Made the decision-struggling with announcing!

[casole]

Hello all,

I am happy to be here! I will be 56 in January. My goal has always been to retire (or be able to if I wanted to) at 55. I feel very confident in my financial situation. I have been through a formal financial planning process that showed success. My assets are est $1.2MM, some 401K, some Roth 401K, some Roth. 65 to 70 stock allocation in diversified mutual funds. $25K in a health care savings account. Almost 100K liquid cash for year one. Have never spent to my earnings level ever.

I also own a two family home that my parents and a tenant live in, fully paid for, worth $500K and $135K left on our personal mortgage -home worth $400K. $13K balance on equity line of $75K and no other debt. I am looking forward to being of service in my community instead of to clients... lots of things I want to do. Never say never... I may work again - I would be open if the right part time situation presented itself..

So now I am struggling with actually informing my company and the timeline!! I want to give them enough time to hire a replacement and I'm happy to train the person. I am in a senior client service role in financial services- 15 years with high net worth families. My company is VERY slow at hiring and we are already very short staffed. I was going to give notice after my review and bonus figures are secured which will be soon, and stay until June 1. Ideally... I'd tell my manager and she would hire to replace me. She would also keep it confidential and just act as if we were getting a new team member. Ideally I would not want coworkers or clients know until 2 or 3 weeks out. I overstayed at a job before and it was BRUTAL. I would ideally train the person on my book/clients and ride off into the sunset.

However, realistically, she will have to tell her manager and will probably tell the other managers (her peer group) and they will spill to select people (I know this b/c I have been on the receiving end of the "spillage" e.g. "this isn't public yet but..."). We get paid bonuses on 3/1 and there is always a big "wave" of resignations after that. I don't want to be part of that. I want my manager to know and my replacement search started well before that. I know I am not responsible for this but I have a feeling it's going to be bad this year with resignations and I don't want to dump on my team who are already going to be burdened.

So my dilemma is kind of I want to give as much advance notice as I can with a "drop dead" date of June 1, I'm worried if I give it later I'll be asked to stay on longer. The flip side is the lame duck scenario surrounding that. I'm leaning toward the sooner is better route. My manager is going to be upset- I am a high performer, and she is always super appreciative etc. It's hard. At this stage, there is nothing about the job that they could change to make me stay- a more manageable book, more $, etc it's a different phase for me, kinda like the Eagles "I'm already gone". It no longer serves me I have other goals.

Appreciate anyone sharing their experiences, and advice on making a smooth exit. A senior colleague of mine on a different team gave 3 weeks notice and honestly that is appealing as well! But her teammates had to get to know her clients in a short time until she was replaced and it was a lot for them... and they never got to release those clients who were supposed to be theirs "temporarily" not really fair. I don't want a send, off a zoom party, or to explain why I'm leaving over and over again- so I am practicing my "pat" answer for the inquiring minds who want to know...

Looking forward to this community.

 

[MC Rider]

Tell 'em you're already gone, and headed to Winslow AZ in 3 weeks.
OK, Winslow is not too exciting, but a decent overnight stop on a road trip.

 

[RetiredHappy]

I know you want to do the right thing but is there a chance, however slim, that your company will terminate you before March 1 when you turn in your notice now? Some companies play games and I would never want to be caught in it. I would want my bonus deposited into my bank account before ruffling any feathers.

 

[Montecfo]

I would take no personal risk.

I scheduled a trip starting right after my term date-so I could not extend my tenure.

Like your company mine barely lifted a finger but I hired my replacement and had a bit of overlap.

On my way to the airport I was still getting calls.

Little fanfare. Everything covered. No regrets

 

[Aerides]

If you search "how much notice" you will find some good threads on this topic. My answer? Give the shortest time possible. No loyalty would be returned to you if they were the ones deciding your end date.

Your bosses will squander whatever time you grant them. And whatever time you grant, you will be replaced and mostly forgotten two weeks later.

If you were head hunted for a position in another company paying twice your salary, you would be expected to give 2 weeks, or double that - tops. The "position" you're going to is even better than that!

