I'll be joining Bloomberg in two months. As per the relocation agreement, I will have to pay back relocation expenses if I quit or am fired within 2 years. My questions are: - How much is the total relocation expense in general (I will receive basic stuffs including immigration supports, temp. housing, house finding trip... and 10k$ allowance) - If I don't succeed the probationary period, will I have to pay back? I'm a bit paranoid as the recession due to covid-19 will certainly affect companies in the next period. If they need to save employment budget, firing a new-hire during probation seems to be sensible as it's very easy for them. #bloomberg #relocation
Calm down. You will not get fired. Bloomberg hired even during the Great Recession. They never have lay offs.
Yeah not something you should worry about at BB
Thanks. I feel much relieved after reading your comments :).
If you're fired/laid off companies waive off repayment. Stop being paranoid. If you find a better job, their joining bonus will cover your repayment.
Thanks for reassuring. In the agreement, it is mentioned that if my contract is terminated due to performance or misconduct, I will have to pay back. But I guess companies normally be reasonable, otherwise they would look quite unethical.
They do clawback though (left voluntarily).
2 years seems really strange and it would make me question working there.
The clawback is prorated ... in year 1 you’d pay 50% in month 23 you’d pay 1/24th.
I think it's fair considering Bloomberg basically only train you the first 6-12 months. But don't worry first they never fire, second 2 years as you start fresh off college will go by very quickly and allow you to get all the benefits. Also you can always move internally so you shouldn't be worried of the possibility you'll feel trap in a team you don't like. From what I've seen it's rare for employees to stay only 1-2 years as opposed to many other companies I worked for.
Thanks. Indeed as this is my first job so my plan is to stay at least 2 years to learn as much as I can.
You will never get layed off here!
Why? Is it safer than other companies?
This was for specifically for engineering. I haven’t seen or heard of any layoffs. I have heard of people getting fired but that is only for performance. I feel it is much safer than other companies where layoffs happen on a regular basis.
2 years is pretty standard. But most companies pro rate so if you leave after a year, you only pay back 50-60%.
What position were you hired for? I asked for a relocation package but didnt get one.
OP did they ever say how they value the pay back amount of temp housing?
Hey, did you ever find this out? In the same position. Not sure if I need to pay back for temp housing.
Jesus, 2 years is insane. I doubt they'd fire you though if it was due to economic conditions; they'd probably do it in the form of layoffs.
Seriously, I would never take a job with a 2 year clause. I’ve had relocation expenses covered, and it was a 6 month clause.
It's my first job so I was just assuming this clause was kind-of standard :(.