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by v5v35 days ago |
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upvoteby kelnos5 days ago|
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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pay cut, and while they're "gardening", they're out of the game for a year and their skills/knowledge becomes a little out of date.

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upvoteby throwaway20375 days ago|
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    > reasonably common for it to be as long as a year
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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upvoteby ivan_gammel5 days ago|
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I know an example of a garden leave for 2 years for an engineer working on trading algorithms. Maybe he falls into that 1000 people category (PhD in math).
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upvoteby throwaway20375 days ago|
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Exactly: That person falls into the 0.01% of the finance industry.
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upvoteby coderatlarge5 days ago|
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for senior people whose alignment an employer needs to maintain after separation, it seems a lot more common to use some sort of advisory or consulting contractual relationship to keep them close as long as necessary…
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upvoteby JoshTriplett5 days ago|
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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.

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upvoteby 1vuio0pswjnm75 days ago|
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There is a difference between non-solicitation and non-compete. In the US, the former obligation might be acceptable while the later might not.
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upvoteby throwaway20375 days ago|
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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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upvoteby ghaff5 days ago|
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It's definitely fuzzy. I mean, someone like an account rep or a financial advisor (and their clients) can't unknow somebody. So even if someone isn't taking their client list and calling/emailing everyone, there's inevitably going to be an element of client "poaching" so long as they're still in the same business.
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upvoteby coderatlarge4 days ago|
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fyi there are clauses in contracts that try to control the use of residuals in “unaided memory” , trying to refer to stuff you just happen to know by dint of having been exposed to them, even though they’re in no explicit notes.
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