have been negotiating with a few opportunities in the Dallas area over the last month, my #1 choice just came back two days ago and made me the proverbial "offer I can't refuse". I have received a letter of intent which spells out the offer but won't have the contract for a couple weeks.

I am proceeding forward with my other offers anyway. You never know what might happen. I'm not burning any bridges until I have the final contract that is agreeable to all parties signed and dated and in my hands. Then I will let the other people know I have taken another offer...just sit on it.

Better still - I'd follow up and THEN go to your present employer and say "I have a better offer on the table right now. I'd really love to stay here being as I feel I've 'proven myself' here and enjoy the work and my co-workers, but financially I just can't justify leaving the extra money sitting on the table". And see if they match it. If they do, it gives you grounds to go back to prospective employer and negotiate higher. . . This has always worked very well for me.

Something to consider:

One reason I am a bit reluctant to leave my present job is that I feel we're headed for a prolonged recession, spurred by the impending housing market crash. There's too much of our economy tied up into "mortgage backed securities" right now, along with consumer spending, etc. As the bubble pops, people are going to find themselves short cash and desperate. As defaults and "walk-aways" rise, banks lose money, rates and terms get higher and tighter, there's less money out there and layoffs aren't far behind as a result of slumping sales and lowered consumer confidence.

In a downward-headed economy, do you really want to be the "new guy" at a new job or stay where you are, with experience and seniority? This is a big consideration of mine right now. I'd probably say that it's smarter to ride out the downturn/recession with your present employer (unless you absolutely can't stand it or the new offer is MUCH better). Being the "low guy" on the totem pole is not a good place to be when the bean counters start slashing payroll.

Typically, I require ANY offer to be at least 10% greater than my present salary to even be worth considering (rule-of-thumb to account for having to be the "new guy" at a new place, prove yourself over time and all that crap that goes along with it). Currently, given my (admittedly not-so optimistic) view of the larger economy, I've bumped that up to 20%. A few takers, but nothing I'm all that interested in yet.

I'd say follow up with the prospective employer and feel out this issue on an interview. Personally I'd look 'em right in the eye and say "I believe there's an economic downturn looming with possible layoffs and increased unemployment in our sector. Convince me that I'll still have this job over the next 3-5 years in light of this". Any interview should be as much about YOU interviewing THEM as the other way around. If they answer to your satisfaction, start the "bidding war" with your present employer.

Good luck.

Get it in writing.

So the start date is pushed out a little...no big deal in the grand scheme of things.

I once took a job and the week I started the ***** hit the fan in that particular industry and the company closed all open job reqs. The door literally slammed shut as I walked through it.

I was glad I had everything in writing.

Wait until you get it in writing. Even, a large, reputable employer can have dumb@$$ HR people. The person you are negotiating with might be on their way out--they just don't know it yet. If that person changes in the middle of acquiring a job, things can go south quick. They might get overruled by a superior in what they are offering you. While rare, these things do occasionally happen.

And you can do that exactly once.

True, but it works.

Actually I got one firm (this was a while back, in '99) to come up on their offer twice. I had 'em in a bidding war with another prospect. :) Fun position to be in.

In my situation I was able to get the offer increased three times over the negotiation. I never quoted them a salary that I was being offered at another company, however they knew I was talking to other people. They kept asking me what I thought of the offer on the table and I would simply say that it was reasonable, but I wanted to see what the other opportunities had to offer. Eventually the head hunter I was working with called me and asked me what it would take for me to sign with them this week. I told her what it would take and they essentially gave me everything I asked for. Hard to say no to that...

Get the letter with signatures buddy. Remember if they change their minds for ANY reason, a verbal will not stand up in court. So don't jeopardize the bird in hand, trust me on this. I'm a hiring manager and I know what can happen.

Wait for the written offer! This had happened to me, I was made a verbal offer, but it turned out to be "wishful thinking" and the written offer was not made. I didn't jump, which is a good thing, just be careful!

Written always. Can't say any more than that.

Have had friends get burned on this one, definitely get the paper in hand before taking any action w/r/t your current employer.

Re: Does a verbal offer still count anymore?
 

Hell, yes.

I would want a formal offer letter in writing, specifying compensation, benefits, start date, position, title, manager, location, relocation costs, the deadline by which you must accept the offer, and whatever else is key to you. You tell them what you want to see in that letter.

If the letter says contingent on checking references, I would require a follow-up letter saying references have been checked and are satisfactory.

Basically, I would want the only remaining step to be my counter-signing and returning that letter.

Then I would either go to my current employer and give them a very short time to see and raise, or I would simply sign and return the letter, thereby accepting the offer, and then give notice at my current job.

This sort of letter is what they have an HR department for. If they can't get this letter to you promptly, something is wrong. You don't want to find out later that someone didn't have the hiring budget he thought he did, etc.

I would also think about taking this oppty for some time off, but that's just me . . .

Two words should put the fear of gawd in you.


Business ethics.


Get it on letterhead, in writing.

'nuff said?

Get it in writing. This means that everyone who has to sign off on the position has.

Nothing like someone in the approval chain changing their mind or having second thoughts about the position.

Everyone involved knows you will have to give notice, so waiting shouldn't be a big deal.

Verbal offers are not worth the paper they are written upon.

Get it in writing - nowadays, even an email would suffice actually, if it comes from someone who can make the decision, although the best is a letter on company letterhead.

I was recently offered a ~20% increase verbally. The next day the manager called me back after he "ran his numbers" and chopped 15% off of it.

Get it in offical writing from the person that is authorized to hire you at that salary.

Thanks all. I will definitely wait. I spoke to the HR department and they insist that it has been sent so I asked to resend via Fedex or UPS. The verbal offer was contingent upon references and background check. References came back good so now is the waiting game. I am going from a small company to the opposite extreme so promotions, reviews and bonuses are actually possible.