Am I correct in assuming that I need to wait until I actually receive my bonus before putting in my resignation? Am I in any danger of having it clawed back if I give my resignation in March 1st?
11 replies (most recent on top)
Absolutely, don't risk it. Wait until your bonus hits your bank, should be end of Feb pay. Then go. Decisions on payout have already been made, but I still wouldn't give them any chance to keep your hard-earned payout.
You don't need to wait at all... If your new employer is serious then their offer would/should offset any lost BNYM bonus. However, the fact that you're even asking here tells me that we're talking a very small bonus (side note I'm not sure there is anything but small these days).
That’s very good advice. I was in a bonus plan, gave 5 weeks notice (more than required), was bonus eligible and got nothing. Worked 3,000 hours too.
Wait until it’s deposited. That was advice from an HR pro (from another co.) who said, “…because you never know, so why take the chance?”
For what it’s worth, as a manager, I was directed to award a bonus (albeit small) to an employee that was laid off the previous October.
In some places at BNYM, when people resign we continue to pay them for their notice period, but do not require them to come in. We tell them to stay home. I know of a recent resignation in NYC of someone at the S level (but layers away from being an exco member) that still appears in the phone directory as an employee, but has not been online or available since the first week in November.
So for those of you that resign, don’t feel guilty if you don’t do much during your notice period. The firm has people that resign and by law, we need to pay them until their notice period ends. But compare and contrast that to the other spectrum of forcing people to work extra hours once they resign. . . . And I know we do that too!
@OP, you've got it right. Resign the day after the bonus is deposited in your bank account. Yes, there's a mandatory notice period, but no clawback. I would not give notice even a second before I confirm the bonus is in my bank account.
Be careful! Js and Ks are also 30 days. I was a K and they made me stay 30 days. Makes no sense! If I'm off the payroll quicker, shouldn't they want that!?
Once the Bonus is in your bank account, you can resign on the following business day. You must, I reiterate, must give proper notice as required for your level. e.g. S = 90 days, M = 60 days, L = 30 days, J,K = 15 days, etc. If you do that then no clawback based on HR rules.
That's my exact plan, to give my notice on March 1, after the bonus gets deposited in the Feb 28 paycheck.
I'd recommend resigning after you see the bonus in writing and give the 30 days. I wouldn't be surprised if some managers resort to funny business and retaliate.