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The CEO of Carta shared a new offer letter in 2016. When I saw that offer letter, it told me more about the company than anything else. That offer told me this company values transparency and more importantly they value their employees.
The offer letter hasn’t seen any changes in decades. The problem with offer letters is they were designed by lawyers. That happens to be both a feature and a bug. It’s a feature because the company needs to protect itself with the legal language of the offer. And that’s an important feature.
Carta showed us what the bug fix looks like. Carta showed us that you can (a) build and design great offers while (b) having the legal backing and protection.
Carta has generated their own offers using presentation software. But that leaves many others thinking: how can I also make offers like theirs?
You could do the same thing if you have access to the equity information (not everyone does). Even then, you’ll run into a few issues. You’ll be bogged down with presentation software and exporting PDFs that need to be moved around and signed as PDF attachments. They’ll be handed off between the ATS, HRIS, and then through a chain of inbox messages. The ATS is designed to handle boilerplate offer letters, so the ATS won’t solve this problem for you. You really don’t want to be using presentation software to do it.
There are some other issues addressed by switching to this newer offer letter format:
- Reduce post-offer negotiation time
- Easily and quickly create, review and send offers with detailed offer information that most legal offers don’t include (e.g. equity details, benefits and perks)
- Win candidates over competitors
Onsites.co is proud to release the Offers product to solve this problem for your company. You can take a look at what an example looks like. Now, any company can release their own offer letters through us.
Here are some of the features behind our new Offers product:
Fully dynamic. Any part of the offer can be edited by your team. Easily change information like salary or cap table, all reflected back in the offer letter. No need to send back-and-forth e-mails with new attachments. This can even be changed after the employee joins and they can use their offer as a go-to for questions about things like equity. And because we’ve built the correct language, you know it’s safe and you don’t need to worry about setting up meetings with the COO or CFO.
Fully legal. Yes, even on the disclosures of equity. Most people are afraid of talking about how to value equity, and for a very good reason. If communicated incorrectly, you can wind up with a lawsuit on your hands. You and your hiring team should always be very careful about how you communicate the value of equity. We’ve added the proper language to legally protect you. And we stand by that.
Fully customized. You can customize any aspect of the offer. You can also have other features, like the ability for candidates to write comments or request changes to the offer. It’s more comfortable for a candidate to negotiate their offer this way vs on the phone or in person, which speeds up the process. You can also add the necessary attachments, such as the Confidentiality Agreement and Invention Assignment agreements.
Works with your HRIS and ATS. We save the offer letter in PDF format so they can be uploaded into your HRIS and ATS system.
Collect signature from the offer letter page. You can capture a legally binding signature and countersignature from the URL the candidate visits, rather than through PDF attachments. We’re just as good as collecting a signature in your existing solution, such as Docusign or Hellosign.
Full ESIGN compliance. We take the necessary steps to securely transmit and store offer letters. We verify the identity of the recipient and perform the necessary steps such as digital fingerprinting to guarantee document authenticity. Each offer letter is watermarked with a unique signature key. In short, it’s the same legally sound offer letter you’d expect.