Does anyone know what the Oracle policies/practices are when an employee gives notice that they are leaving the company?
Will they pay out vacation hours?
Do they make it an immediate dismissal if you are going to a competitor?
Does insurance cover through the end of the month or does it get cut off on whatever the last "official" day is?
Do they expect anything to be signed?
Anything else that is important to know?
Be careful that your stock doesn't vest after you give notice but before your final date. The docs say ORCL will cancel your stock as soon as you give notice. This wasn't applied in my case and my manager didn't even know about the clause, but this is probably a loop hole ORCL HR isn't aware of being uniformly applied.
I am in the US and recently left O. I gave notice to my manager two weeks before my last day on a Friday. I did not tell them where I was going. There was no paperwork to fill out. They sent me an off boarding guide a few days later. Oracle pays you for accumulated vacation as part of your final paycheck, which I received in the US mail a few days after I left. The vacation hours accumulated are listed on your paystub if you are in a category that receives vacation hours. Restricted stock units that vest after your termination date are canceled; if you use Fidelity, any RSUs that are vested are deposited as stock in your account within a couple of days before the vesting date. If you have RSUs that vest soon you might want to consider making your last day at least two days after the vest date. When the shares are transferred to your Fidelity account, some shares are held back for taxes- that way, you do not need to report the sale to the IRS on your tax return if you sell the stock. Benefits are canceled at midnight of your last day. A few weeks after your last day, you can sign up for COBRA, and coverage would be retroactive to your last day. The outboarding doc tells you how to convert your cell phone account to a personal account- I had no problem doing this with Verizon. You already signed stuff when you were hired; you are restricted from recruiting current Oracle employees or disclosing proprietary information.
You can always retroactively sign up for Cobra if you need coverage during the gap between jobs as long as the gap isn't too long.
Bested RSUs also zero out after 3 months, if they are part of bonus/performance. I was surprised , but that's how I read it in fine print , as well as from a colleague.
That's my understanding, so I can't vouch if it's a fact or not. Although common sense of vested stocks say otherwise, but there are fine prints about these kind of stuff so do your research , take informed decision. Btw, I aksed HR , and am still awaiting answer. It's been a year since I left, so I should be close to getting an answer from Oracle HR ;)
"insurance was cancelled the night of my departure"
When I left a different tech company, they left insurance alone through the end of the month so there was no lapse in insurance between jobs. Oracle's policy really isn't a surprise though -- it fits its culture.
I think what you mean is you have to exercise stock options that have already vested with 3 months (90 days) if you have Non-Qualifying stock options (NSO). Options with stop vesting when you leave, so time your departure so you don't leave right before a batch vests.
Stock you already own (including RSUs that have vested and been deposited into your account) are yours to keep (though I would question why you'd keep them; take a clue from upper management). They won't expire.
You are not required to tell your manager or HR where you are going. You can always say that you are taking an extended break to think about future plans if you feel its's better. As a manager I do ask because I have generally good working relationships with my team members, but I tell them that they aren't required to tell me. I generally won't share with anyone where they go unless they tell me it's okay. I have had people leave for direct competitors; they got to set their last day, no getting walked out by security the same day in my org.
They can't dismiss you, as then the have to give you a package of multi month paycheck. And firing is very costly in US - they have to pay unemployment benefits to state, file in SEC report, etc. They , like any other company, will let you off as easy as they can. Your manager will support your departure, and cannot legally for you. So no worries.
To add to well documented note below , yes they pay you for vacation hours. That's sweet ! And yes, they don't make you sign anything, mostly because HR is incompetent. By practice, they are supposed to make you sign a piece of useless paper saying you won't sue them or share their business secrets or use any technology developed in house, but as usual , HR is f---ed up , and they usually forget to do this. Even if they do it, don't worry, no one is going to sue you as you are a nobody, they like going after Google for java, not a low rung employee.
I gave notice recently. So here is the summary : folks forget about you in a jiffy. At least I was. Nothing to sign, you don't have to mention where you are going if you don't want to ( I did, as I felt obligated to my manager ), nothing to sign (I was told that HR will conduct an exit interview, I reached out to HR about 3 days before my exit as no one contacted me, and they said that I will get an automated email about exit survey 2 weeks after I leave - that's correct, 2 week after I leave on my Oracle email address , which I didn't have access to !) . In the end, in US engineering group, I didn't had to sign anything, my phone and insurance was cancelled the night of my departure, no one cared about where I went, and only official communication was to turn over my laptop and VPN. In the end, a pretty painless exit. Nothing to worry about.
Oh yeah, don't forget to sell your stocks within 3 months. All stocks over the year I got as bonus would have zeroed out in 3 months, I was lucky to catch that from a colleague, and i verified in fine print.
I called my telephone company , and they needed some account information about Oracle, so glad I did it, as this info was on internal intranet. I got my number transferred to my personal account, as Oracle releases number back in the midnight of departure .
Only advise - ask your manager if they would be kind enough to mark you as "eligible for rehire". If they don't, you can never come back to Oracle, ever.