I m not sure what the answer to the above is but my position is pretty much as above I joined a company six months ago on a 60K GBP salary with a 17K guaranteed bonus. I was just called into an office with HR who said that I need to lose that bonus or get chopped? I m relatively junior - 4 years out of university - and have never been through a proper downturn. Would you guys take the bonus and be made redundant or just sit tight and wait?
sit tight and wait. Job market is not good and many people (who have more experience) are looking for jobs.
sit tight. let go of the bonus. talk to your manager and try to find out whether they would be paying it to you later when things look better.
There should be something discussed where if you get chopped anyway, you should get some of that bonus back (pro-rated).
Hang on to your job.
Ultimately I d be getting four months of paid leave which I think would be quite useful. I could be out of work for a year but that would give me an opportunity to get my CFA and then progress a lot quicker. Its a tough one for me and I m lost…
Why not keep your job and pursue the CFA at the same time like the vast majority of us do?
JustPass Wrote: ------------------------------------------------------- > Why not keep your job and pursue the CFA at the > same time like the vast majority of us do? Yes I d like to do that but given that I d be losing four months salary by foregoing my bonus I am not convinced thats the way to go. What I am saying is if I was made redundant I would have stuff to do… My company is not sponsoring the CFA program either
Stick with it. Make sure there is a ‘prorated’ bonus clause like mentioned above. That way you have job security until they pay you out should things get worse. Plus that salary is decent.
If it’s truely a guaranteed bonus, it should be paid to you in full (not pro-rata) in case they make you redundant
In this market, I’d keep the job. I’m sorry about your situation, but I understand your company’s approach. One thing you can do, is try get some kind of guarantee about your job security from them.
What’s to stop them from nixing the bonus then letting you go? The bonus is 1/3 of your salary meaning you need to work 4 months for free. If they let u go in April, u screwed yourself
I’m with these guys - if you are giving up something that they have contractually agreed to give you, give them the following speech: “I am disappointed about losing my bonus. As it was a guaranteed bonus, I have planned some of my financial future relying on it including my contributions to my retirement account and my housing. I enjoy working for this company and I think that once we pass these difficult times, this company will be very successful. I am very hesitant to give up the guaranteed bonus knowing that I am an employee-at-will and I could be let go at any time. I will give up my bonus if a) The bonus is immediately due and payable if I am laid-off or terminated against my will anytime in the next year. b) The company remembers my loyalty when good times return. Your truly, Joey”
Get something in there that they cant cut you without paying this, at least over some time frame into the future. I wouldnt want to lose the bonus and then get cut anyway…
Get the bonus, the paid leave and take a vacation.
Simply put, the company will persuade you give up a bonus, after what will let you go.
Try and get the conversation in writing from the HR person. Send them an email asking for clarification of your discussion and ask the questions posted above regarding future redundancy. I dont know what the legitimacy of taking the above approach is. I would have thought you might have grounds for unfair dismissal but I dont know. At the very least, get something in writing for future reference.
Joey’s approach is completely reasonable and, assuming that you can see yourself with this company in one or two years, his (b) option is not just a pipe dream. I survived a vicious downsizing in 2003 when all bonuses went to 0 for everyone and 50% of the staff was fired. The people that survived were rewarded when things turned around the following year. But definitely get any promises in writing.
Muddahudda Wrote: ------------------------------------------------------- > Try and get the conversation in writing from the > HR person. Send them an email asking for > clarification of your discussion and ask the > questions posted above regarding future > redundancy. I dont know what the legitimacy of > taking the above approach is. I would have thought > you might have grounds for unfair dismissal but I > dont know. At the very least, get something in > writing for future reference. This “unfair dismissal” concept is not really a legal concept in the US if you are an employee-at-will (almost anyone without an employment contract and most people with one). You can try an unlawful termination suit if you were terminated because of whistle-blowing (especially for safety concerns) or discrimination or a few other little legal things but absolutely not “look, you have to take lower pay or we have to let you go”.
Often when guaranteed bonuses come into play there is also a clause along the lines of “assuming you are still employed by the company on X date” in which case the bonus isn’t truly guanranteed.