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| ▲ | kelnos 17 hours ago | parent | next [-] |
| US finance has the same thing, and also calls it gardening leave. In our case I think it's reasonably common for it to be as long as a year. Downside for finance folks is that the usually make a decent chunk of their compensation through bonuses, not their base salary. So their gardening-leave pay ends up being quite a pay cut, and while they're "gardening", they're out of the game for a year and their skills/knowledge becomes a little out of date. |
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| ▲ | throwaway2037 15 hours ago | parent [-] | | > reasonably common for it to be as long as a year
Absolutely not. For ibanks, less than VP is one month. VP/ED/MD is three months. Sometimes it is six months for an MD, but that is extreme. The longest that I ever heard was someone who left Citadel as a portfolio manager had a TWO year gardening leave. How can that make any financial sense for Citadel? Before the HN crowd jumps in about that Citadel example being "reasonably common": There are probably less than 1,000 people globally who would fall under such an extreme contract. | | |
| ▲ | ivan_gammel 6 hours ago | parent | next [-] | | I know an example of a garden leave for 2 years for an engineer working on trading algorithms. Maybe he falls into that 1000 people category (PhD in math). | | | |
| ▲ | coderatlarge 10 hours ago | parent | prev [-] | | for senior people whose alignment an employer needs to maintain after separation, it seems a lot more common to use some sort of advisory or consulting contractual relationship to keep them close as long as necessary… |
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| ▲ | JoshTriplett 15 hours ago | parent | prev | next [-] |
| > Normally it's to stop a person leaving from stealing clients. I have a lot more sympathy for "you may not take clients with you" clauses than for "you may not work in the same industry" clauses. |
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| ▲ | 1vuio0pswjnm7 14 hours ago | parent | prev [-] |
| There is a difference between non-solicitation and non-compete. In the US, the former obligation might be acceptable while the later might not. |
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| ▲ | throwaway2037 6 hours ago | parent [-] | | The "non-solicitation" agreements are so stupid. There is a cottage industry in headhunters where you tell your next employer who you want to recruit, then they ask a 3rd party recruiter to go track down that person after X months... and invite them to interview. I have seen it so many times in career. | | |
| ▲ | ghaff 5 hours ago | parent [-] | | It's definitely fuzzy. I mean, someone like an account rep or a financial advisor (and their clients) can't unknow somebody. So even if someone isn't taking their client list and calling/emailing everyone, there's inevitably going to be an element of client "poaching" so long as they're still in the same business. |
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