 

[skyking1]

Good advice above. As much as you want to think differently, they will move on and forget about you far before you think they will. You do you, and ride off into the sunset as planned.
For a June 1 departure they would be quite fortunate if you gave notice on April 1. They could act on it, or not. That is on them don't worry about what they do or don't do. 2 months is more than enough time to get someone in there.

My company is VERY slow at hiring and we are already very short staffed.

Their historical short sighted hiring habits are not your problem

 

[gamboolman]

Give 3 weeks notice.

Until then, plan your next chapter in life.

When your gone - in just afew weeks you will be forgotten - other than the remaining folks will blame anything they can on you for as long as they can.... ha.... just the way it is.

 

[JP.mpls]

I worked under a new management team the last ten years of my employment.

They took a positive that I always thought was very arrogant. They never allowed, or even wanted, an existing employee to train in their replacement.

I think they figured the old guard didn't know anything of value.

Your personal concerns about training in your replacement for some company seem strange to me now.

PS:. I was very ready to not work for these people when I quit.

Take care, JP

 

[pjm-7]

It sounds like you work at the same financial company I worked for. I waited until after the bonus hit the account on 3/1. Actually a couple of months to take care of some medical appointments while I had good health insurance. You don't owe them anything more than a two week notice. Make your own plans. Sad but true they will forget about you soon enough.

 

[Bigdawg]

Tell 'em you're already gone, and headed to Winslow AZ in 3 weeks.
OK, Winslow is not too exciting, but a decent overnight stop on a road trip.

I heard there is a girl in a flat bed Ford in Winslow. She is probably FIRE'd by now.

 

[Jim59]

What would happen if you dropped dead tomorrow ? Nothing, your company would get on with it. The cemeteries are full of indispensable people. You can drop your plans in March, 3 months is more than enough notice.

 

[Aerides]

I trained my replacement. I spent weeks putting stuff together and doing turnover work, and traveling to his location. On my 2nd trip there for a week, he then took vacation days WHILE I was there!

My bosses took 3 months to find him (I was RIF'd with an end date that they determined). I heard thru friends that laid him off, too, a year later.

Any concerns you might have about your end date should not be remotely fixed on the replacement aspect. That's your boss's job - every manager is required to have succession and replacement planning. They are always ready to replace you, and are required, in most companies, to have that plan at the ready.

 

[HI Bill]

Wait till 3/1 if you need the bonus and give three week’s notice. Management will squander any additional time you give them. I gave three months notice, and it was a huge mistake. Lots of transition meetings, and they took away my projects and relevance before I left. They listened to my input but mostly ignored it. I watched them lay off people who didn’t maintain 90% billability for six years!

 

[mystang52]

OP: Based on other threads on this topic, I would strongly suggest giving no more than 30 days' notice. Give too much notice, and the employer dilly-dallies looking for a replacement, then lays a guilt trip on you for leaving when they haven't yet found a replacement. If they know they have only 30 days (or 3 weeks, or 2 weeks as you deem appropriate), that'll light a fire under them.

 

[Souschef]

I know you want to do the right thing but is there a chance, however slim, that your company will terminate you before March 1 when you turn in your notice now? Some companies play games and I would never want to be caught in it. I would want my bonus deposited into my bank account before ruffling any feathers.

That is what I did. I waited until my profit sharing (7% of my salary) was deposited in my 401K then bailed.

 

[MBAustin]

I will echo those above who say do not give notice until you have your bonus $$ in hand. After that, I would suggest no more than 4-6 weeks, although I also agree that 2 weeks is all you owe them. I told my manager 6 weeks out and asked her to keep it just between us until 2-3 weeks out but she wanted me to tell my team immediately. I wish I had waited until 3-4 weeks out and just told everyone at the same time.

Congratulations!

 

[MRG]

Your feelings are noble and fairly common when you are leaving. Get over them and go enjoy your life. Your Megacorp will be fine and so will your prior clients.

 

[Aerides]

We get paid bonuses on 3/1 and there is always a big "wave" of resignations after that. I don't want to be part of that. I want my manager to know and my replacement search started well before that.

