Thinking of terminating your Contract of Employment?
It’s never an easy decision to make, and it can be an uncomfortable moment in your story of life, or it could be a moment of excitement as you move onto new ventures. In this article we’ll discuss the Do’s and Don’ts of leaving your employment.
Notice period – what’s that?
This is the length of time you need to carry on working before you can quit. It provides an opportunity for your employer to find your replacement and transfer duties over. Your notice period begins the moment you submit your notice period to your employer, usually in writing.
It’s best to check your contract to see what your notice period is, each job is different. More senior, or longer standing employees generally have longer notice periods.
Things you should, and shouldn’t do
1. Do: Fully understand your contract when terminating your notice of employment. Your employer can hold you to the terms you both agreed when you started the role
Your future employer needs to know what your notice period is, and you should be honest about this. If you are tied to a 3 month notice period, do not tell them you can start in a month if that is not the case. Do not be worried about your notice periods – employers will wait for the right candidate.
Recognise non-compete clauses. Finance professionals often have access to highly confidential business information. Employers will seek to restrict you from moving to a rival or competing company for a period of time after you have left and the employer will legally hold you to this condition. It is important that you fully understand your contract.
2. Don’t: Be blinkered by money when terminating your contract of employment
So you have made the decision to leave, and you tell your employer as much, but wait – they turn around and offer you an additional 20% to stay with them! It’s enough to make you think twice about your decision.
Ask yourself – why has it taken so long to for your employer to give you this pay-rise? If you didn’t put your notice in, would they have given it to you?
The majority of people who accept a counter offer from their employer leave over the next 6-12 months.
Why? because money doesn’t doesn’t change the job.
You might have found yourself fed up and unenthusiastic about the role, perhaps you wanted to develop your financial skill set and test your abilities in a new environment, money will not change this.
Consider the counter offer, but only if you are certain it will work for you.
Otherwise, move on up!
3. Do: Be gracious, remain professional and leave with dignity when terminating your contract of employment
You’ve put your notice in, and your employer has accepted it, honour the terms of the contract, if the temptation is there to just walk out – don’t!
The finance sector is small and word gets about. Work your notice period, help with hand-overs, don’t leave the team understaffed.
It’s not worth burning bridges when terminating your contract of employment
4. Do: If you are provided an opportunity for an exit interview – be honest!
If you are leaving, you’re leaving for a reason, and your employer should know this. It is in an employer’s best interest to arrange an exit interview to better learn why you are leaving and what they could have done in order to retain your services. Be fair, be constructive, be conscious that you may cross paths again in the future.
5.) Do: Advise your employer that you are flexible with your notice period
No employer wants an unmotivated or unsettled member of staff on the workforce any longer than they need to. Perhaps you have secured a new role with us and your new employer is flexible as to when you can start. When terminating your contract of employment, keep the channels of communication open with your employer
Depending on your relationship with your current employer, there’s a fair chance you will be able to exit your employment before your notice period is over. It could happen to be that they have your replacement lined up and are ready to bring them in when you leave.
As always, if you are going to make a material change to your contract, such as reducing your notice period, get it agreed in writing. Stipulate a leaving date, utilise your remaining holidays and use these to reduce your notice period.
What happens if you call in sick during notice period?
If you happen to become unwell during your notice period, you are still entitled to your full normal pay and it won’t increase the length of your notice period.
To summarise
Be positive, be personable, be professional.
