Accepting a job offer and missing out on bonus

[Esotericstuff]

I have received a job offer which is a decent pay rise in a field that interests me. My current employer pays annual bonus in August payroll. If I resign before August payday I lose my bonus, which is likely to be a meaningful amount of cash.

I am under some pressure from the company who offered me the new role to resign soon as I have a 3mth notice period. I have not accepted the offer yet. I am also likely to receive an aggressive counter offer from my current employer.

I would love some advice on how best to deal with this. Preferably in a having my cake and eating it kind of way.

[andy873]

Three words

Sign on bonus

If your new place is that keen get them to cover your bonus on contract signature (or at least a good proportion of it)

[Esotericstuff]

The bonus is going to be a few k. Not a life changing sum, but a nice bit of cash.

I would really appreciate advice on how to play this to avoid missing out and not burning any bridges.

[rog007]

In simple terms; you decided to leave and have found a better role that is also better paid.

I would stick with that and do the right thing by your new employer who has taken a gamble on you delivering improved outcomes for them. Messing them around for a few quid may not be seen by some as the honourable thing to do.

[bompey]

Tell the new company you will hand your notice in after the August bonus is paid. You would be silly to resign just before it is paid, particularly if you have to work 3 months notice. If the new company want you they will either wait, or pay you a sign-on bonus instead.

[Esotericstuff]

Thanks Rog.

My heart tells me you are right, it is best to accept the offer. It is just hard to walk away from a bonus in recognition for my hard work, particularly over a matter of a few weeks.

[johnwilliams77]

Esotericstuff said:

Thanks Rog.

My heart tells me you are right, it is best to accept the offer. It is just hard to walk away from a bonus in recognition for my hard work, particularly over a matter of a few weeks.

Agree with bompey

[irocfan]

bompey said:

Tell the new company you will hand your notice in after the August bonus is paid. You would be silly to resign just before it is paid, particularly if you have to work 3 months notice. If the new company want you they will either wait, or pay you a sign-on bonus instead.

this ^^^

[AyBee]

When is the August payroll? It seems stupid when you already have a 3m notice period to quible over another <1m...! They can of course pay you this bonus as a sign-on if they want you to resign earlier.

[Kermit power]

Have you double-checked your contract with regards to whether you get paid the bonus if you've resigned?

I could understand them saying you're not entitled to the bonus if you've left the company, but I'd be surprised if they can get out of paying it to you if you've resigned but are still working out your notice, especially given that it's presumably a bonus for the last 12 months, not the next?

[ChasW]

Kermit power said:

Have you double-checked your contract with regards to whether you get paid the bonus if you've resigned?

I could understand them saying you're not entitled to the bonus if you've left the company, but I'd be surprised if they can get out of paying it to you if you've resigned but are still working out your notice, especially given that it's presumably a bonus for the last 12 months, not the next?

Agree. Our conditions used to be employed by the company at time of payment in order to be eligible. Year end was December 31st, next pay date was 22nd Jan. I had one guy who foolishly did not check his contract and timed his resignation so 31st Dec was his last working day assuming he'd get his bonus! He was subversive during his notice period and smug, thinking he had got one over on us. I just wish I could have been the one to break the news to him at his exit interview.

[UpTheIron]

Kermit power said:

I could understand them saying you're not entitled to the bonus if you've left the company, but I'd be surprised if they can get out of paying it to you if you've resigned but are still working out your notice, especially given that it's presumably a bonus for the last 12 months, not the next?

I have worked for a company that specifically stated you had to still be in employment and had not given notice to receive your bonus, there must be others out there. FWIW, they were an excellent company to work for too.

[Esotericstuff]

I have read through the policies. I cannot resign before bonus payment, without forfeiting. I am going to have a conversation with the recruiter. Hopefully they will be ok with me delaying the resignation, but working to bring in the start date.

[sideways sid]

Building on what Toxicnerve mentioned, you need to decide which employer you would prefer to work for if they both offered you the same package.

Depending on your relationship with your current employer, you could just tell them you have received an offer of employment from another employer, and put the ball in their court.

If they make a counter offer, consider it. If not, state that you will not resign until your bonus is secured but offer to work with them on recruiting a replacement, handover etc, in return for an early exit.

[fat80b]

Esotericstuff said:

but working to bring in the start date.

This is your option. I would wait until the bonus has been paid then look to have as short a notice period as possible. Just because it says 3 months doesn't mean they will hold you to it. What's in it for them?

In my previous role, I just told them my leaving date (7 weeks notice) even though the contract was for 3 months, it was not an issue and no bridges were burnt,

A colleague resigned on bonus day and gave them 2 weeks notice. He didn't mind burning bridges if it came to it but again it didn't.

Bob

[anonymous-user]

Is there any competing interest in your new employer (and if so, any contractual complications)?

I would have thought the compromise would be to stay for bonus and minimise the post-bonus notice period.

You need to look at what levers (if any) you have to get your own way.

[StuTheGrouch]

Accept job offer.

Wait until end of August to resign and hope to negotiate a 2 month notice period. Or walk after two months.....

[andy-xr]

Negotiate your notice down once you've handed it in

[Esotericstuff]

I spoke to the new company and informed them of my dilemma. They were very understanding. They are going to talk with the hiring manager, but hopefully it won't cause too many issues. Just have to keep my mouth shut for a few weeks.

[Puggit]

Esotericstuff said:

I spoke to the new company and informed them of my dilemma. They were very understanding. They are going to talk with the hiring manager, but hopefully it won't cause too many issues. Just have to keep my mouth shut for a few weeks.

Sounds like they are decent human beings - only an idiot would not understand your issue.