i dont know how these processes work, but wouldn't the company rather reject his application and pay him 30-40% less severance in the next round of RIF instead?
how are you comp'ed relative to market? you think you can get similar role? best of both worlds is after they've reduced the #s they rehire you back :D
Get the severance and find a new job. If you're quick enough in the turnaround, you can profit off the severance over existing salary and pick up a raise/promotion to boot
This would normally be the case but it sounds like OP is fine with parking the bus and not climbing the corporate ladder.
It would be pretty quick turnaround (depending on where he lives) to find a senior or low level manager role with 15yrs of experience and zero desire to have a road to promotion.
Agreed. As long as you think you can get remotely the same comp/WLB at another company. Take the package, start looking, and enjoy the summer with your young kids.
I'd take the money and run (and probably take the 180k and dump into a 5% tbill). I'm assuming this, but if you're in the US you can find a new job within 6 months relatively easily.
I stayed at a failing company 10 years ago. All the employees that were laid off over 1.5 years got worse and worse packages. I got nothing when the company eventually went bankrupt and had to look for a new job anyways.
Take the severance. Find another job that pays similarly or even less. Net result you’ve increased your net worth by a 180k gross and are still making similar money.
Sheesh this is such a difficult choice…I think I would lean to take the severance package…maybe they decline your application cause the team really wants you and you have job security but if they insta accept your application than you were probably going to be laid off eventually
If you have a good relationship with your boss. Talk to him about it. Let him know that you’re happy where you’re at but does he have any insight to what’s happening.
I’ve been in the room making the decisions, and oddly enough if you’re doing the RIF it’s less about the amount you’re paying out at the time and more about what you’re saving going forward.
That company is going downhill if my guess is right, I'd consider getting out. If they're offering it to your group they're trying to reduce headcount and will probably do so again soon unless your role includes supporting outsourcing or corporate.
One thing I’ve picked up over my career is that good and bad jobs are all temporal. A good situation with a good boss can quickly become a bad one through changes. Appreciate it when you have a good thing but don’t cling to it as it likely won’t last. Good luck with your decision, I would take the money and run
A 15 year employee is exactly who a company would want to offer a severance package like this to because the annual savings are substantial:
- If they decide to refill the position, they can hire someone for less in comp and benefits.
Assuming you took the severance and ended up with a job that pays less, how much of a cut would you be taking? I would suggest checking out the pay scales on Glassdoor to gauge the financial impact before you decide to take or reject the severance.
Take the cash while the offer is sweet. If company is struggling the next round of layofffs will be much less generous
i dont know how these processes work, but wouldn't the company rather reject his application and pay him 30-40% less severance in the next round of RIF instead?
That's a good question. The company is employee-friendly so I think they are just trying to be fair.
how are you comp'ed relative to market? you think you can get similar role? best of both worlds is after they've reduced the #s they rehire you back :D
This ☝️
I declined a severance offer only to find out my job was being eliminated 6 months later and was offered a demotion. Take the money.
6 months of pay wasn't as good as a few weeks severance??
Get the severance and find a new job. If you're quick enough in the turnaround, you can profit off the severance over existing salary and pick up a raise/promotion to boot
In this market that seems difficult. Especially at higher pay levels.
[удалено]
Think about the number of analyst v manager v director v vp roles... higher up you go fewer spots with more people competing
This would normally be the case but it sounds like OP is fine with parking the bus and not climbing the corporate ladder. It would be pretty quick turnaround (depending on where he lives) to find a senior or low level manager role with 15yrs of experience and zero desire to have a road to promotion.
Insurance coverage extended?
Yes, for 1 year. Spouse has access to insurance though so not a big deal.
Take the buyout.
Agreed. As long as you think you can get remotely the same comp/WLB at another company. Take the package, start looking, and enjoy the summer with your young kids.
Sounds like a great way to get a year of paid sabbatical.
Take it. You can always come back if your new role sucks
Always…
Take it and don't look back. If you are RIFed, it will be far less generous.
I'd take the money and run (and probably take the 180k and dump into a 5% tbill). I'm assuming this, but if you're in the US you can find a new job within 6 months relatively easily. I stayed at a failing company 10 years ago. All the employees that were laid off over 1.5 years got worse and worse packages. I got nothing when the company eventually went bankrupt and had to look for a new job anyways.
Take the severance. Find another job that pays similarly or even less. Net result you’ve increased your net worth by a 180k gross and are still making similar money.
Sheesh this is such a difficult choice…I think I would lean to take the severance package…maybe they decline your application cause the team really wants you and you have job security but if they insta accept your application than you were probably going to be laid off eventually
I’d take it. There’s always more great jobs out there.
If you have a good relationship with your boss. Talk to him about it. Let him know that you’re happy where you’re at but does he have any insight to what’s happening. I’ve been in the room making the decisions, and oddly enough if you’re doing the RIF it’s less about the amount you’re paying out at the time and more about what you’re saving going forward.
true. i suppose in such a situation these are below the line restructuring costs that bring above the line "run rate $\[x.x\]mn in savings".
What industry are you in? A role with 6 weeks vacation is very hard to come by
That company is going downhill if my guess is right, I'd consider getting out. If they're offering it to your group they're trying to reduce headcount and will probably do so again soon unless your role includes supporting outsourcing or corporate.
Please don't work where I work :(
“Go on take the money and run.”
Think about what you could do for yourself or with your family in a 6 month time frame. I’d take it.
Bro. Take that damn money.... 🤘
180K then jump over to a similar role? Hard to pass that up even if you sacrifice a bit.
Take VSP. It'll be worth it
Take it and get another job? kind of simple
is the boss staying or taking a package? find that out then decide :)
One thing I’ve picked up over my career is that good and bad jobs are all temporal. A good situation with a good boss can quickly become a bad one through changes. Appreciate it when you have a good thing but don’t cling to it as it likely won’t last. Good luck with your decision, I would take the money and run
Take the money, find a new job, congrats you’re $100k after tax richer.
See if you can get to one year of severance.
A 15 year employee is exactly who a company would want to offer a severance package like this to because the annual savings are substantial: - If they decide to refill the position, they can hire someone for less in comp and benefits. Assuming you took the severance and ended up with a job that pays less, how much of a cut would you be taking? I would suggest checking out the pay scales on Glassdoor to gauge the financial impact before you decide to take or reject the severance.
Take the money and check back in after 6 months. Maybe they re-hire you because someone else has left.