The number 1 rule on giving notice: Be prepared to be told "ok how about today?" and walked out, the minute you tell them your plans.

Oh, they would never do that to me! uh, yes, yes they would. Absolutely keep schtum until that all the checks you are counting on are cleared.

 

[mdsmith1]

Going through this as I type. Asked last year to give at least 6 months notice. VP of Sales for a mid size company with staff of 34.

Being a good solder based on my position in the company announced in September to my boss who of course immediately told CEO which was the process. I asked not to announce to the organization until 2 months out. My last day is March 31, 2022.

Giving the requested notice was a terrible decision. Within weeks of telling my boss they reorganized my department and placed two of my peers into my current role reporting to me. All sounds great until I was placed on a different bonus structure based on promotion. All sounds great until it cut my bonus by 30%.

Understand no matter how important you feel you are once you announce you are a lame duck.

In retrospect I should have announced 6 weeks before which is plenty of time to react. Once you leave no one cares so forget about doing what’s best for the company and focus on what’s best for you.

If you struggle with the decision reread the last sentence until it sticks.

 

[pb4uski]

Not sure what is right for you, but when I left I told them that I planned to retire but was flexible on the timing and I wanted something that both I and the firm were happy with. We worked something out that ended up being a few months out with the last 6 weeks of me being on "vacation" but available to colleagues for consultations. It worked out very well.

Your plan is similar except that you have a specific date in mind... June 1. You can emphasize that you selected June 1 so you could be available to help through the likely wave of resignations in March.

If you think they might mickey mouse with your bonus then I would wait and tell them on March 2 with a June 1 effective date.

Good luck.

 

[pb4uski]

The number 1 rule on giving notice: Be prepared to be told "ok how about today?" and walked out, the minute you tell them your plans.

Oh, they would never do that to me! uh, yes, yes they would. Absolutely keep schtum until that all the checks you are counting on are cleared.

+1

 

[Bamaman]

My hat's off to you for showing so much allegiance to your company and of the feelings of management and your co-workers.

But companies just have a job they want fulfilled, and unfortunately they seldom have the same feelings personally toward their employees. The truth is that shortly after you leave, you may be somewhat of an afterthought.

I worked in a regional office in Financial Services. And I often traveled with co-workers on projects week after week. Although many were great friends for 20+ years, there were mass retirements when our office was "consolidated" in an undesirable city--no transfers. Some of us talk on Facebook, but we're really disconnected.

Go ahead and turn your notice in the week after receipt of your yearly bonus. And don't worry about all the people back in the office. Rome is still standing after 2500 years, and that business will go on without you just fine.

 

[Gotadimple]

3 weeks notice MAX. And those 3 weeks will be painful as you get questions about your leaving and you watch as your influence is pretty much taken down to 0. Those are the hard facts.

Your manager won't be upset, they will be concerned, and they will make plans on their own timeline. You won't get bonus points or extra $$ for a longer stay - they will start taking client assignments from you in the first week.

As you said you have other goals now. This timeline is enough for them to notify your clients of a new client service contact. How they approach it is not your concern, even though you have loyalty to management and your work team. People move on far more quickly than you assume.

You have no special inside knowlege into how managment will react: no change take their time, or, use your departure for a restructure of function, etc. Don't presume what they have done in the past is what they will do in the future.

Enjoy knowing you will give notice on X-date and your time there ends 3 weeks after that date so you can move on.

- Rita

 

[pacergal]

If the bonus is that necessary for your retirement finances, give 3-4 week notice on March 2, then be on your way end of March. Believe me, they will survive whether you are there to train a new person or not.
Head off and enjoy Spring--a time of new growth and a new you in Retirement !

 

[ut2sua]

OP, from another angle, did you know of co-workers in the past who were given no prior warning before RIF day? If you do, I would say think for yourself first, and make sure all checks were cashed as suggested by others above. If you happen to work for a company that would give its employees plenty of prior notice before a lay-off, I would return the courtesy as you have planned.