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ashkar
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Joined: October 17th, 2011, 9:25 am

Voluntary redundancy

September 13th, 2013, 12:55 pm

Does the reference letters from the company mention redundancy if someone was made/or voluntary took redundancy? If it does, how do potential employers see that?
 
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traderjoe1976
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Voluntary redundancy

September 13th, 2013, 1:44 pm

No company is going to tell whether the person was made redundant (voluntary or otherwise). They will also refuse to provide any performance information or any salary information.The only information which the company will provide are dates of employment and position title.Anything else leads to a lawsuit.
 
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MattF
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Voluntary redundancy

September 13th, 2013, 2:41 pm

But I believe ashkar is in London and it is not uncommon for references to state salary in the UK and performance (if so negative you were sacked).QuoteIf they give a reference it:must be fair and accurate - and can include details about workers' performance and if they were sackedcan be brief - eg job title, salary and when the worker was employedUK Gov Work Reference
Last edited by MattF on September 12th, 2013, 10:00 pm, edited 1 time in total.
 
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katastrofa
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Voluntary redundancy

September 13th, 2013, 3:47 pm

QuoteOriginally posted by: traderjoe1976No company is going to tell whether the person was made redundant (voluntary or otherwise). They will also refuse to provide any performance information or any salary information.The only information which the company will provide are dates of employment and position title.Anything else leads to a lawsuit.How likely is a person which cannot find work due to bad reference:a) find out they were rejected because of bad references?b) afford a solicitor to sue?
 
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traderjoe1976
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Voluntary redundancy

September 13th, 2013, 4:59 pm

QuoteOriginally posted by: katastrofaQuoteOriginally posted by: traderjoe1976No company is going to tell whether the person was made redundant (voluntary or otherwise). They will also refuse to provide any performance information or any salary information.The only information which the company will provide are dates of employment and position title.Anything else leads to a lawsuit.How likely is a person which cannot find work due to bad reference:a) find out they were rejected because of bad references?b) afford a solicitor to sue?The more important question is this: How likely is it that a manager or HR person who has nothing to gain by providing a bad reference is willing to put the company at risk of a lawsuit?
 
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gc
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Joined: September 21st, 2002, 10:08 pm

Voluntary redundancy

September 13th, 2013, 5:05 pm

In any case I don't think there is any stigma associated with redundancies; they happen a lot in the current climate also to good people with good skills. Not many managers would be too bothered if the impression they have from the interviews is good.
 
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ArthurDent
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Voluntary redundancy

September 14th, 2013, 1:17 am

QuoteOriginally posted by: katastrofaQuoteOriginally posted by: traderjoe1976No company is going to tell whether the person was made redundant (voluntary or otherwise). They will also refuse to provide any performance information or any salary information.The only information which the company will provide are dates of employment and position title.Anything else leads to a lawsuit.How likely is a person which cannot find work due to bad reference:a) find out they were rejected because of bad references?b) afford a solicitor to sue?(b) is easy since many of these solicitors work pro bono. Companies settle for the nuisance value. Even better payout if this can be made a class action by finding one more plaintiff.
 
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ashkar
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Joined: October 17th, 2011, 9:25 am

Voluntary redundancy

September 16th, 2013, 9:37 am

Thanks guys. I have seen a few senior and very smart guys being made redundant and I guess for them it doesnt matter so much in interviews (in their case its clear that it must have been a cost cutting initiative). In my case, atleast some hiring managers would probably be a bit doubtful. The question is will they find out that I took redundancy instead of resigning. I've decided against it, the redundancy package doesnt look that great compared to the risk.
 
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daveangel
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Voluntary redundancy

September 16th, 2013, 10:28 am

QuoteOriginally posted by: ashkarThanks guys. I have seen a few senior and very smart guys being made redundant and I guess for them it doesnt matter so much in interviews (in their case its clear that it must have been a cost cutting initiative). In my case, atleast some hiring managers would probably be a bit doubtful. The question is will they find out that I took redundancy instead of resigning. I've decided against it, the redundancy package doesnt look that great compared to the risk.the only problem is that if and when it comes to compulsory redundancies the packages get smaller ....
knowledge comes, wisdom lingers
 
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ArthurDent
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Voluntary redundancy

September 16th, 2013, 12:33 pm

Why don;t you find another job while you are still at work, and then take the voluntary redundancy at the current one?
 
