got an offer but....

[Anonymous]

I got an offer for a management position from a well established financial institution yesterday. They insisted that I give them a verbal acceptance before issuing me an offer letter. They were also very resistant to me asking to contemplate the offer over night. I explained that I would like to see all the components of the offer in writing before accepting to make sure I understand the offer. The HR person said she would answer questions that I had but needed a verbal acceptance before a letter could be issued. I've never been asked to accept a position without seeing it in writing first. What should I do?

[Anonymous]

It's not like you are beholden to them over a verbal acceptance. If you don't take this job (either turning down verbal or written offer) you've burned that bridge anyway. Unless you're going to negotiate, just verbally accept and get the offer letter.

[Anonymous]

I would say you will give them a verbal yes, with the contingency that everything you discussed will be addressed in the written offer to come.

You really aren't risking too much, though this is weird and somewhat aggressive on their part.

[Anonymous]

I am in finance - that place sounds nuts! I would not even listen to an offer unless it was in writing. Also, what kind of place needs an answer within 24 hours?!
How about I offer you a great position, with a base of $750,000, and, a guaranteed min 1st year of bonus of 35%? You say yes, and then what?
It all just seems so weird, then after all that, they then submit an offer in writing. I am not sure you are under any obligation if you do say "yes", but I wonder if weird things like that will occur once you are in the place.

[Anonymous]

I should add, no way would I quit my existing job until the offer letter was in my hand, read, and fully digested and understood.

[Anonymous]

Anonymous wrote:I should add, no way would I quit my existing job until the offer letter was in my hand, read, and fully digested and understood.

+1

[Anonymous]

Anonymous wrote:I would say you will give them a verbal yes, with the contingency that everything you discussed will be addressed in the written offer to come.

You really aren't risking too much, though this is weird and somewhat aggressive on their part.

Strongly agree, although I would really wonder whether I want to work for a company like this. It could be just a weird HR requirement but I would be worried it was a sign of more inappropriate business practices to come.

[Anonymous]

Capital One? They want you to agree to compensation details before sending out the written offer because there is a domino effect of electronic, personnel actions that happen once the offer is issued. If they have to go back and re-do that package because you're still trying to negotiate salary, that is a huge waste of their time, and delays your on-boarding.

I just went through this and CO's "offer letter" is more like a welcome packet. The details of comp are negotiated first, so focus on that for the time being.

[Anonymous]

What you do is negotiate at this point, and ask about the rest of the package. Then, say yes, assuming everything is as explained.

When the package comes, sign it -- assuming it is what you agreed to verbally, and resign from current position.

[Anonymous]

So I've always gotten a verbal offer, negotiated it at the verbal stage, and not gotten a written letter until it was finalized. (And once I had the written letter, I gave notice).

It's odd they don't want you to consider it overnight - that is a flag for me.

I do think it's a bit much for you to insist on a written letter before you'll consider the offer.

[Anonymous]

Anonymous wrote:Capital One? They want you to agree to compensation details before sending out the written offer because there is a domino effect of electronic, personnel actions that happen once the offer is issued. If they have to go back and re-do that package because you're still trying to negotiate salary, that is a huge waste of their time, and delays your on-boarding.

I just went through this and CO's "offer letter" is more like a welcome packet. The details of comp are negotiated first, so focus on that for the time being.

OP here - This is the exact situation. They said it does set off a series of events once the offer is put in writing. I will negotiate the package they've offered and go from there.

Thanks everyone for the input.

[Anonymous]

I've worked for two large companies in the financial services industry (not Cap One) that did not issue a written offer until you've negotiated/accepted the verbal one. There is a lot of work involved in preparing a written offer and they don't want to go through the hassle and expense (at my current company, for example, they wait for the verbal acceptance before doing the background check). I don't know if it's coincidental or not, but at each place all benefits etc. are not negotiable (everyone starts out with the same amount of leave, etc), so once you've negotiated the salary there isn't anything else in the offer letter that would help you to make a decision.

[Anonymous]

Here is my concern as I have seen this happen: a verbal offer of salary can be misunderstood. A co worker once verbally agreed to a raise where her new salary was raised to "sixty five"... she interpreted that to be $65,000 and HR meant it as $60,500..... it was a mess. Ask them to really spell out the salary.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Capital One? They want you to agree to compensation details before sending out the written offer because there is a domino effect of electronic, personnel actions that happen once the offer is issued. If they have to go back and re-do that package because you're still trying to negotiate salary, that is a huge waste of their time, and delays your on-boarding.

I just went through this and CO's "offer letter" is more like a welcome packet. The details of comp are negotiated first, so focus on that for the time being.

OP here - This is the exact situation. They said it does set off a series of events once the offer is put in writing. I will negotiate the package they've offered and go from there.

Thanks everyone for the input.

I agree that it's weird and it's not reassuring to be on the candidate side of negotiating something without anything in writing, but they're not trying to pull one over on you. They're just trying to have a smooth onboarding process. Now that I'm on the other side of it, I understand why it wouldn't have made sense to send me this whole series of actions before we've agreed on salary - but before I saw it, I felt uneasy.

[Anonymous]

Anonymous wrote:Here is my concern as I have seen this happen: a verbal offer of salary can be misunderstood. A co worker once verbally agreed to a raise where her new salary was raised to "sixty five"... she interpreted that to be $65,000 and HR meant it as $60,500..... it was a mess. Ask them to really spell out the salary.

then, you do not sign/accept.