Quitting on bonus day

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creguy

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I am going to quit my job because I was offered a better opportunity elsewhere. I do not hate my current job or boss, and I am actually supposed to be promoted. I would rather not burn any bridges, I just want out. The problem is I am going to quit either on the day I get my bonus, or the day after. I have been with the firm for over 3.5 years.
How bad of a move is this?
 
creguy Wrote:
——————————————————-
> I am going to quit my job because I was offered a
> better opportunity elsewhere. I do not hate my
> current job or boss, and I am actually supposed to
> be promoted. I would rather not burn any bridges,
> I just want out. The problem is I am going to
> quit either on the day I get my bonus, or the day
> after. I have been with the firm for over 3.5
> years.
>
> How bad of a move is this?
It’s risky. I gave my notice after I got half my bonus (discretionary) and the other half (formulaic) was to be paid the month after so we could include the full year numbers.
I didn’t get the second (bigger half) of my bonus.
 
Wait until the bonus is in the bank account. Don’t risk quitting even if your bonus has been communicated and supposed to be deposited in two days. Heavy bonus environments breed this behavior and it’s accepted.
 
Wait till check has cleared as stated. It’s the firm’s money, not your boss’s and you’ve earned it. Never get nostalgic and sacrifice yourself for the company, when the rubber meets the road, no firm would return the favor. Business is business, I learned that lesson the hard way right out of school and I’m VERY glad I did.
 
Congratulations on the offer!
Will you give your current employer a chance to match? (In this industry you’re only paid what you’re worth when you change jobs – or threaten to.)
 
Danny Boy Wrote:
——————————————————-
> Wait until the bonus is in the bank account. Don’t
> risk quitting even if your bonus has been
> communicated and supposed to be deposited in two
> days. Heavy bonus environments breed this behavior
> and it’s accepted.
This is my belief as well. It’s common as dirt in NYC - Headhunters and HR departments are very busy from January to March for this very reason.
 
I agree with DannyBoy. At my last firm, the day bonuses hit our accounts, we would expect anywhere from 2-3 resignations. Its very common so dont feel bad about it. You worked all of last year for that money and you deserve it.
 
A lot of people resign right after getting bonuses. Don’t feel bad about it.
 
I worked in corporate lending for awhile (with a large non-bank lender) filled with ivy leaguers. It was pretty cut throat on both sids (company vs. employees). If the business had a bad year, they didn’t like working their, they were not performing well, no raise, etc….. on bonus day you would show up at work and there would literally be 30% of the office that had cleaned out offices. People saw the check in their bank, came to work early and resigned, and proceeded on with their lives. I was just a year or two out of school at that point in a rotational program and was shocked to see how things worked. heavy bonus environment. I will say that nobody EVER even mentioned they may resign prior to the actual cash showing up in their checking acct.
 
Got it. Expected bonus should be 10%. Not huge, but still want it.
They will not be able to match, regardless I feel I would not want to stay.
Thanks for the feedback.
 
A few years ago, I left equity research the same day my bonuses got paid out. Saw that my bonus hit my account around 3PM, and told my boss I was leaving the firm at 4:01PM once the markets closed. That was one of my most satisfying experiences during my time on the sell-side.
 
When you guys leave a job, do you tell them what you are doing next? What do you say when they ask why you are leaving without burning bridges?
 
If you’re moving to a competitor I’d keep my mouth shut. I wouldn’t give your current employer the opportunity to screw you. If you’ve decided to leave the field/industry, you’re probably safe to share your plans with them.
When I left my last finance job, I said that I was burnt out and wanted to spend a year traveling and trying to figure out what I wanted to do with my life. Wasn’t true, but it kept them from asking questions - I even got a goodbye lunch.
 
It’s actually the best time to resign, as it is expected at this time of the year. It will not stand out and raise unnecessary suspicions. Normal resignation, nothing more than that.
Good luck
 
I’ve always told them where I was going and definitely wouldn’t lie. This industry is smaller than you think. If you’re worried about them screwing you by contacting your future employer, and thereby risking their reputation, then they must have really hated you. I’ve always had great relationships with my coworkers and never feared anything like that.
Ex girlfriends on the other hand……
 
I think the only reason employers care is to determine whether you’re considered friendly or hostile going forward. If you’re not going to a competitor they may ask you to hang around to assist with knowledge transfer to your replacement.
 
Hayek,
That’s risky, at least in Madrid. It seems here sometimes employers know that you are employed at the competitor’s before you get to know that (that is a sarcastic exaggeration, but that might be true in some cases). In any case, after your bonus and full salary is on your account, there is no need to lie. In my company they knew immediately if a holder of sensible information was employed by the competition, even if no info was stolen.
 
Hayek Wrote:
——————————————————-
> If you’re moving to a competitor I’d keep my mouth
> shut. I wouldn’t give your current employer the
> opportunity to screw you. If you’ve decided to
> leave the field/industry, you’re probably safe to
> share your plans with them.
>
> When I left my last finance job, I said that I was
> burnt out and wanted to spend a year traveling and
> trying to figure out what I wanted to do with my
> life. Wasn’t true, but it kept them from asking
> questions - I even got a goodbye lunch.
As Danny Boy and Valores stated, I wouldn’t recommend to lie. That is a sure way to burn bridges and tarnish your character. If you don’t want to say you are going to a competitor, you can skate around the issue without outright lying.
 
They’re going to find out anyway. Might as well just tell them (after getting the bonus, of course).
 
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