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Secured a new job and am stressing over how much notice to give. Ideally, I'd give a couple of weeks notice with my last day being in early January. It's important I'm still working for my current employer through Dec. 31 or I won't qualify for the company's annual contribution to my 401(k), which would be a significant sum. My concern is if I give notice now, I'll be asked to leave just before the year end, so the company won't have to make the contribution. (While I have a good working relationship with my immediate managers, the senior execs are not above making such a move.)
I could wait until the end of the year and lock in those additional funds for my retirement account, but then I'd only be able to give one weeks notice. I'm uneasy about doing that. I don't want to leave on bad terms with my co-workers and managers. Others have advised me to approach this decision more dispassionately and do what's best for me, noting that if the roles were reversed the company would not hesitate to dismiss me without notice. Any thoughts?
...the senior execs are not above making such a move.
I hope they would! That's why they're senior execs.
401k matches are designed to reward long-term employees and to entice employees to stay. So yes, the company would and SHOULD ask you to leave before that cutoff if they know you are planning to resign.
You need to decide what you want to risk more - losing the contribution or ticking off your new employer.
If you are any level of middle manager, it is a professional courtesy to give two weeks' notice. So if you really want that contribution, you should pretend like everything is rosy at your current job and let your new employer know you need to start a week later.
I doubt the company will think about the 401k matching contribution. The real factor is how do they normally handle resignation from people in your department and at your level? Are they normally allowed to give and work the full 2 weeks?
You've got your answer; you're just a decent person and feel bad about it. If your company is the type which would dismiss you after you gave notice in order to avoid a lump sum matching payment, you should protect yourself by giving short notice.
Secured a new job and am stressing over how much notice to give. Ideally, I'd give a couple of weeks notice with my last day being in early January. It's important I'm still working for my current employer through Dec. 31 or I won't qualify for the company's annual contribution to my 401(k), which would be a significant sum. My concern is if I give notice now, I'll be asked to leave just before the year end, so the company won't have to make the contribution. (While I have a good working relationship with my immediate managers, the senior execs are not above making such a move.)
I could wait until the end of the year and lock in those additional funds for my retirement account, but then I'd only be able to give one weeks notice. I'm uneasy about doing that. I don't want to leave on bad terms with my co-workers and managers. Others have advised me to approach this decision more dispassionately and do what's best for me, noting that if the roles were reversed the company would not hesitate to dismiss me without notice. Any thoughts?
Can you ask your new job if you can start one week later than planned???
You've got your answer; you're just a decent person and feel bad about it. If your company is the type which would dismiss you after you gave notice in order to avoid a lump sum matching payment, you should protect yourself by giving short notice.
This.
If it helps and you have the flexibility, perhaps you could devote some time the week prior to Jan 1 to quietly prepare for your departure? Documenting things, cleaning up files, things like that?
You've got your answer; you're just a decent person and feel bad about it. If your company is the type which would dismiss you after you gave notice in order to avoid a lump sum matching payment, you should protect yourself by giving short notice.
It's not that simple. Your "answer" only considers the $$ aspect.
Not to ask dumb questions but.... I'm guessing you are fully vested or the contribution is not on a vesting schedule? And is it paid out right on the 1st of the new year? I also have an annual contribution in addition to my match. But the annual contribution is based on the company performance, so the numbers aren't fully calculated until they start closing the books (i.e. we usually don't see that contribution until March/April).
Assuming all you have to do is stay until the 1st. Is renegotiating the start date not a feasible option? It seems like that's the best case scenario. Aside from that - it looks to be a very personal decision based on how much money you're potentially leaving on the table as well as the impression you may have on your colleagues by giving a short notice (and there's a big difference between 'sticking it' to upper management who will not be impacted at all vs. your team who most likely aren't the one's that will decide to walk you out the door as soon as you give notice).
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