Retention Bonuses at FinRegs

[Anonymous]

Do the financial regulators have any tools to keep people from leaving? If so, what are they offering? Bonuses? Remote work? Grade increases?

[Anonymous]

Bonuses at SEC are paused as well.

[Anonymous]

Anonymous wrote:Do the financial regulators have any tools to keep people from leaving? If so, what are they offering? Bonuses? Remote work? Grade increases?

The knowledge that 100s of people will happily apply for the job the second the person leaves

[Anonymous]

The “retention” policy is you’re able to coast until retirement. The SEC and other finregs are so captured by interest groups that they don’t actually do any meaningful work fighting corporations

[Anonymous]

Anonymous wrote:The “retention” policy is you’re able to coast until retirement. The SEC and other finregs are so captured by interest groups that they don’t actually do any meaningful work fighting corporations

Thanks for participating when you obviously have no clue what you're talking about.

[Anonymous]

I was offered a retention bonus from a fin reg at which I previously worked (not SEC). The policy at mine was the same as at most agencies (I think?), which is they can offer you up to 25% of your salary to stay (paid out in equal portions over the course of a year rather than a lump sum). I think there needs to be a showing that you possess unique skills, knowledge, experience, etc.

There may have been some other nuances, but I declined it and never needed to learn about them.

[Anonymous]

Anonymous wrote:I was offered a retention bonus from a fin reg at which I previously worked (not SEC). The policy at mine was the same as at most agencies (I think?), which is they can offer you up to 25% of your salary to stay (paid out in equal portions over the course of a year rather than a lump sum). I think there needs to be a showing that you possess unique skills, knowledge, experience, etc.

There may have been some other nuances, but I declined it and never needed to learn about them.

Agreed. If you’re good enough to get one, you won’t take one.

[Anonymous]

I am aware of the policy at two finregs, which does allow for up to 30% of salary paid out either in increments or a lump at the end of a term of 1-2 years. The bar is high and I've only ever seen it used for senior executives and in one instance the lead attorney on a case.

For context, I have seen exit incentives used much more frequently...

[Anonymous]

I make $600k at a fintech just come here

[Anonymous]

Anonymous wrote:I make $600k at a fintech just come here

Which fintechs actually are profitable?

[Anonymous]

Wow this sounds like a scam. Other than IT guys and maybe the lead attorney on a case, I cannot think of a single employee at the 2 finregs I’ve worked at that are that indispensable. Super curious to know the justification?

[Anonymous]

Anonymous wrote:Wow this sounds like a scam. Other than IT guys and maybe the lead attorney on a case, I cannot think of a single employee at the 2 finregs I’ve worked at that are that indispensable. Super curious to know the justification?

PP who has some experience here. Broadly speaking, I have seen it happen in two general scenarios:

1. Somebody who is integral to a high profile "time bound" initiative. Examples include the lead on a case, a rulemaking, and a major operational initiative (ie compensation overhaul or large scale office move/renovation)
2. Somebody in a position where a departure at that time would be damaging from an optics/image/political perspective. This is typically a very senior high profile person. Example would be the general counsel in the middle of a controversy/federal case about the constitutionality of a regulation or the CFO in the middle of congressional hearings about potentially improper contracting/procurement.

[Anonymous]

Anonymous wrote:I am aware of the policy at two finregs, which does allow for up to 30% of salary paid out either in increments or a lump at the end of a term of 1-2 years. The bar is high and I've only ever seen it used for senior executives and in one instance the lead attorney on a case.

For context, I have seen exit incentives used much more frequently...

lol absolutely this. Especially for executives/management who are no longer eligible for union representation and anyone at the FRB (again, no labor union protection).

Pressure campaigns to force someone out can be INTENSE.

[Anonymous]

Meanwhile at my agency they won't offer VERA/VSIP because they are afraid too many people will take them...

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am aware of the policy at two finregs, which does allow for up to 30% of salary paid out either in increments or a lump at the end of a term of 1-2 years. The bar is high and I've only ever seen it used for senior executives and in one instance the lead attorney on a case.

For context, I have seen exit incentives used much more frequently...

lol absolutely this. Especially for executives/management who are no longer eligible for union representation and anyone at the FRB (again, no labor union protection).

Pressure campaigns to force someone out can be INTENSE.

I'm the PP and I don't think it has anything at all to do with union representation. Would you really WANT your union to prevent you from getting offered six digits to voluntarily leave your organization?