Basically title,
Have the option for an exit package with 1 year salary payout with health insurance vs keeping the job with a 20% pay cut. Project is being moved to sister company.
Only caveat is that the job with the paycut is with a sister company (think going from Chevrolet to Cadillac Engineering position) so exit package would not not apply if job taken!
I’m leaning towards accepting the exit pkg and venture into the Wild!!. Bad move in this economy? What to do you guys think!!??
TIA
take the severance everyday of the week, i literally
pray this happens to me
Take the money and run. Take your time looking for your next role since you won’t be struggling.
That’s an insane exit package, I’ve never heard of something that great! I’d rate it and get another job sometime later.
Is the exit package bound by an NCA or anything like that? If not, you could take the severance, leave Chevy, go to Ford instead of Cadillac.
I would take the package, frankly. I think them offering this is not a good sign, and given you essentially get one year paid to find a new job, this gives you flexibility.
We don’t know what your re-employment prospects look like if you head “into the wild”. You know your industry, skills, and prospects.
That said, I’d certainly think you can find another job making at least 80% of what you do now within a year. The deal is only worse if that (or better) isn’t true.
Take the deal.
So the choice is between one year at your current salary *without having to go to work*, or 80% of your salary while actually working for it? For the love of god take the year paid vacation.
Take the package and then get a new job, even with a lower salary.
Is this lump sum or just keeps you on payroll? Any chance the payments stop under some condition?
I.e., can you claim unemployment, too? (Won’t need other but curious).
If lump sum…Take the package, find a new job soon…and now you have a pile of money to jump start your financial plan (see windfall section of the WIKI… https://reddit.com/r/personalfinance/w/index )
Exit package, no question. Take a vacation, get a new job for more money when you come back, and bank your windfall.
That’s a pretty generous exit package, I’d be taking that. Just make sure you get the details on it – some packages will only pay you while you continue to be unemployed.
You’d be nuts to not take the severance package. Give yourself a 3 month sabbatical, then start job hunting. Even if it takes you 6 months of active hunting to find a job, you’d then have 3 months of double pay
Take the package. Take some time off. Start looking after that.
Take exit and get job asap. Collect 2 years of salary in 1 year and save every thing you can. Then go on a wonderful vacation with all your newly minted riches.
Take the severance pkg IF there’s no clause that payout stops if you get a new job, and there’s no noncompete clause
Is the health insurance at the same employee cost/copay as when employed?
Take the exit package. Apply for job at sister company next year.
Take the severance – no question.
The job market is very strong for applicants. You’ll have a new job in a month or two and you’ll pocket a surplus 10-11 months of income.
Chances are in the downgraded role you’ll be on the chopping block again soon. Always take the severance
That is a very generous offer. I would take the package in a heartbeat. You should be able to find a decent job in the next couple months and you get to double dip for the next year.
Hard to say for sure without knowing your industry and job prospects. If you’re in tech, might be harder to find a job than certain other areas right now, for example.
Ultimately, if you feel like you can find another job making at least 80% of your current salary with relatively similar benefits within the next 6-12 months, I would take the package (a fully year of salary with health insurance is a pretty amazing severance offer), take a few weeks off, and start looking for a new job.
If it’s a tight market in your industry where something at your pay level is few(er) and far(ther) between, well, that might be a different calculation.
Layoff 100%. 1 year salary is an insane amount. Imagine if you get another job within 2 months you’ll bank 10 months extra salary
Is the job market hot in your field? If so, take it and run.
I’d take the exit package. You basically get the year financially to find a new position.
Companies are actually hiring like crazy as things are ramping back up (at least in industrial fields), the problem we’re having with hiring isn’t finding ppl who are interested, it’s that we’re having a hard time finding ppl who will work 40 hrs. Since October, I’ve had a candidate ask me if 30 hrs was considered full time, and 2 candidates stop the interview early because we do some government contract work and they refused to touch any material that might be used on a weapon.
Beyond that, I’ve had 2 candidates not show up to interviews, 1 candidate tell me he would need the entire month of June off when he’d be starting in April. But I’ve managed to hire 4 ppl in this time frame who have all been excellent so far with 5 positions left that i still need to fill. we just have a lot of no go candidates to wade thru.
So if you are gung-ho and want to work, it’s really not that difficult to find new positions.
1 year’s salary of severance is pretty god damned awesome. I would definitely consider taking that for two reasons:
* **1 year to not work is basically something you may never get again until you hit retirement.** I am guessing you are not of retirement age so this could be a great opportunity to travel and explore new hobbies while you still have the physicality to do it.
* Even if you don’t end up using the entire year to explore hobbies and travel etc., you still have plenty of time to find another job. In general I would estimate it takes roughly 6 months to find another role if you do something that is in high demand and want the same title/pay, etc. **1 year should be ample time for you to enjoy yourself for a few months and still have enough time to land another role without it impacting your finances.**
Take the severance, find a new job quickly and invest the severance.
LUCKY.
My previous job laid me off with a lousy 2 weeks severance. I would’ve killed for a year severance.
Worth spending a grand to have a lawyer look at whatever they need you to sign to take such a generous package.
Exit package for sure. You might find yourself unemployed/laid off under the the firm with a worse off package.
1 year payout? Take the package.
I had a nice package from my last gig, 25% yearly pay for sticking out the 9 month notice period, and 6 mo severance.
I had an offer from my new gig in hand a week before my last day, so I had a few weeks of fun-employment before starting the new job.
Absolutely take the exit package and take a nice little vacation before job hunting again.
How many other jobs are getting cut too? How many with jobs similar to yours? If there’s a large number of layoffs, then you’ll be competing against your former coworkers for a new job and that’s to the benefit of the new employers and might drive salaries lower any way. If you’re unique enough, take the severance. If there’s going to be a large pool of candidates you’ll have to compete against, keep your job
Take the package, apply for your old job 👓
Take the package, go somewhere else.
Leave. Rejuvenate.
Work to get back in the market after 6 months.
The paycut kills the deal for me.
Basically if you take the payout and find a job within a year you make 20%. Not even including the fact you basically get months of vacation.
Sounds great, but a lot depends on your skill set. Is it in demand, where you are (or, at all?). Can you realistically expect to find a comparable job in a down economy?
This isn’t nearly as clear cut as the comments would suggest. If you’re 30 years old, that’s one thing. If you’re 50, it’s a whole other ball game.
I’ve been out of work at 45. It’s not fun, no matter what. You’re competing with a lot of younger, much more willing to take a lower salary people. And all your prospective hiring firms know this.
A year? A whole years salary? Hell yes you take that and run
Was this actually automotive? I had a past automotive client who offered something similar during the 2008-09 crisis except they threw in a car for tenured employees too. Their only condition was if an employee took it, they couldn’t come back in a full-time capacity again in the future.
Hilariously, a lot of the people who took it were their more knowledgable people who knew they’d get work elsewhere and this company ended up having to hire some back as independent contractors to get around their own rules about never hiring these people back.
I’d take this type of deal in a heartbeat assuming I was confident I could land another job or contracting work.
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