Comment by whiplash451
6 days ago
I’ve seen this is France and UK but it lasts only a few months and no you can’t refuse the payment - but the company can refuse to pay and set you free.
6 days ago
I’ve seen this is France and UK but it lasts only a few months and no you can’t refuse the payment - but the company can refuse to pay and set you free.
In UK it's called gardening leave. A period when you are still employed but not at work and can't join another company without agreement.
Uk law generally is that non compete clause is ok, if the length of time is reasonable. But you can't stop a person with a trade from applying that trade unreasonably.
Most tend to be 3-6 months.
Normally it's to stop a person leaving from stealing clients.
US finance has the same thing, and also calls it gardening leave. In our case I think it's reasonably common for it to be as long as a year.
Downside for finance folks is that the usually make a decent chunk of their compensation through bonuses, not their base salary. So their gardening-leave pay ends up being quite a pay cut, and while they're "gardening", they're out of the game for a year and their skills/knowledge becomes a little out of date.
Absolutely not. For ibanks, less than VP is one month. VP/ED/MD is three months. Sometimes it is six months for an MD, but that is extreme. The longest that I ever heard was someone who left Citadel as a portfolio manager had a TWO year gardening leave. How can that make any financial sense for Citadel? Before the HN crowd jumps in about that Citadel example being "reasonably common": There are probably less than 1,000 people globally who would fall under such an extreme contract.
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> Normally it's to stop a person leaving from stealing clients.
I have a lot more sympathy for "you may not take clients with you" clauses than for "you may not work in the same industry" clauses.
There is a difference between non-solicitation and non-compete. In the US, the former obligation might be acceptable while the later might not.
The "non-solicitation" agreements are so stupid. There is a cottage industry in headhunters where you tell your next employer who you want to recruit, then they ask a 3rd party recruiter to go track down that person after X months... and invite them to interview. I have seen it so many times in career.
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