Notice Period NYC
Recurring issue with NYC BB firms. Have received three verbal offers from different BBs over the last 6 months. My notice period at current bank is 3 months and post verbal offer, the firms have all asked for my comp expectations and what bonus I am giving up at my current firm. I am open and explain I am not moving for comp, rather to move from LCOL city to NYC, but nevertheless provide details of comp - usually totals around 130k in deferred comp. Post this conversation HR everytime has said no problem, will work through and come back with an offer. All three offers have then gone quiet and post a follow up 2 weeks later I am given no feedback and told they are progressing with another candidate. Is this due to my notice period? Or is there something else going on here? Appreciate any insights so I can try and correct for the next one. This is at the senior associate level.
3 month notice period! Bro is off his game. I notice them every month and make sure to tell all the other dudes around the office when I see one. HR has also told me they will be progressing w/ another candidate, so I guess a shorter notice period isn't any better.
What do you mean by post verbal offer? How exactly were the verbal offers communicated to you and by whom at the firms?
Usually recruiters will ask you at the start of the process what your comp expectations are, not after a verbal offer, and they usually ask about your notice period at the start as well.
What type of job are you coming from that has a 3 month notice period? MDs at BBs in nyc have that long of a notice period, so it is kind of odd that you have that long of a period as an associate. VPs/directors at BBs tend to only have 1-2 month notice periods. Associates at BBs in NYC are usually 2-week notice periods.
Regardless, the hiring firm doesn’t pay your garden leave/notice period out, the losing firm pays it. The hiring firms might want to fill the positions much more quickly though, which tends to be the case for associates/analysts. They may view it as having to pay your relocation allowance + buy out your full bonus + wait 3 months to actually have you start. At this point in the year, the math doesn’t work out for them very well. They’d be paying your full bonus without you even being able to work for them until November/december.
Maybe tell the recruiters that you’d be willing to join post-bonus in January/february.
Its been communicated by a mix of people. The first one was the team who called and asked me to actually pull out of another process I was in, and I stupidly did so. The last two have been via HR, the first told me they were preparing the offer and would send it through shortly, and the second that I was the preferred candidate and again preparing the contract and would revert.
Just so i better understand what you are suggesting - does the comp really matter to these firms? Seems like such small sums in the scheme of the offer / career, and i have made it pretty clear that buying out my bonus is not a key priority for me.
Agree re notice period, I am in a pretty unique situation on the 3 months, just did not think of it as an issue and have not been told that it is at this stage given firms are not providing any feedback post process. Going by process of elimination I am assuming it must be the notice but hoping for some views from people at the firms that may have made a decision on this basis previously. Appreciate the reply.
I can't see 3 months notice period being that much of a problem . . but a little annoying and then are you tacking on more time after that? Like 3 months notice plus another month to "unwind" and then also $130k deferred comp plus a moving stipend etc etc?
Still not calling that crazy, it's pretty close to standard but maybe in a tough job market there is some resistance toward what might start to feel like nickel & diming. I'm just speculating.
If I were in your shoes I'd tell the next firm that I've "heard" of offers going mysteriously silent after a discussion of expectations and I really like your firm so I'll lay out the details but if anything feels off-market let me know. I know that might sound like an invitation for the firm to lowball you but at the junior level they don't have a lot of interest in doing that.
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