What is the first step to getting that verbal agreement and ultimately a signed offer letter?
The first thing to do, is at the end of the final interview, make sure that the candidate has all the information that they need, so when you roll out a verbal offer, they are ready to accept. So that could mean a number of different things. You want to think about benefits, do they have all the information they need for the benefits package? Is their contribution going to be less than they are paying currently, is it more? Or do benefits not even matter? Things like equity if that’s something your company offers. Do they know what the vesting period looks like and if they can purchase additional options? and if you can’t answer that, who do you have in your company who can? What about vacation policy? They should know if they have to accumulate time, or if its unlimited PTO, and if vacation and sick time is rolled into one. It can even be the small things like cell phone reimbursement. That could be something that they have now that they don’t want to give up. Or maybe they have a company car that they have to give up. That’s certainly not a small thing, but maybe something that hasn’t been brought up or addressed yet.
Any other information that you should make sure the candidate knows?
Of course, the most important piece, compensation. You never want to get to that stage and there is a huge disconnect on what’s expected and what’s being offered. And additional bonus plans and when that pays out, and if they are eligible for that. You should also discuss the scenario of what will happen if the candidate is presented with a counteroffer. Additionally, you want to know, when is the earliest they can start.
What’s next from there?
When all of these questions are answered, you can then ask the candidate, “If we roll out this offer to you today are you ready to accept”?
And you want to get that YES. When you get that “YES, I am excited to move forward and I have no more questions,” it’s time to roll out the written offer.
With all the questions already answered you want to hear a YES. If you don’t, you take it from there to find out what’s the hesitation?
What is the time frame you are looking for to get that signed written offer back?
Every company does it differently, but I like to look at it in a 24 hour period. If someone has already said to you yes. There is no reason that within 24 hours they cant sign that offer and have it back to you, and its something you want to include in the offer letter in terms of when that offer is going to expire.