SERVING THE QUANTITATIVE FINANCE COMMUNITY

 
User avatar
daveangel
Posts: 17031
Joined: October 20th, 2003, 4:05 pm

Voluntary redundancy

September 17th, 2013, 9:58 am

QuoteOriginally posted by: ashkarQuoteOriginally 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.I am sorry but I still don't understand why you would resign rather than being made redundant ? If nothing else, the tax advantages are better when you are made redundant.
knowledge comes, wisdom lingers
 
User avatar
katastrofa
Posts: 9589
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

Voluntary redundancy

September 17th, 2013, 10:48 am

It's better to make them pay to get rid of you, unless you are quitting for another job and want to avoid risk.
 
User avatar
GaleMartin
Posts: 47
Joined: March 20th, 2011, 4:09 pm

Voluntary redundancy

September 17th, 2013, 11:28 am

QuoteOriginally posted by: katastrofaIt's better to make them pay to get rid of you, unless you are quitting for another job and want to avoid risk.A related question: what if they actually don't want to pay to get rid of you? Assume they are just kind of saying: "ok, you can go now, good luck" Is it something that you would potentially want to pursue against them?
 
User avatar
ashkar
Topic Author
Posts: 274
Joined: October 17th, 2011, 9:25 am

Voluntary redundancy

September 17th, 2013, 12:28 pm

Its still not clear to me what redundancy actually means to the company. When I asked my boss he said that if asked for reference they would say that I was 'fired'. Also, I havent seen anyone who was made redundant coming back to the 2 banks where I have worked. But I have seen many people come back to my bank after months/years of leaving. The issue may also be that people other than my boss wont know that the redundancy was voluntary. In my company they use redundancy to trim the bottom five % so others may see me as one of the slackers. Its likely that I may come back to my bank in the future as its a big employer so I wanted to leave things clear. My boss is actually keen to have me back after I finish the project etc if I resigned (not sure if the same would hold if I was made redundant). Eventually it was a risk/reward thing and the redundancy package didnt look too sweet to put my reputation at risk (~10k tax free).
 
User avatar
MattF
Posts: 925
Joined: March 14th, 2003, 7:15 pm

Voluntary redundancy

September 17th, 2013, 1:24 pm

QuoteOriginally posted by: ashkarIts still not clear to me what redundancy actually means to the company. When I asked my boss he said that if asked for reference they would say that I was 'fired'. Also, I havent seen anyone who was made redundant coming back to the 2 banks where I have worked. But I have seen many people come back to my bank after months/years of leaving. The issue may also be that people other than my boss wont know that the redundancy was voluntary. In my company they use redundancy to trim the bottom five % so others may see me as one of the slackers. Its likely that I may come back to my bank in the future as its a big employer so I wanted to leave things clear. My boss is actually keen to have me back after I finish the project etc if I resigned (not sure if the same would hold if I was made redundant). Eventually it was a risk/reward thing and the redundancy package didnt look too sweet to put my reputation at risk (~10k tax free).Don't ask your boss about HR matters, ask your HR department. Your boss is completely wrong. Your CV/resume should state you worked at XYZ from t1 to t2 and that you took voluntary redundancy. If a potential employer wants a reference they will contact XYZ and ask "Did ashkar work here from t1 to t2, and he take voluntary redundancy?" XYZ will then say yes.When asked why you can spin it any way you want: bored, good package, pursue trading, whatever. Resigning without a new job could be interpreted as you being "asked to leave" but allowed to go on your terms so it's just as likely to damage your reputation as taking voluntary redundancy. (Actually it's just as unlikely).When made redundant you get a chunk of money tax-free but the company has to pretend your job no longer exists. They can't then just hire you back again shortly afterwards. Of course things change rapidly in finance and there'd be no issue working for the same employer a few years later. If you're planning on resigning anyway it makes no sense not to take the package and get some free money.
Last edited by MattF on October 6th, 2013, 10:00 pm, edited 1 time in total.
 
User avatar
neuroguy
Posts: 408
Joined: February 22nd, 2011, 4:07 pm

Voluntary redundancy

September 17th, 2013, 8:02 pm

QuoteOriginally posted by: ashkarQuoteOriginally 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.Oh my God!Gym and friends are a distant memory.
 
User avatar
AbhiJ
Posts: 748
Joined: August 5th, 2008, 11:29 am

Voluntary redundancy

September 23rd, 2013, 5:19 pm

QuoteOriginally posted by: neuroguyOh my God!Gym and friends are a distant memory.
 
User avatar
dd3
Posts: 246
Joined: June 8th, 2010, 9:02 am

Voluntary redundancy

October 4th, 2013, 9:43 am

QuoteOriginally posted by: MattFQuoteOriginally posted by: ashkarIts still not clear to me what redundancy actually means to the company. When I asked my boss he said that if asked for reference they would say that I was 'fired'. Also, I havent seen anyone who was made redundant coming back to the 2 banks where I have worked. But I have seen many people come back to my bank after months/years of leaving. The issue may also be that people other than my boss wont know that the redundancy was voluntary. In my company they use redundancy to trim the bottom five % so others may see me as one of the slackers. Its likely that I may come back to my bank in the future as its a big employer so I wanted to leave things clear. My boss is actually keen to have me back after I finish the project etc if I resigned (not sure if the same would hold if I was made redundant). Eventually it was a risk/reward thing and the redundancy package didnt look too sweet to put my reputation at risk (~10k tax free).Don't ask your boss about HR matters, ask your HR department. Your boss is completely wrong. Your CV/resume should state you worked at XYZ from t1 to t2 and that you took voluntary redundancy. If a potential employer wants a reference they will contact XYZ and ask "Did ashkar work here from t1 to t2, and he take voluntary redundancy?" XYZ will then say yes.When asked why you can spin it any way you want: bored, good package, pursue trading, whatever. Resigning without a new job could be interpreted as you being "asked to leave" but allowed to go on your terms so it's just as likely to damage your reputation as taking voluntary redundancy. (Actually it's just as unlikely).When made redundant you get a chunk of money tax-free but the company has to pretend your job no longer exists. They can't then just hire you back again shortly afterwards. Of course things change rapidly in finance and there's be no issue working for the same employer a few years later. If you're planning on resigning anyway it makes no sense not to take the package and get some free money.tax free up to a point, although if you can turn it into a compensation payment there's zero tax at all.
ABOUT WILMOTT

PW by JB

Wilmott.com has been "Serving the Quantitative Finance Community" since 2001. Continued...


Twitter LinkedIn Instagram

JOBS BOARD

JOBS BOARD

Looking for a quant job, risk, algo trading,...? Browse jobs here...


GZIP: On