If you've been considering a career move, then this may prove to be your opportunity, old mate. Have you any ideas over what you'd like to do next in your life? If so, go for it. Don't live with the regret that you were presented with the chance to move on and do what you've fancied, but decided to play it safe and stay where you are. Even if you're made redundant against your wishes, it's not the end of the world (although it definitely seems like it at the time). You can make the situation work for you and use it as a fresh start. No matter what, good luck.
Was put in that position about 10 years ago, only I didn't have any realistic choice in it (I was offered the chance to apply for an alternative position in Southampton). I found work and started at the new job within about six weeks (so spent my time off building a patio), but I took a significant pay cut (upwards of £8k) and had a few financial issues as a result. It took me about 8-9 years to get back to the same pay level as previously. The hard part looking for work was readjusting my expectations - I had been applying for positions that would have given me a pay rise, but redundancy put prospective employers in a strong position and with a young family at the time I had to take what was offered. Worst part of the job search was bl00dy BT dragging me down to Fleet (Hampshire) for an interview only to find out later there wasn't even a position on offer. If it happens again, I'll probably take more time to find the next job (or go contracting) rather than the first thing that was offered... Having to sign on was crap, but not as painful as it could have been - and I think its easier now than it was then (a lot of the form filling is online). If you are signed on, it does help with reductions for things like council tax, so might be worth it if you think you might be out of work for a while.
Wow, that's a difficult one. To me just get the pen and paper out, pros and cons. The financial side should be fairly easy to evaluate. The general well being part of it is far more difficult. I seem to recall that you are an accountant. Are you contemplating a move away into something different ... errr lion taming ? :nails: Good luck anyway !
Its down to each individual and there family as everyone circumstances are different My own experience 3 years ago :- I knew relocation / redundo was coming later in the year I also knew I was to be offered same job 10 mins away instead of an hour as it was and possible hour and half after relocation., but not until later in year. And for 10 % less salary I wanted to take the 19k redundo. and put me feet up for summer (had unemployment insurance as well just incase it went on a bit longer as still in recession) But wife didn’t want me to give up my job but to wait it out til it happened. I got offered the new job 2 months later so took it. The old company offered redundo 2 months after that. Think I've just got over it.
Lots to consider How much your redundancy package is. How long could you manage without finding other employment. What salary would you consider going down to. Are their other positions in your vacinity you could take. Is your health happiness and quality of life more important to you the a good wage. Btw all the best.
Took VR 18 months ago. Still not convinced I made the right decision, but it was a decision I needed to make. Plus side, bit of a payout. New kitchen and decent holiday. Walked straight into an identical job with no break. Downside. The money is gone. And career wise, well I only took VR cos I was stale and wanted to do something new. 18 months on I am still struggling in the same role, which is depressing me and not helping the mid life crisis. OK, I'm too old for a mid life crisis. Sorry if this is no help. It is a very personal decision. All I can advise is don't treat it purely on a financial basis. Think of the longer term outlook for you and those closest to you. And good luck. Sent from my SM-T800 using Tapatalk
Some great advice here, thank you to everyone, and good to get people's contrasting experiences. A few people asked different questions, so I'll try and answer them all here - from a financial perspective I'd get about five months pay equivalent but because of the tax free nature of the first 30k then its more akin to seven months of actual cash in hand, if that makes sense. I am concerned though that it will be hard to get the same salary as I probably earn more than the role is actually worth if I am honest and living I the north west there aren't the same volume of available jobs in my field as there would be in the south East. Career wise - not looking for a fundamental change of careers, mainly because with a young family and the wife part time we can't really afford the pay drop that would entail. I am very, very stale though in what I'm currently doing, properly bored with it. On the upside I am not particularly hard worked, sp I have a great work life balance and I'm not unhappy with the wage I'm on. So a lot of pros and cons.
I took VR about 9 years ago after 11 years with the same company. I was dreadfully bored and happy to take the cash and leave, especially as I had a contract lined up afterwards, with Bank of Scotland in London. 3 months into it, the financial crisis hit, I had to fight my way through reporters just to get in the building and all the contractors were laid off. At that point obviously no-one was hiring and it took me 9 months, and a job abroad (in Vienna) before I could start again. Those 9 months were a bit depressing. I think if it had been a couple of months before I found my next job that would have been optimal, but that was just too long and psychologically you start to wonder if you are still up to it. I haven't been out of work since, but the financial benefits of taking the redundancy were offset by the unexpected economic downturn.
I was made involuntarily redundant right at the beginning of the economic downturn and as it wasn't related to the downturn I didn't realise how serious things would become. I spent my redundancy on essential things like plaster, carpets and £110 a roll wallpaper, and then found myself living on £170 a month or a whole. Most depressing period of my life and took about eighteen months to get back on an even keel. That said, the job market is a lot more buoyant these days so it might be a better time to go for it.
I'm redundo at the end of this month.. ..on the plus side I've got another better paid job to go to straight away + redundo + 3 months PILON. Happy days in some respects but a slightly further commute (to l**ds) but working with mostly old colleagues on much the same role. Could have stayed on with same company (I've 15 years service) but in even further away and no financial compo. Took a risk and it seems to have paid off but only time will tell as with any such major decision. Conversely I know someone who took a good payoff from a convenient but stale job and has not yet got a new job 12 months+ on (albeit with quite specific requirements) Good luck whatever you decide.
Difficult choice. I was made redundant just under 12 months ago when the directors made an almighty fukc up and put a very profitable business up **** Creek with no chance of survival. I'm still very bitter about it and fell into a bit of depression after not being able to find anything and trying to pay a mortgage on 210.00 a fortnight. Took me 6 months to find a new job and took a £12k pay cut. Not what I wanted but a job at the end of the day and looking for something closer to what I was doing before Sent from my SM-G800F using Forum Runner
