To take a years salary payout with no future plans (single parent)

[birkenstuck]

I'll try to be brief. Difficult. Am a single parent with no real other support. What I earn pays for me and my two children. Mortgage. Quite a bit of equity. No really significant savings.

Fed up at work. Pays well. Need new challenge. Been there a long time. Getting older. Worried that if I stay much longer it's going to get more difficult to move on as I'll be (seen as...and might actually be) institutionalised. Nowhere to go in my current company.

Ive been stuck in a way as am a little out of the way geographically... so the job I have is really well paid and rare where I am. My children are in school a few more years and I won't move them. Not an option. I had accepted I'd be a little stuck before.

If I take a package being offered (to everyone, if I don't take it my job isn't actually on the line, they just need a certain amount to go... and are almost there in terms of numbers) I would get about a years take home pay.

So. Tempted. A lot of the jobs in my field are starting to become remote. Things have changed. I think I'm pretty employable. I think I'd get a job after taking the package.

So. Aibu to jump. Have a years safety net. Assume I'll get something in that year.

Or am I being irresponsible and foolish. Too risky. Would any gap just look awful to employers?

Obviously the sensible thing to do would be to get another job first. But if I do that I won't get the redundancy.

I could progress the refund cat (would take three months to sort) and in the meantime apply for other roles... so no gap?

Anyone done similar? Anyone regretted it? Anyone taken the plunge and moved on successfully with a little nest egg in the bank?!

@Eleoura

Do check you won't be on 'gardening leave' for a period of time, and not able to get another job within your sector. This really depends on your role and seniority though? A colleague had 6mths, but we were working in a niche, small market. Also, check that would you indeed be getting 12mths pay, and not 12mths basic pay without weekends/overtime or any extras. That seems very long. I know its not redundancy, but it has caps now too, so triple check the details before going ahead. Do you have a union you could check the fine print with? Or acas?

Start looking now for other roles and best of luck.

Thanks. Useful info. It's 9 months pay based on service. I don't get extra pay/overtime etc anyway.

It works out as 12 months (take home equivalent) due to the tax implications of the first £30k. Although haven't had any actual figures but based on what friends have already got that have just gone!

Lump sum everytime.

Lump sums give you real options. If you land another role in short order you'll be quite in

Quids

I’d check there are currently jobs in your field, then go for it! I was made redundant (not voluntary) this year and had two job offers (in procurement) not long after. Same age as you. But my colleagues in sale & marketing are finding it tough finding employment.

@RovenderKitt

I’d check there are currently jobs in your field, then go for it! I was made redundant (not voluntary) this year and had two job offers (in procurement) not long after. Same age as you. But my colleagues in sale & marketing are finding it tough finding employment.

My field is one in which there's suddenly a surge in new jobs being created... and I think that's going to continue. So that is a consideration.

Depending on your level though an organisation might feasibly wait out any gardening leave. We are currently waiting on 3-6 month notice periods for the right candidates.

I'm in my forties and if I had the opportunity for VR in those circumstances I'd be taking it! Sounds like you want a new challenge. If not now, when??

@StColumbofNavron

Depending on your level though an organisation might feasibly wait out any gardening leave. We are currently waiting on 3-6 month notice periods for the right candidates.

Good to know. I always work on 3 months for new staff in my team. Less would almost seem too keen 😂

@mum2jakie

I'm in my forties and if I had the opportunity for VR in those circumstances I'd be taking it! Sounds like you want a new challenge. If not now, when??

Thanks. I need to hear this. I'm cautious in my middle age. Lifetime of being less so might be catching up with me! I know I'd tell a friend to take it immediately...

Do it. This is one of those life-changing, sliding-doors chances. You sound as if you've got your head screwed on, and you'll regret it if you don't.

I'd grab it with both hands.

In fact I'm quite envious

I did similar.

Our team of 13 had to reduce to 5. Everyone below senior management (no surprise there) was in the mix for redundancy through the restructure. I was told I could be effectively be promoted, but I didn't want to work in the new structure and without the team that had worked so well. The way we were treated during the process was also appalling, which contributed to my keeness to leave.

The 13 of us were all honest with one another. 5 wanted to stay, and 8 to go (most retiring from full time work).
We presented this to the management and they accepted it.

I got about 2/3 of my annual salary in redundancy and started my new job on the same salary I had left a month and a day later - the minimum allowed under the redundancy terms.

