I work in a hedge fund as a quant dev. I have been asked by my manager to sign an amendment to my contract with a new notice period of 6 months + 6 months non-compete (prev was 3/3). Do note that I am in the UK and not in the US so my notice period *is* enforceable. As compensation I will be given a fixed sum each month, but not part of my base salary and easily revocable based on the terms of the contract.
While the fixed sum is alright (can't say how much), having a notice period of 6 months + 6 months non-compete makes it very hard to switch jobs in the future I assume...?
1) Is it common in the industry to modify the notice period while already being an employee?
2) How hard is it to switch jobs with a 6 month notice + 6 non-compete? (again I'm in the UK)
3) Should I accept? Should I try to negotiate new terms?
Thanks!
I was in a similar situation and rejected the offer based on that.
Unfortunately I don't know how my manager will react if I refuse to sign the amendment to my contract...
Yes, that makes sense. I will be given a fixed sum non-included in my base (no bonus multiplicator). Though, I might have to negotiate the amount because it feels not worth enough with this new notice.
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