Lear 60 contract question

[FlyingToIST]

I recently got an offer from a Lear 60 operator. A corporate flight department for a major company. The offer was X/month (pretty good salary) and $1000/month to be held in a mutual account for 24 months. The contract is if I stay 24 months, I will get the money back all at once.

I have a feeling like 24K for a Lear 60 type is a bit too much. Flying is low (about 300 hr/year) but the QOL is expected to be high.

I would like to find out what people "who have been there and done that and have the shirt " would take this kind of a training contract.

Thanks..

 

[AgDownUnder]

I recently got an offer from a Lear 60 operator. A corporate flight department for a major company. The offer was X/month (pretty good salary) and $1000/month to be held in a mutual account for 24 months. The contract is if I stay 24 months, I will get the money back all at once.

I have a feeling like 24K for a Lear 60 type is a bit too much. Flying is low (about 300 hr/year) but the QOL is expected to be high.

I would like to find out what people "who have been there and done that and have the shirt " would take this kind of a training contract.

Thanks..

Never payed or was indentured for a type, so I guess I would look at two things. What is the cost of getting the type fro Flight Safety or similar, and what is the attrition rate of pilots at the company and why. I think 24k for a Lear type is kinda high as well, but if you think you'll want to stick out the contract, it's moot.

Another thing to look at is if you were getting paid $1000 a month less, would you still take the job? If so, you can view the $24k as a completion bonus. I've worked lots of contracts with completion bonuses. If the HR department at that company had any sense, they would have structured the offer that way anyway unless it makes the initial offer sound too unattractive.

If you think it is unfair and can get the type on your own for $12k, you could make them a counter offer of arriving with the type, just remember that the time it takes to get the type will be unpaid rather than paid so it ups the cost to you.

 

[MajorAv8r]

My 60 rating was 17K, that was 3 years ago.

Whats wrong with, if I leave in 2 years I will pay a prorated amount back. Would you loose all the money put in if you left in 1.5 years?

Also who would get any interest yu should be earning on the account?

Doesn't sound good to me. Training contract OK, but holding money not good. What if they decide they want to get rid of the airplane in 6 mos, you are out $6k?

 

[AgDownUnder]

My 60 rating was 17K, that was 3 years ago.

Whats wrong with, if I leave in 2 years I will pay a prorated amount back. Would you loose all the money put in if you left in 1.5 years?

Also who would get any interest yu should be earning on the account?

Doesn't sound good to me. Training contract OK, but holding money not good. What if they decide they want to get rid of the airplane in 6 mos, you are out $6k?

Looking from the perspective of an employer as I sometimes am, the answer to the first would be yes. I am looking for a contract to cover my expenses and hassles. There's more cost involved in hiring someone than just the type rating. Actually if the type costs $17k, then $24 isn't unreasonable. It costs a few thousand dollars in administrative costs to fill a position typically, and this doesn't include lost revenue from not having a required position filled, and the overtime paid to other employees taking up the slack of the short position.

The interest could be a point of negotiation, but it won't add up to a deal breaker. However bringing it up casually would show me as an employer that you are sharper than the average bear and as long as you aren't contentious about it won't hurt you, just accept the answer. If it was me, I'd make you a deal where it would go into a fund of Your choosing with my approval (I'm not gonna let you put it somewhere high risk, after all, it's my money till then), at the end of the 24 months, the fund is yours. The fund you chose would give me more information about you.

As for them cancelling the contract, according to the states laws I'm familiar with, they would have to pay you out. You should hope they don't though, as that would be an act of Bad Faith to which punative damages may apply. Means rather than being able to sue for $6,000, you can sue for $6,000,000. Juries love awarding large punies, and three zeros onto actual damages for this kind of stuff is common.

Personally, I'd rather have this contract than a reduced wage training contract.

 

[kilroy]

Lear type Flight Safety $22 000 Simuflite $ 16 8000..

 

[Gulfstream 200]

I recently got an offer from a Lear 60 operator. A corporate flight department for a major company. The offer was X/month (pretty good salary) and $1000/month to be held in a mutual account for 24 months. The contract is if I stay 24 months, I will get the money back all at once.

I have a feeling like 24K for a Lear 60 type is a bit too much. Flying is low (about 300 hr/year) but the QOL is expected to be high.

I would like to find out what people "who have been there and done that and have the shirt " would take this kind of a training contract.

Thanks..

I guess it depends how bad you want the job....but Id be very wary of ANY company that needed to hold YOUR money to assure you stay.

The job must suck for some reason if they do this...no matter what they say.

Id be skeptical. This is certainly NOT common practise in corporate flying.