OfflineI've just been offered a place on a graduate scheme at a firm offering quite a large golden hello. The problem is that this isn't the best firm, and if I accept the job I'm still going to be applying to other firms for their grad schemes.
If I accept the golden hello, can I still leave the company if I get a better offer? Would there be a minimum amount fo time I would have to stay at the company to get my golden hello? Would I have to pay back the golden hello if I left early? ..basically, what are the conditions that are usually attached to a golden hello? I don't expect I can turn up for one day, snatch the GH and then leave.. but if I get a better offer I can't stay at this firm because they just aren't good. I'm only considering accepting their offer because I need to get something I have been unlucky elsewhere.
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Check end of discussion - "Deciding where to apply" on general forum and lemme know what you make of it!
Thanks nakul - that thread is interesting but didn't answer my question specifically. I know I could leave the firm who've offered me, but what I want to know is if I leave, will I sacrifice my Golden Hello! I specifically want to know about the GH!
I think it's probably fair if I did have to sacrifice it. After all, I wouldn't be doing the job I agreed to do, but sometimes company's policies are leniant, etc... so I want to know if I could keep a Golden Handshake if I left a grad scheme early.
..anyone?!..
Check - golden hello. Get hold of a contract and check the section on salary/bonus. This is not really a question you can ask HR as it would seem highly suspicious. The specifics of golden hellos will vary from firm to firm, but you can be sure you'll be paying back any money you get if you leave before the end of yor first month.
I very much doubt you will keep the Golden hello if you leave the company! It'll probably say in your contract that you will have to pay them back if you leave within a certain time frame. If you accept the GH, dont spend it! Hold on to it so if you have to pay it back, it'll be easy and if you dont have to pay it back then you'll end up with extra spending money when you leave.
You will absolutely not get to keep the golden hello if you leave early. You will have to repay it in full immediately on leaving. In investment banking, the period you have to stay is usually at least 2 years, in other industries this can be 3 or 4 years.
I would say with almost one hundred per cent certainty you will not be able to keep it. Read the terms of your offer, which will state how long the offer remains open for. If you are planning interviews within the next couple of weeks, this will probably be within the time limit to keep that offer unaccepted and wait and see on these other ventures. If you are talking about applying to Graduate schemes outside of your acceptance period, accept the offer, bank the Golden Hello and do NOT spend it. Apply to another, then resign and give the money back :P They normally have periods of time to work off your gift, e.g maintenance grant + LPC fees are normally repayable if you leave your TC within 24 months. However the repayment period is worked out in percentages, eg if you leave within 6 months, you repay 75%, 1 year, you repay 50%, 18 months, just 25%. But all depends on value of your GH and the applicable T&C's.