Like you, I knew I was employable, knew I could live for a year or more on the redundancy money if necessary, and saw it as an opportunity to leave a job I had lost my love for.

Do it!

@Scarby9

I did similar.

Our team of 13 had to reduce to 5. Everyone below senior management (no surprise there) was in the mix for redundancy through the restructure. I was told I could be effectively be promoted, but I didn't want to work in the new structure and without the team that had worked so well. The way we were treated during the process was also appalling, which contributed to my keeness to leave.

The 13 of us were all honest with one another. 5 wanted to stay, and 8 to go (most retiring from full time work).
We presented this to the management and they accepted it.

I got about 2/3 of my annual salary in redundancy and started my new job on the same salary I had left a month and a day later - the minimum allowed under the redundancy terms.

Like you, I knew I was employable, knew I could live for a year or more on the redundancy money if necessary, and saw it as an opportunity to leave a job I had lost my love for.

Do it!

That sounds perfect. And hopefully similar in outcome for me. Happy for you!

@MaudBaileysGreenTurban

Do it. This is one of those life-changing, sliding-doors chances. You sound as if you've got your head screwed on, and you'll regret it if you don't.

I'd grab it with both hands.

That's how I feel. It is just meant to be the push I need. But obviously it's risky... and scary!

If you want to help your kids with the money don't fund their uni. I got loans (65k worth) and don't even notice my repayments leaving my bank. A chunk of money for a house etc (even £10-15k) would change their lives far more.

Take it.
I took VR from a job that I had been in for 14 years but hated. I was divorced and bringing up my daughter alone, and everything about our life was bad. I seriously wanted a new start, but had to decide whether to take the risk.
Take VR and not know what the future held and whether things would work out, or don't take it and always wonder whether my life would have turned out better.
Sink or Swim.
Anyway, I took VR. It paid my bills for a few months while I found another job. And in the meantime I met my DH, things snowballed, I bit the bullet, put my house up for auction, and found a new house up north where he lived.
I am now settled in a house I love, with a man I love, in a job I love. And my bank balance is finally back in the black after decades of living off my overdraft.
So take it. It worked for me, no reason why it won't work for you too

Take it!!

The world has moved on, redundancy or CB gaps far less of an issue. You’d be mad not to

Take it!

Live fairly frugally, make the money last, you sound like you'll find another job so it's a great opportunity!

Absolutely do it OP! I done it 10 years ago and put some money in to my home improvements which increased the equity and I've just enjoyed being able to move recently. Debt free too. It's worth taking the leap of faith x

I think I will do it. I think I know I have to really. And that I am stuck. Stagnating. This is probably my last big career move but I think the universe (and MN) are telling me to take it! Thanks for replying all!

Sounds like BT or similar, the job market is really buoyant. Do it, take the package, have the summer off don’t look back.

@birkenstuck

I think I will do it. I think I know I have to really. And that I am stuck. Stagnating. This is probably my last big career move but I think the universe (and MN) are telling me to take it! Thanks for replying all!

How exciting! Best of luck and keep us posted - hope this is the start of something wonderful for you

I did it last year as a newly single parent was so worth it - made me realise that I should have moved years and years ago. Slightly lower paid role now, but fully remote, more flexible and really lovely people. It's not all perfect - there is a lot of work and coupled with the learning curve it has meant that I am often working after the kids go to bed, and have little time left to look after myself. However as I get more experienced and as ex is now having some overnights, it has got better.

My big advice is to start asap, take a bit of time for yourself and to think about what you want before panicking and starting interviews, because if they offer a new one and you get only a few weeks off, you may wish you'd taken more. Consider the logistics of interviewing, most is still remote but have childcare options thought through in case you want to travel. Invest in the right makeup/jewellery/tops for Zoom interviews, not just in the products but also check out YouTube to see what looks more current, because many remote-first companies do have a younger profile and without wanting to lie about age, you also don't want to strongly remind the recruiter of their mum.
Also for remote roles, do think through what is manageable for you if they will ask you to attend quarterly offsites or come to offices once a month as restrictions lift.

Good luck!

Absolutely I would do this.

In your position, I'd go for it. My dad did something similar many decades ago, took VR from.a boring job he had had forever. He loved the new job he got next. He would never have had the guts to move if the VR money wasnt there.

Sure, it could go wrong. But end of the day, life isnt life without a little risk, is it? And is suspect you will regret not doing it in ten years' time, if you chicken out again.