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  #61  
Old 13.10.2020, 10:16
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Re: Bonus payout when resigning

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It's a shame you left your old place, the new place will give you zero.
Great, thanks for your advice - next time I change jobs I will be sure to consult you.

The whole reason for starting the thread was to understand whether when I resign would make a difference e.g. in December v November would make a difference due to the payout being in March... it made a difference in the last place... but clearly you have the hump for some reason... Said it once before, if you ain't got anything useful to add then I would rather you didn't post unless you just want to get your post count up!
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  #62  
Old 13.10.2020, 10:27
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Re: Bonus payout when resigning

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What does your HR group say? If this bonus is part of your formal STI or LTI compensation, the rules are usually very clear and not up to interpretation - similar to options or RSA's. Everyone knows the rules and why you often see people "hang on" until a certain milestone date passes to lock in a vesting or full payout.

If you are a manager, you should know these rules anyway.
Have / can not checked/check with HR as it might be obvious that I am resigning. the RSU and PSU rules have been crystal clear from Day 1.

The Bonus side of things not so clear, till recently I wasn't even aware of the existence of the Directive/Policy and neither were some of my colleagues.

The Bonus scheme is not open to all and none of my Direct reports are eligible so have never had to be au fait with them from that perspective.

Anyway, the answer to my original question is loud and clear, there is no legal obligation for them to pay out and it is unlikely that they will pay out, and I was lucky in my last place. If, for whatever reason, these guys do payout then I shall report back.
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  #63  
Old 13.10.2020, 11:23
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Re: Bonus payout when resigning

Why not just wait a few months and get paid out - Who in their right mind resigns in December especially with coronavirus
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  #64  
Old 13.10.2020, 11:26
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Re: Bonus payout when resigning

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Why not just wait a few months and get paid out - Who in their right mind resigns in December especially with coronavirus
someone who's been offered a better job already?
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  #65  
Old 13.10.2020, 11:36
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Re: Bonus payout when resigning

better job? In this environment?? Dont buy it ...
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  #66  
Old 13.10.2020, 11:37
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Re: Bonus payout when resigning

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better job? In this environment?? Dont buy it ...
ah bless
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  #67  
Old 13.10.2020, 11:41
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Re: Bonus payout when resigning

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better job? In this environment?? Dont buy it ...
Since corona started I've hired six people in my area. I'd like to think they're moving because they like the new role more than their old one...
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  #68  
Old 13.10.2020, 11:54
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Re: Bonus payout when resigning

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someone who's been offered a better job already?
Lots of industries are largely unaffected and have hiring needs. Some are even advantaged by Covid and wfh.
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  #69  
Old 13.10.2020, 12:08
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Re: Bonus payout when resigning

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Why not just wait a few months and get paid out - Who in their right mind resigns in December especially with coronavirus
The last lot of my current stock vests in approximately 5 years, do I wait till then? What about the ones that I am going to accumulate in the meantime, do I wait for those as well?

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better job? In this environment?? Dont buy it ...
Great, thanks for the heads up!!
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  #70  
Old 13.10.2020, 14:30
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Re: Bonus payout when resigning

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The last lot of my current stock vests in approximately 5 years, do I wait till then? What about the ones that I am going to accumulate in the meantime, do I wait for those as well?
You get the new company to cover the loss of resigning......
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  #71  
Old 13.10.2020, 15:51
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Re: Bonus payout when resigning

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You get the new company to cover the loss of resigning......
Yes this is exactly what you ask in form of a signing bonus. Why the groan OP?
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  #72  
Old 13.10.2020, 18:28
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Re: Bonus payout when resigning

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Yes this is exactly what you ask in form of a signing bonus. Why the groan OP?
Because FMF seems to have taken upon himself to keep making flippant remarks on this thread... given what I said here:

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It is worth a fair bit particularly as I am taking a relatively hefty pay cut for the next role - it is once in a lifetime opportunity and these don't come around that often albeit with very sh!tty pay - so that should also give you an indication that there is no way I would be made whole by my new employers.

Also, delaying the start date beyond 1 April is not an option as they have already agreed to a delay of up to 3 months from their preferred start date of 1 Jan.

Lets see, if it boils down to the new position or sticking around for the bonus, the decision is straightforward: new position as this is something I really want and I have already committed to it BUT the bonus will be very handy.
was his comment necessary?

