Advice on changing jobs

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  1. #1

    Join Date
    Oct 2010
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    8

    Advice on changing jobs

    There seems to be some momentum in my recent job search, so I could be changing employers in the near future. I don't have a lot of experience with this process and the financial industry has its own set of norms. If I were to leave, at what stage should I communicate my resignation? Immediately after signing the contract, or is it better to wait to make sure there are no hiccups with screening/references, etc? Is it necessary to identify one's new employer? I am not sure if I would be placed on garden leave, I suppose it would be necessary to identify the competing firm for this to happen? Does HR or the direct manager have more influence on the garden leave decision?

    What is a reasonable amount of time to expect between receiving offer & response? Any other advice in terms of negotiating terms with new employer (especially this late in the year)? Roughly what would you consider a "good offer" in terms of pay comparison, bonus situation, etc?

    Last edited by terr; 26-08-2014 at 02:34 AM.

  2. #2

    Join Date
    Oct 2005
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    14,414

    Couple of points

    If you were to leave now, will you lose out on bonus payments or 13th month if elegible? You can use that as a bargaining chip if applicable.

    I wouldn't resign until the transfer of visa is completed.

    Usually one months notice unless you're in a senior position where it might be 3 months gardening leave


  3. #3

    Join Date
    Oct 2010
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    8
    Quote Originally Posted by jimbo:
    Couple of points

    If you were to leave now, will you lose out on bonus payments or 13th month if elegible? You can use that as a bargaining chip if applicable.
    Yes exactly. I am not sure if employers (in finance) will readily structure some compensation/guarantees to reflect this, or if I will need to drive a bargain.

  4. #4

    Join Date
    Apr 2011
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    2,446
    Quote Originally Posted by terr:
    Yes exactly. I am not sure if employers (in finance) will readily structure some compensation/guarantees to reflect this, or if I will need to drive a bargain.
    Unless you've been headhunted and/or are very senior and/or bringing some high value skills/business with you, in terms of losing your bonus from your current employer the general rule of thumb is "suck it up buttercup".

    If you choose to leave part way through the year, that's your choice and you need to factor any loss of income etc into your salary demands when looking for a new role (or suck it up!). Assuming your current bonus is discretionary, there's no guarantee you'd get one so why should your future employer compensate you for something which may never have happened? It may sound harsh but lying/exaggerating about current salary and expected bonuses is something that plenty of job candidates do so try and also see it from a future employer's perspective.

    On the positive side, if you join before the last quarter of the year, most companies will include you in next year's bonus pay-out (pro rata of course) so it's not a total loss unless you join very late. Their pro rate might be more than your full year's bonus at your last job.

    As for a "good offer", I should point out that not everyone changes jobs for the money! A good offer may be better working hours, more interesting work, more relevant experience, a better name, etc etc. What constitutes a good offer is very personal to each individual.

    In terms of accepting the offer, most companies expect a quick decision....after all, you've been telling them how much you want to work for them! Take too long to respond and they may get suspicious or at worse, rescind their offer. Once you've accepted their offer, it's up to you when you decide to resign but your future employer will most likely put pressure on you to do it asap.....and if you don't, you need to give them a sensible reason why not (or again, they will get suspicious). If you are worried about your screening, references etc, you can give the go ahead to check everything EXCEPT take a reference from your current employer. Say that once everything comes back clean, you'll resign and they can take up the reference with your current employer. However, be warned that as FS companies get more strict with their background checks, this approach may not be tolerated and/or may raise their suspicions. Finance people are a suspicious bunch and quite rightly so (although going by the number of dodgy deals still getting reported these days, perhaps not suspicious enough!) If you are aware of something in your background that may cause a problem, you are best off raising this before they do their checks.

    As for visa transfer, it usually only takes a couple of weeks (for example, mine earlier this year took exactly 2 weeks) so your notice period is usually longer than the visa wait. Some companies in HK will let you (or your future employer) buy you out of some or all of your notice period. Just something to be aware of in case you're asked.

  5. #5

    Join Date
    May 2008
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    DB
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    3,699
    Quote Originally Posted by jimbo:
    Couple of points

    If you were to leave now, will you lose out on bonus payments or 13th month if elegible? You can use that as a bargaining chip if applicable.

    I wouldn't resign until the transfer of visa is completed.

    Usually one months notice unless you're in a senior position where it might be 3 months gardening leave

    But you will need an official letter from your current company to say you are giving up your current employment as part of the transfer process.