I’d like to approach my manager and volunteer for the severance package. 1 pay period per year that is.
Are they accepting volunteer layoffs at this time? How does one know if they are?
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@cc This is the way
Employees can still ask for early Retirement from any company, but then find a new employer.
Retirement is retirement. Meaning you aren't going to work anywhere else. And Garden leave is pretty much or D and above. SVP and below, no one cares how long you take to go from one job to another and no one will ask, unless you have been out of work for 6 mos or more. If you get laid off and another company wants to hire you, double dip. No one will ask or care.
@gc maybe it’s a banking thing but I’ve never heard anyone who’s been asked that and it’s never been a question posed to me and if it was I’d lie. They have no way of knowing and don’t care.
@eg yes, if in Banking you will probably be asked if subject to Garden Leave. If you lie you could lose your new gig if they find out. Use the time as a paid vacation and not grift.
@e5 you don’t have to tell anyone about the garden leave. Just collect 2 paychecks.
Even if employees are allowed voluntary layoffs, it will take Citi weeks if not months to coordinate the layoff, details and logistics.
Getting your new employer to agree to a start date of 2-3 months later instead of 30-60 days (due to garden leave) may be difficult if not impossible. Also, anything can happen in 2 months and the new employer may renege on the job offer or take it back. So get every detail in writing because the Letter of the Law is what will stand up in Court.
Can all of the above be done ? Possibly.
You're confused. The OP is asking about voluntary retirement. In other words, raising his/her hand and asking for early retirement and then getting a retirement package.
Why would they provide this? That means every one leaving for a new job would just get a severance package? That doesn't make any sense at all to run a business
lmao
@c5 agree that best bet IF you have a good relationship with your manager to indicate openess to being on the list if possible. There will never be guarantees, but plenty of people with seniority manage to make this happen. You need the timing and opportunity to be aligned.
Of course they don’t offer such a thing. Gee, go figure. No issue though giving JF back to back 20 million $ raises though.
Citi does not have a VERP program like many other institutions. Lists of people for layoffs are chosen by managers and usually contain low performers, people who have not been with Citi very long and have redundant functions. Even if you're a poor performer but have been here a long time makes you an unlikely candidate because you are too expensive to lay off. (it's 2 weeks per year BTW) If you're a better performer than a peer, they'll get laid off before you will. I am sure you can talk to your manager and tell them you'd be interested if the opportunity presented itself, but other people on this forum have tried and I don't think it was successful. You could actually paint your own target and get managed out on a PIP without severance.