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You get the new company to cover the loss of resigning......
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  #73  
Old 13.10.2020, 18:38
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Re: Bonus payout when resigning

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Because FMF seems to have taken upon himself to keep making flippant remarks on this thread... given what I said here:



was his comment necessary?
Nothing flippant, just what I would do.

Clearly you need to up your negotiating skills, your new employer is better than you are.
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  #74  
Old 13.10.2020, 18:45
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Re: Bonus payout when resigning

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Because FMF seems to have taken upon himself to keep making flippant remarks on this thread... given what I said here:

was his comment necessary?
I don't think it was flippant. Just because you're taking a pay cut doesn't mean they can't come up with anything to make it less of a tough jump. Sometimes one-off payments are easier to do than salary-building raises.

If you're a great fit then why not ask for something and see what happens? The worst case is that you're where you are now.
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  #75  
Old 13.10.2020, 19:17
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Re: Bonus payout when resigning

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What don't you understand about 'discretionary', amazed you can earn so much yet appear really dumb. I suspect they will be pleased to see you go.
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Nothing flippant, just what I would do.

Clearly you need to up your negotiating skills, your new employer is better than you are.
Pleased to see that your psychic abilities are on the rise... you seem to have quite an insight into the skills/talents I possess or should that be I don't possess... I have gone from appearing dumb to now needing to up my negotiating skills... please keep it coming, I could do with an insightful psychic like you...

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I don't think it was flippant. Just because you're taking a pay cut doesn't mean they can't come up with anything to make it less of a tough jump. Sometimes one-off payments are easier to do than salary-building raises.

If you're a great fit then why not ask for something and see what happens? The worst case is that you're where you are now.
They are coming up with a lot of non-monetary benefits but with respect to monetary stuff, the budget is what the budget is... and I am ok with that as I want to join them and I am taking up the role based on an informed decision and with my eyes open (or, as my life coach FMF would say, based on bad negotiation on part)...
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  #76  
Old 13.10.2020, 21:55
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Re: Bonus payout when resigning

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Anyway, the answer to my original question is loud and clear, there is no legal obligation for them to pay out and it is unlikely that they will pay out, and I was lucky in my last place. If, for whatever reason, these guys do payout then I shall report back.
Good luck. I hope it works out for ya.
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  #77  
Old 15.10.2020, 14:42
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Re: Bonus payout when resigning

Let's say your company communicates your bonus on Friday 5th February 2021 (through a written letter/email) and that bonus will hit your account at the end of the month, say Friday 26th February. If you were unhappy with your bonus and said you planned to leave if you didn't get what you wanted, communicating this verbally but not in writing, between the 5th and 26th, what is the likely outcome? My understanding is that you can't officially resign or be fired until the end of the month (past pay day in this case) and every job I have left I had to wait until the end of the month to officially resign. Obviously this is a legal question but curious if anyone has seen how this would play out.
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  #78  
Old 15.10.2020, 14:45
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Re: Bonus payout when resigning

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Let's say your company communicates your bonus on Friday 5th February 2021 (through a written letter/email) and that bonus will hit your account at the end of the month, say Friday 26th February. If you were unhappy with your bonus and said you planned to leave if you didn't get what you wanted, communicating this verbally but not in writing, between the 5th and 26th, what is the likely outcome? My understanding is that you can't officially resign or be fired until the end of the month (past pay day in this case) and every job I have left I had to wait until the end of the month to officially resign. Obviously this is a legal question but curious if anyone has seen how this would play out.
No, you can resign any time you like.

You're mixing up the resignation with the rules around notice period and when you would actually leave, which state a minimum usually taking end-of-month into account.

ps. and verbally would probably lose you the bonus but actually have no legal impact on your employment status, since resignation must be done in writing!
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Old 15.10.2020, 15:00
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Re: Bonus payout when resigning

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ps. and verbally would probably lose you the bonus but actually have no legal impact on your employment status, since resignation must be done in writing!
I don't believe thats true, no need for a written contract either. However a written contract could stipulate that resignation needs to be in writing.
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Old 15.10.2020, 15:28
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Re: Bonus payout when resigning

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I don't believe thats true, no need for a written contract either. However a written contract could stipulate that resignation needs to be in writing.
Most do have this in the conditions of employment, all of the companies I've worked for have terms virtually identical to this:

"Termination must be in writing and can take effect only at the end of a calendar month."
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