Laid Off During Interview Process
I was recently laid off from a sell side ER role due to department downsizing (non-performance). I have references from 3 people I worked with (2 MD’s) who can verify my story/vouch for me. The firm is continuing to pay me and letting me stay employed through the end of the month, and I have the option to resign by the end of the month instead of getting laid off if I want to. The main problem is that I made it to the final round of a buy side recruiting process that should be wrapping up soon. If I were to get an offer, is the best move to immediately notify HR that I’ve taken another job and direct them to end my employment voluntarily at the end of the month? If the background check goes into next month, how should I explain my resignation at the end of the month?
Why would you resign? Companies only verify employment date, so if you resign you only save your pride, but lose out on any severance/unemployment benefit.
If your current job ends June 30, and new one starts July 1, then there is nothing to do. If the new job starts say August 1, just claim that once you got the job the old firm let you go, or you wanted time off
My rationale was that it would show up differently on the U5. I guess the main scenario I worry about is if I got an offer a few days before June 30th, so they would see I left on June 30th and didn’t give a full 1-2 weeks notice. I think it will likely be a month or so before the new role would start, so it would not be immediately after. Thanks for the help.
If you have a good relationship with the bank/firm, it’s possible you can get them to say you voluntarily resigned. If not, it’s very unlikely they will check and care about the U5, but you can prove the layoff happened after recruiting started.
Find out what severance you are being offered. 8-10 weeks is pretty standard for banks, not sure what it is for you. Either way, that’s a pretty penny depending on your base comp. Easily $20k+ being lost, and you also (no offense) don’t know for a fact the new job will 100% pan out. Until you start, it could always change
Don't want to hijack but in a similar position where I accepted another role at the same time as my current team is being laid off (end of next week and no fat severance because they announced this realignment a while). Background check is still ongoing for the new role so was curious if I would be better placed to resign now per my U5 and so I don't have to explain I was terminated as I was not officially terminated yet? Background check is clean aside from two thing which I sent the new role clarification on.
It won’t show up differently on your U-5. All it will say is that you were terminated without cause. There is literally no benefit to you from resigning. Take whatever severance they offer.
maybe explain the situation and beg to go on unpaid leave for another month? it’s a long shot but you might as well try
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