How eShare's Offer Letter Improves the Onboarding Process
The CEO of eShares, Henry Ward, wanted to improve the onboarding process for new hires. Specifically, he knew there needed to be a better way to explain complex and often confusing topics like equity compensation packages and legal fine print. Setting employees up for success can make all the difference when it comes to retention, so include these key pieces of information when welcoming them.
How to Write a Better Offer Letter
An offer letter should include:
- A welcome note. This should come from the CEO and/or leadership team, and should feel warm and personalized. Ward even includes his direct phone number.
- A high level view of the company. eShares includes their organizational chart. You may also want to add a staff directory or even a (brief) company history.
- Salary packages. Explain how their salary was calculated, and how it relates to current market data. If you offer bonuses, explain how those are calculated and earned.
- A breakdown of complex stuff. To explain equity compensation, you can include graphs of your capital structure, payout calculator, vesting schedule, and explain what each means. Visuals are always helpful.
- Show them the perks. Clearly lay out all employee benefits in one place so they don’t need to go searching.
- What to expect. Breakdown what happens during (at least) their first week on the job. This can include information like, “On your first day, you will be added to our Slack channel, then given a tour of the office by Anne from your team. Tomorrow you will attend a four-hour training session in room 100.” Bonus points for adding a map of their commute and a graph of traffic times.
- Simplified legalese. Add something like, “Our lawyers require we tell you:” and follow with bullets of the fine print, translated into layperson speak.
Takeaway: Learning the ins and outs of a new position can be stressful and overwhelming. Give your employees the best possible shot at success by making the onboarding process a little easier, and reap the reward of them sticking around longer.