I plan to resign and my contract states notice period of 3 months. Questions below:
1) Is side agreement to reduce the notice period to 1-2 months a common practice in pe? If reduced, am I entitled to monthly salary up until that period?
2) Should I expect not to work from the day of announcement? or is it normal to continue working for at least a month? My team is very lean and currently heading into busy season
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Coming from some experience, but on the sellside. YMMV depending on firm, culture, relationship with managers, etc etc.
1) My old firm had a 1-month notice period in the contract which they absolutely held leavers to. I tried to give two weeks notice, and they pushed back hard, implying I could expect poor references for not upholding my end of the deal. This surprised me, as I'd developed strong relationships on the team and expected to have some leeway, but that was absolutely not the case. From a legal perspective, it's a bit of a grey area if you choose to insist on a reduced notice period - it would be difficult to find a court that would force someone to stay and work against their will, but you did sign a binding contract stating you would carry out the notice period.
2) If you're an at-will employee, you can still be fired during your notice period. Don't give them a reason to tarnish your employment record. If you have another job lined up, you can hit cruise control and taper off your production as you start to offload workstreams to others. Especially in your current situation, a 3-month period is a long time to just stop working - it will be noticed, and at the very least, you will burn some bridges that you shouldn't be burning. Just my two cents.
There is also Garden Leave, - paid to not work / start your new job. My current co has 30 day Garden Leave. Pretty dope
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