Complicated Situation Regarding Switching Jobs; Looking for Advice
Heres the situation:
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Been looking for a new job for while, basically have been trying to find the correct fit. Couple weeks ago, on a Monday, went on an interview with a company with what will be my MD. Everything went great, he said that he would basically offer me the job as he had ultimate decision, just that we had to cross the T's and dot the I's with more interviews the upcoming week. Only hold up at my old company is that if I would leave some commission and some equity on the table, not a huge loss but basically if I stayed would be stepping over dollars to pick up nickels.
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Tuesday rolls around. Long story short, I get called into my bosses office and they let me go. Wasn't anything related to performance, company had been/is in trouble regarding the market and they have to start making cuts. Kicker is, the company itself would be paying me severance and my full equity holding. Additionally, my group (who I like and am still in communication with as they said they would give me a reference) stated they would give me a commission payout. Not really my bosses decision, so my boss felt real bad. Basically, he didn't have to pay me out commission, nor is it in writing.
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Also long story short, I interview again and get the new job.
So question is, based on the ending contract I get the equity and the severance. The commission is a handshake deal. On one hand, I don't plan on saying anything to my old company and taking the commission payout, mainly as when I was let go I didn't have an offer in hand. On the other, its paid out of the goodness of my bosses heart and is something that didn't have to be done (though technically I would have been paid it through the year if I stayed). Does anyone think not saying anything will severely affect the relationship or not? Mainly not trying to burn a bridge. (My old boss feels really bad, is a good person, is even trying to help me find new jobs)
Based on the most helpful WSO content, here's how you might approach this situation:
Maintain Transparency Where Necessary: While it's crucial not to burn bridges, especially in industries where relationships can significantly impact your career trajectory, you also need to protect your interests. Given that the commission is a handshake deal and not formally documented, you have a reasonable basis to accept it without further disclosure about your new job. This is particularly true since the commission would have been yours had you stayed throughout the year.
Evaluate the Relationship with Your Former Boss: Considering that your old boss is supportive and even assisting you in finding new opportunities, maintaining a good relationship with him is beneficial. If you believe disclosing your new job will not jeopardize the informal commission agreement and might preserve trust, it could be worth sharing, especially if it comes up naturally in a conversation.
Assess the Impact of Disclosure: Reflect on the potential outcomes of disclosing versus not disclosing the new job to your old boss. If the commission is significant and you suspect that disclosing your new employment might jeopardize it, it might be prudent to withhold that information, at least until the commission is paid. However, always weigh this against the long-term value of an honest relationship with your former boss.
Professional Courtesy and Future Interactions: If you choose not to disclose the new job immediately, consider how you will handle future interactions. Be prepared to discuss your decision respectfully and honestly if it ever comes up in the future.
Legal and Ethical Considerations: Ensure that your actions remain within legal bounds and align with your personal ethics. If the situation feels morally ambiguous, it might help to consult with a mentor or peer in the industry.
In summary, your decision should balance maintaining a positive relationship with your former boss and protecting your financial interests. Given the informal nature of the commission agreement, you have some flexibility, but always consider the long-term implications of your choices in a small, interconnected industry.
Sources: Quitting time - views on how to leave your job, Leaving for another fund - How to deal with current employer?, Quitting time - views on how to leave your job, Being Fired and being upfront about it, Gut check: tell my "cool boss" I'm looking for other work?
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