Forget two weeks. JPMorgan Chase reportedly wants employees to give the bank six months’ notice before they walk out the door.
The policy came to light after a veteran JPMorgan employee took to social media to seethe about it. Although the company hasn’t publicly commented, the notice requirement appears to be designed to prevent staffing shortages when employees decide to exit.
It’s an example of a “handcuff” policy, an outdated approach to retaining talent that runs contrary to the broader shift toward worker empowerment. They remain on the books at far too many companies, despite diminishing returns.
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As Spring blooms, it’s a great time for in-house corporate legal teams to do some housekeeping. Start by sweeping out employment policies that do little to protect your talent pipeline, are likely to be panned if they become public and may catch the attention of regulators.
Since the 1970s, pre-IPO companies have used equity grants as incentives for employees to work for lower salaries. The promise of an ownership interest in a startup gives an employee a stake in the game and a chance for a big hit if the company is a success.
These deals often come with a catch, or, in corporate speak, a “cliff.”
An employee might earn 1,000 options per month over a three-year vesting period, for example. But the company could also attach a one-year “cliff,” meaning...
Lee Won-taek, governor of North Jeolla Province, has been referred to prosecutors on charges of publishing false information by claiming he had personally paid for meals for himself and his aides ...