When to resign? Job offer
Wondering when should I resign... I got an official job offer letter which I have signed and return to the PE. They say that they aim to issue an official contract in a week. My offer letter pretty much stated all the relevant terms -holiday, salary, position, sign on, notice period etc.
Just to be sure, should I wait until I got my contract then I resign from my current job? Is it a normal practice or an offer letter is already binding?
I was told by several people to wait until I receive the offer letter. I had my letter of resignation waiting and as soon as I got my offer letter, signed and returned it, I gave my resignation.
NEVER tender your resignation before you sign the official contract. Never, never, never. I hope I wasn't unclear.
never ever leave your current firm or even hint that you are contemplating leaving until you've signed on the dotted line somewhere else
p.s. never!
hmmmm.... I'm pretty sure my offer letter and official contract were the same thing considering my offer letter was about 3 pages long and had all the legal specifics in it... min employment to keep sign-on bonus, at-will clause, can't leave to work for any clients, etc...
Could be wrong, but it was a lot more extensive than my offer letter at BB.
It may have laid out the specifics, but as far as what you said you did not sign it. Legally that means it wasn't a contract, and is not binding. So hypothetically you could resign, then find out the PE firm decided not to offer you, and they would not face legal recourse. Meaning you are up creek without a paddle. Is it likely? No. But it takes no additional effort to play it safe, why risk it.
Signed the written "contingent" offer - give 2 weeks now? (Originally Posted: 08/01/2012)
Hi Monkeys,
Quick question based on your experience. I'm moving to another firm and received a verbal offer, then my written offer package on Friday...I signed and sent the offer back Tuesday. Per I presume the standard, the offer was contingent on passing a background check and drug test. The background check people today called me for info today and I went to the lab for the urine test today as well. The new employer wants me to give my 2 weeks tomorrow and start ASAP essentially.
I have nothing to worry about regarding background/drugs, but in the off chance there's some kind of mistake/mix-up in my background check, isn't it dumb for me to give 2 weeks before the process is complete. Do employers ever send another offer letter or some kind of 100% you're slated to become an employee?
So basically, is this just a routine process for every offer, and generally the 2 weeks are given before the drug test/background check is fully completed? Or do I make a stink to the new employer and ask if I can only give 2 weeks once everything is 100%?
If anything, I think you tell the new employer that your old employer has asked you to give 3 weeks to help transition. You say would like to oblige out of respect for the people you worked with. Dont press it though if the new place balks.
If everything is going to clear like you think it will then you do what you'e told by the new employer. Whatever you do, do not say you want to make sure everything comes out clean on the background/drug test.
if you're leaving an ibank, you typically won't have 2 weeks anyway. you usually leave the same day or the end of the week in which you give your notice. also if you're an analyst at an ibank, then your bonus is likely to hit the bank sometime over the next few weeks - i would wait for this check to hit your account before telling anyone you're leaving
you will probably also not have your drug test or background check verified until a week into your new job anyway (my experience at least)
might help clarifying what industry / type of firm you are leaving and clarifying which industry / type of firm you are going to (smaller shops might take less time, etc)
Not moving within i-banks, and people generally do the 2 week structure here. My year end bonus here is not paid until mid September and so is being matched by my new employer as a sign on bonus. T/F my question solely hinges around whether there's any reason to be anxious about a drug test/background check when I don't think there should be, to the point where I'll ask my new employer if I can wait until everything is 100%.
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