Anyone else get asked to sign an employee retention contract around October? With the promise of a bonus of 10% of your annual salary. Came with a bunch of stipulations and clauses that would allow them to reduce the amount or cancel the agreement outright. Wondering what the odds are that they actually honor these or just cancel them now knowing we got them through year end like they needed.
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@Op
Nope, my manager was more concerned with re-tensioning me after the holidays.
So… I left because I could and now am loving life again.
I was presented with a ur----y retention contract indicating maximum one bathroom break per day when in office.
I think some of the lawyers in BNY Mellon's joke of a Legal department should be required to go back to law school and retake that class on ETHICS.
Either that, or they should be fired and disbarred for advising and allowing such contractual outrageousness!
I did- they said my 401K would forever be frozen, no raise and no bonus, but at least I have a job.
On occasion the bank will offer them, and honor them, as long as you stay in your role. They will honor it. But that must mean either your team is experiencing dangerously low headcount numbers or your group will soon be eliminated. Stay for the bonus, but be smart about when you start looking for your next opportunity.
What are the details? How long does one have to remain? This has been a common practice over the years. I have enjoyed 3 of them. They were pretty simple and paid out at the end, as in “stay here until x date and you will get x dollars”.
One thing you know- that contract only benefits “them”.