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It's probably not so much the existence of a contract, but the contents and specificity of any contract. In the US, most employees below VP or director, will h
by alistairSH 4y ago
It's probably not so much the existence of a contract, but the contents and specificity of any contract.
In the US, most employees below VP or director, will have very generic employment contracts. I've been at my employer for 20+ years and haven't signed a contract since I was hired, even through one merger and several PE acquisitions. I haven't signed anything about my normal salary either - they send me a notice every year when raises are granted and my reading it is treated as acceptance.
My bonus is loosely based on company financials, and subject to board and executive approval. As far as I know, the pay-out schedule isn't set in stone either. I have no doubt that if the company failed, I wouldn't see a penny of any unpaid bonus.
I'm not sure that's true for executives, who often have individual contracts with more specifics about bonuses, whether they be cash, stock, or something else.
Such is life in an at-will state.
- dsfyu404ed 4y agoVP at a bank is basically just a checkbox. Depending on the subset of banking you work in basically everyone is a VP because everyone needs that title in order to do their jobs without running afoul of the regulations. These people will have cookie cutter employment contracts if any.
- alistairSH 4y agoYeah, my comment was based on my experience in the software world. It's definitely true that there area lot of VPs of one variety or another at banks, even for individual contributors. Super weird, but it's been that way forever.
- btilly 4y agoI've been told that the reason is because some subset of CEOs get offended at being shuffled off to a low ranking employee. So they get to meet VPs and are happy, without realizing where said VP really was in the org chart. I don't know how true this is, but i was told it by my brother about 20 years ago, who at the time was a (low ranking) VP at a bank.