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ashkar
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Joined: October 17th, 2011, 9:25 am

Voluntary redundancy

September 16th, 2013, 1:56 pm

QuoteOriginally posted by: ArthurDentWhy don;t you find another job while you are still at work, and then take the voluntary redundancy at the current one?Currently I just sit on my desk all day, just getting up from my desk to hear rants from sales guys and traders. Money is alright and stable but I dont feel like doing it anymore. I'm taking few months off mainly to study. I also plan to do options trading which I cant do while working in a bank. I will write some code to connect to broker's api too and look for some arbitrage so hopefully will have something to speak off if I went back to work in a bank in future.
 
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daveangel
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Joined: October 20th, 2003, 4:05 pm

Voluntary redundancy

September 16th, 2013, 2:22 pm

QuoteOriginally posted by: ashkarQuoteOriginally posted by: ArthurDentWhy don;t you find another job while you are still at work, and then take the voluntary redundancy at the current one?Currently I just sit on my desk all day, just getting up from my desk to hear rants from sales guys and traders. Money is alright and stable but I dont feel like doing it anymore. I'm taking few months off mainly to study. I also plan to do options trading which I cant do while working in a bank. I will write some code to connect to broker's api too and look for some arbitrage so hopefully will have something to speak off if I went back to work in a bank in future.didn't you just say that you were no longer considering taking the redundancy ?
knowledge comes, wisdom lingers
 
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ashkar
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Posts: 274
Joined: October 17th, 2011, 9:25 am

Voluntary redundancy

September 16th, 2013, 2:27 pm

QuoteOriginally posted by: daveangelQuoteOriginally posted by: ashkarQuoteOriginally posted by: ArthurDentWhy don;t you find another job while you are still at work, and then take the voluntary redundancy at the current one?Currently I just sit on my desk all day, just getting up from my desk to hear rants from sales guys and traders. Money is alright and stable but I dont feel like doing it anymore. I'm taking few months off mainly to study. I also plan to do options trading which I cant do while working in a bank. I will write some code to connect to broker's api too and look for some arbitrage so hopefully will have something to speak off if I went back to work in a bank in future.didn't you just say that you were no longer considering taking the redundancy ?Thats right Dave. Just going to hand in my notice. Not taking the redundancy option.
 
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daveangel
Posts: 17031
Joined: October 20th, 2003, 4:05 pm

Voluntary redundancy

September 16th, 2013, 2:45 pm

QuoteOriginally posted by: ashkarQuoteOriginally posted by: daveangelQuoteOriginally posted by: ashkarQuoteOriginally posted by: ArthurDentWhy don;t you find another job while you are still at work, and then take the voluntary redundancy at the current one?Currently I just sit on my desk all day, just getting up from my desk to hear rants from sales guys and traders. Money is alright and stable but I dont feel like doing it anymore. I'm taking few months off mainly to study. I also plan to do options trading which I cant do while working in a bank. I will write some code to connect to broker's api too and look for some arbitrage so hopefully will have something to speak off if I went back to work in a bank in future.didn't you just say that you were no longer considering taking the redundancy ?Thats right Dave. Just going to hand in my notice. Not taking the redundancy option.thats silly... why ?
knowledge comes, wisdom lingers
 
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ashkar
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Posts: 274
Joined: October 17th, 2011, 9:25 am

Voluntary redundancy

September 17th, 2013, 9:42 am

QuoteOriginally posted by: daveangelQuoteOriginally posted by: ashkarQuoteOriginally posted by: daveangelQuoteOriginally posted by: ashkarQuoteOriginally posted by: ArthurDentWhy don;t you find another job while you are still at work, and then take the voluntary redundancy at the current one?Currently I just sit on my desk all day, just getting up from my desk to hear rants from sales guys and traders. Money is alright and stable but I dont feel like doing it anymore. I'm taking few months off mainly to study. I also plan to do options trading which I cant do while working in a bank. I will write some code to connect to broker's api too and look for some arbitrage so hopefully will have something to speak off if I went back to work in a bank in future.didn't you just say that you were no longer considering taking the redundancy ?Thats right Dave. Just going to hand in my notice. Not taking the redundancy option.thats silly... why ?I have been doing a part time msc for last 2 years. I still have my project left to finish. Now I'm finding it very hard to study and work long hours. I cant find time for gym, friends etc etc.So I'm taking a 3-4 months break to study and finish the msc project. In the project I'll be using R more rigorously for analysis and cuda/c++ for pricing. The exciting bit is that I'll trade options live with a broker api based on some results from my project (not automated trading) so there is opportunity to make a living out of it while completing my project.If nothing else, my manager is happy to have me back so I'm not too worried about the finances...just worried how to make the absence look good on cv.
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