{ "media_type": "text", "post_content": "I just got offered a relatively senior role at a competitor. They told me base and bonus. They said they wouldn't give me a physical offer letter until I accept.\n\nI do want to see if my current group gives me a counter offer. \n\nI feel like this puts in a bad spot, because I have two options\n\n1) Go to my boss without a physical offer letter, which is risky, because I both have no proof, & they can pull it at any time\n\nor\n\n2) Verbally accept, get the physical offer, and then go to my boss...which", "post_id": "6160bfe08106d1002aaefc80", "reply_count": 31, "vote_count": 2, "bowl_id": "553769a790f5eebe1d2a0f92", "bowl_name": "Finance" }

I just got offered a relatively senior role at a competitor. They told me base and bonus. They said they wouldn't give me a physical offer letter until I accept. I do want to see if my current group gives me a counter offer. I feel like this puts in a bad spot, because I have two options 1) Go to my boss without a physical offer letter, which is risky, because I both have no proof, & they can pull it at any time or 2) Verbally accept, get the physical offer, and then go to my boss...which

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I've been in that situation before. Ask for the verbal offer to be in writing via email. Full offer doc is not needed but just have it on email. Otherwise, verbally accept, if its a good offer. Then, try to see if you can negotiate in your current role — creating the least friction possible — if they match and you are happy to stay, then stay. If not, go to the other role. Always ask for time, I've asked for a week. You don't need to justify yourself. Changing jobs is not easy and, often interviewing processes are not short either. So you are on your right to ask for time.

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How do you ask for time after they’ve already sent offer letter tho. If you’ve verbally accepted, wouldn’t they expect you to instantly sign?

Just went through this. Get a written offer letter + verbal confirmation of the bonus. Can be a range with the word of the decision maker in the competing bank that is offering the role. Don’t sign anything, and ask for ‘a few days’ to read through and digest it. Then speak to your current employer’s MD who you are close with and has executive influence - let him know that you’ve received an offer that you are seriously considering. Don’t mention the total comp you’ve been offered - the threat of you leaving should be enough for them to set the ball rolling - if your team values you highly and don’t want to see you leave (in which case, expect multiple people to call you trying to convince you to stay), this is the position you want to find yourself in - be respectful and express your reasons for considering to leave clearly and consistently. After about 4-5 conversations if you are still able to keep your existing team on the edge, then you can likely expect a one-time retention bonus.

Meh, I’d say be careful. Relationships are important, and stringing it out for 4-5 conversations for a small retention bonus seems high risk low reward…

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Update: I went to my company with verbal offer and they matched. Did not ask for proof.

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Stressful but relatively painless. Biggest difficulty was simultaneously showing I like my current team but was willing to leave.

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You verbally accepting doesn’t mean anything, so just go that route. It’s more so a negotiating tactic on their piece to have you cross the mental hurdle of “accepting”

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I would not even consider starting an employment relationship with a company that pulls some toxic act like that. Walk away from the competitor and find a company that isn’t afraid to put the offer in writing.

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Bulge Bracket

Would you rather prefer to say in your current role if they match your comp?

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Ya, or even if they came close

I’d feel more comfortable seeing what is being offered on paper first, though remember even if you have a paper offer it could always be pulled. Your boss shouldn’t ask to see your paper offer but HR may to draft counter docs.

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…Which will obviously burn bridges and I don’t even know how I would delay signing it for that long, Anyone deal with this before?

It’s a BB bank front office role

As a junior person I would definitely do #2 but since you’re more senior and relationships are more important… tough call. If you have a good relationship with your team, eg they trust you—I’d maybe do #1.

100% go route 2. Option 1 you have no leverage and you leave yourself to being screwed

I was attempting to give my resignation 2 years ago, when by surprise I was countered. My manager didn't want to see the offer or salary amount, written or verbal. My manager asked me to give him a number. I gave some outrageous number, which they did not meet, but I still ended up with $10k more in salary.

Yes. It was the salary from the competing bank, plus the bonus amount from the competing bank, plus a little extra on top.

...you're entitled to change your mind a many people do. Just find a polite way to tell the company you interviewed with you had a change of heart. Happens all the time.

Ask for more time by asking for time to speak to other team members about there experience w the firm will buy you at least 1-3 days

I can understand, they give physical offer and you use it to your advantage to get a counter offer. Do you even want to go to competitor? Sounds to me you just using them to boost your own salary at current company.

That’s exactly what I’m trying to do.

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A lot of companies today are requiring verbal acceptance first. I think it's dumb. Honestly just tell them yes and then get the written offer to take to your boss. Companies know current employers are desperate to keep people and will match or even give you a better offer to stay.

been in this position- I spoke to my senior ED before having anything in writing as he was due to go on MVP and I was close with him. He put the balls in motion before he finished, MS countered and never requested any evidence from me (ymmv however).

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