To consider voluntary redundancy

[HungryandIknowit]

Work offering voluntary redundancy, enhanced package (works out as about 10 months net pay). I like my colleagues a lot, I work PT, I work mostly from home, the work is often flexible, and is well paid for what I do. I returned from mat leave a few months ago. I could use the money to take an additional 10 months with my DS then find another job, but I am likely to find it difficult to find one as flexible or as well paid, especially given macroeconomic factors. On the other hand, the company isn't performing massively well so there could be additional redundancies in future with a worse package. Is there anything I haven't considered?

YANBU - take the package even though you may not find a job as flexible or well paid in future

YABU - don't take the package

Impossible to answer without knowing if you need a job to go to, and if so how employable you are / how impacted your sector is likely to be by a long recession.

Could be a good opp, could also be very difficult for your personal outlook.

I’d stay. You are on a great package. Job security will be everything in the next year or two. Or if yay are really worried how secure your job is, look for another whilst still there.

New job would be needed but not crucial in terms of timing, got some flexibility (maybe 6 months or so). Would reduce savings though. Sector heavily influenced by recession but I could probably find a role in another sector if needed. It may depend on how deep the recession is, however, as companies do sometimes cut back on my role in a recession (happened in 2008).

I would probably take the package and spend the time trying to find your next great fit, or pivoting if you think outlooks aren't good for your industry. 10 months is a long time in a new baby's life, you might want a completely different kind of work by the end of it.

Ok, if your industry is heavily hit by recessions, I change my mind, I’d leave but try and find a new job quickly.

Rather than spend the 10 months with your DS (nice as that would be), I’d try and find something to move to within a short period and bank the redundancy money.

You’re not likely to get such a good, tax free, payout again. Unless you really don’t need to save it, or if paying it off your mortgage wouldn’t be useful, I wouldn’t ‘squander’ it.

I took my offer but it was a few years ago. I worked for a very large organisation and they offered a very good voluntary redundancy deal. I didn’t take it first time round as I was very happy in my job but quite a lot of people did, the problem was then that the company did it purely by numbers and not in a strategic way. This meant some departments could barely operate and all the best people ( who were more likely to get another good job) we’re the ones to leave. This put a huge pressure on those of us, left by the 3rd offer of voluntary redundancies I was desperate to take the money and escape. With a decent package I was able to take the time to retrain in another area, it was totally the right decision for me.

It’s hard to say. Part time/wfh/flexible is like gold dust in some sectors so if that’s case in your sector I’d stay put.

Recruitment freezes are starting to kick in, I don't think it's the right time to take the risk. Sit it out for another year.

I took VR. Best thing I ever did. But it was the right time for me. But I have gone in a completely different direction and can’t see myself going back into the sector I was in.

We’ve had voluntary redundancies coming up over the years leading to enforced redundancies if not enough volunteers. I went back after maternity leave part time and my work is very flexible, never missing anything I needed to be at for DC. That was 14 years ago, I work on the basis that whilst I wouldn’t at that time volunteer, I wouldn’t mind if it was enforced and I had plan in place. Now of course I’m ready to go and would volunteer but nothing is being offered🙄

When you come to look for work in 10 months time, we are likely to be in a deep recession. On that basis, I wouldn't.

Depending on your sector, I would take the package, but not stay home. I would try to get back to work sooner than the 10 months, as personally I'd like to have some lump sum left.
Alternatively, you could wait, try to get back full time so if there is another round, your package would be better!

Thanks everyone! Varied opinions but a few things I hadn't thought of so v useful.