To take redundancy and start again?

[Roopdedoop]

My employer has been offering voluntary redundancy, a pretty generous package…….
i don’t particularly like my job, although I’ve been acting up for nearly 2 years for a
role I have worked hard for and was told I would be upgraded soon. I considered redundancy but withdrew as I wanted to keep what I’d worked for. I’ve now been told they are no longer giving me the promotion and it was a bit of a waste of times so feeling really undervalued and demotivated.

i went back to HR and enquired and they have offered me the redundancy package to leave either end of July or end of August. I dont know what to do. Is the job market really so hard now? Keep hearing that it is. I’m no spring chicken but I also will have a mortgage to pay for another 25 years, just bought a house. Scared I will make the wrong choice. If I could get another job quickly it could be life changing. I could pay off all my debt and start over. If I don’t though I’m throwing away a stable job, but one with no prospect for
development.

sorry for the long post, thank you if anyone reads it!

It's hard to know without knowing the job market for your particular skills, and location of not wfh. Sorry to state the obvious but that's what you need to research, and calculate how long you could cover your costs with the redundancy if you needed to. Don't spend it/pay things off with it until you have a job offer?

What do you do? What level? Rough salary expectations? Do you have any dependents?

I would start looking for another job now and see how easy it is.

I personally wouldn't leave a job unless I had another one lined up if I had a mortgage.

It’s mid level admin / project support role. Currently on 34k, could afford to drop to about £25k if I got a job in the first few months as I could pay debt off.
I have to decide by the end of the week so no chance of securing another job by then.
i have applied for a few jobs this week already as I was already planning on leaving.

Technical Project support, currently 34k, 1 dependent primary school. Money would last me up to a year if frugal

If I could drop down to £25k I'd go for it personally. It depends a bit where you live but I'm in a city and there will be a job somewhere generous redundancy packages don't exist where I work it makes a difference having that chunk of money.

Ageism is alive and well take that into consideration if that's an issue.

The fact that you were considering leaving anyway makes this an easy decision in my opinion. Leave with redundancy pay off

I’m under 40

Thanks. Also near a city - 20 mins on train

Hopefully you've got it made then.
Good luck with whatever you decide to do.👍

Go for it if you can afford to go down to25k that opens a lot of job possibilities
also the fact they’ve come back to you means they want to reduce to workforce
been there refused redundancy the I was constantly unsettled as there was always the worry hanging over you about compulsory redundancy

As you’ve just bought a house then i’d say don’t do it. But as others have said, depends how likely it is you’ll get another job, and if you have savings to last a good 6 months plus.

I think go for it. £25k is just over NMW now so, I think that you will find something.
try to not down sell yourself though - 34k + is really what you’re looking for

I wouldn’t, not with a mortgage to pay, and presumably by yourself as you don’t mention a partner. The job market is awful and for some of those £25K jobs, employers want people who are younger. It’s also easier to find a job when you have a job. I would stick it out as long as you can whilst being as frugal as possible to pay off the debt quickly.

Why are t you already applying for jobs to gage it…

I'd go for it. It's a good amount to pay off your mortgage and pretty likely you'll find something within a few months. And they've given you til the end of August which is heaps of time to find another job.

I've been made redundant a few times and each time payout has been really handy.

Well I’ve applied for two but I only found out at 8.30pm last night and I have to decide by tomorrow…. So not had much chance

Sorry should have said - I’m married and husband works full time earns slightly less than me but could cover my share of the mortgage if worst came to worst

You are unhappy in your job. This is an opportunity to leave and find something better. Be brave and go for it.

OP you also need to remember that a company that is making voluntary redundancies now might make compulsory redundancies next if the company is in trouble...

I would take the offer, especially as you don't even like the job.

as you already want to leave i personally would take the gamble and take redundancy. sounds like you aren't happy there so why not leave with a lump sum and the chance to have a fresh start. you've got the safety net of the mortgage being covered by your other half for a while if needs be. you could always pick up some temping work to pay the bills while you're looking so you don't have to dip into the redundo money too much. if it was me i think if i stayed in these circumstances i would always be thinking of the money i could have had.

OP I'm in a similar position, not redundancy but considering walking from a job that is making me stressed, and I think the difficulty is we don't know what the future holds so it's impossible to say whether it's a good idea or not. If you leave and then get a great job it will have been the right decision. If you don't get a job that is as good or as well paid then it won't have been a good move. But there's no way to know this now.

Based on your current situation I'd take the redundancy with the end of July date.

Then start applying for every job you can that's £25k plus just to get something lined up by the end of July, anything. Then also apply for actual desired jobs too but hopefully with a fallback in place.

If it's enough to pay off your mortgage, I'd take it in an instant.

In fact, in similar circumstances, that's exactly what I did BUT I was close enough to retirement to take my pension so another job wasn't an issue.