Wanting to resign but firm has 100% Clawback on YE bonus (based on last yr perf.)
I've been working in the industry for about 3 years now. Most of what I read here is US focused. I work in Europe (won't be too specific) and they seem to have adapted some of the traditional rules from Wall Street and exaggerated them.
I want to resign but my notice period is 6 months. Meaning that if I quit now, in January. I will firstly have to wait until the 1st of February, and then wait another 6 months before I can start somewhere else. Meaning I'll be free from my current contract on the 1st of August.
Clawbacks here are also crazy. If I resign anytime up before the the last day of this year, I would have to pay back 100% of my bonus paid out this year. The bonus paid out this year, is based on my performance from last year. How is that even fair?
I really want to resign, but I'm wondering how to navigate this situation. I read about people advising each other to "wait until the money hits the account", but our bonus has the stipulation written on it. "Should you quit before YE, you will have to pay back 100% of the bonus that is based on your performance for last year".
I haven't really spoken to anyone at the firm about it. They all seem to jump from firm to firm, and the other firm usually pays your YE bonus as a signing bonus to continue the retention.
My current strategy it so quit, and tell the firm that I've signed on with someone else. Hopefully they'll put me on garden leave, so then I won't have to work for them for another 6 months while still getting paid. Does this sound stupid? How would you guys play it out.