Bonuses and Notice Periods

[Mr Scruff]

I've just been offered a new job, one that I'm rather keen on. The thing I'm not sure about is when to actually start it!

At my current company my bonus is due to be paid (for the 2010 year) at the end of Feb, company policy is that if you hand in your notice before you won't get it, even if you're working out your notice period. Bonus isn't contracted so there's not much I can do about that (or so I believe).

I have a couple of options - do I:

1) Just move to the new role and foresake the bonus (prefer not to, it's 10 percent of salary)
2) Tell the new place I have a 3 month notice period and hand my notice in at the old place as soon as bonus is paid (I'm worried here that the new place will call the current place for references etc and I'll be screwed?)
3) Explain my position to the new place and see if they'd be prepared to wait (bit mercenary? "Want to work for you but want to wait for the money")
4) See if I can negotiate with the current company (I don't think they'll want me to leave in 4 weeks as I'm in the middle of a big project but I'm not that important!)
5) Tell the new place that I have a holiday booked first two weeks of March (which I do) and want to start afterwards?

I've left it flexible with the new place, having verbally accepted but said I'd need to speak to my current place to arrange a leaving date. I'm not sure what the best way forward is; I worked very hard in 2010 to earn my bonus but I'm very keen on this new role too!

[SteveS Cup]

Be honest with the new employer.

Tell them you're expecting a 10% bonus and if you hand your notice in before it's paid you'll lose it.

They'll either wait for you or offer you some sort of golden hand shake or quite simply tell you to choose between your bonus and working for them.

[tim2100]

Tell your new employer.

State the position and why you can't hand in your notice until after Feb.

You may be plesently suprised if they really want you Most companies would prefer you existing company to pay 10% bonus than them.

[Night Runner]

I'm not going to ask for figures but...

For me it would depend on the amount of cash, 10% of £10k - I'd walk. 10% of £100k - that's another thing.

[Mr Scruff]

tim2100 said:

Tell your new employer.

State the position and why you can't hand in your notice until after Feb.

You may be plesently suprised if they really want you Most companies would prefer you existing company to pay 10% bonus than them.

I think you're (all!) right. Speaking to Mrs Scruff about this last night and the new role is 3 months notice, they're happy to wait if my current place is the same so will be up front and honest about it...

...just as soon as the formal paper contracts arrive!

Night Runner, I agree, I'd walk away from £1k but while it's not as much as £10k it's significant enough! However I'd sacrifice if needs be.