Help pls! - quick decision needed on job offer!

[ChrissieLC]

I am currently working for a firm where there are a few...shall we say...cash flow issues.

There are also one or two other niggles such as an ogre for an admin staff and a boss that can't keep his staff (very up and down in character), but to be honest I can live with that....I think, but office atmosphere is bad.

They have just agreed that I can work a 3 day week so that is really good, but fundamentally the company has issues and may not be around next year, or even before that actually (Septemeber maybe). Pressure is on us to pick up the business, but the amount they need is unrealistic. Basically running costs of the business are too high (I think). The owner is very jittery so I do think there are big problems looming although nothing official has been said so I am not certain how bad problems are.

I have redunancy cover which will be fine for a year.

I now have 3 options:

1. stay put, if it all goes wrong claim on my cover. its a 3 day a week job in the meantime so I can be with the kids!

2. go self employed, not hire a nanny so have no costs, but then alot of uncertainty, however I have introducers and a few clients that should keep me going but no way of really telling. If it does work, I wil earn more than I earn now and work even less than 3 days, however it could easily not work.

3. I have just been offered a job at a building society. They have a brilliant product range, really good offering to customers so they are strong (from clients point of view cheaper than seeing an IFA but just as good an offering in reality). So I would be able to sleep at night! it would be a 4 day week.

HOWEVER it is nearly an hour commute, basic salary is alot lower and costs of nanny will be more than the basic salary. Bonus potential is great but will not happen for the first 4 months. Training is residential a long way away for 4 whole weeks. My children will really feel this. Long term great prospect and more secure, but short term less money and big impact on the family.

What would you do? Help is much appreciated!

Thanks!

So your options are: safe but longer hours or not so safe but less hours and potentially more reward?

If you stay put & they make you redundant, then you will also be entitled to redundancy pay (if you've been there more than 2 years), which might be able to tide you over for a while until option 2 is set up?

What is the job market like in your area/industry anyway? If self-employment doesn't work out, how easily would you be able to get another job do you think?

How much of a risk taker are you, and do you need your income to survive (ie could you survive on just DH's salary until self-employment settles into regular work for definite clients?) There are a lot of benefits to being self-employed but it can also be a lot harder work, with no paid time off etc etc. Could you try the job and see how you get on for say, 1 year, and then see how you feel about option 2?
Ultimately it depends where you would be happiest - sorry not much help really!

I think I'd stay put for now. If it all falls apart, you say you are OK for a year anyhow, in which time you can start your own business or look for more suitable jobs. Especially with the Summer holidays coming up, you don't really want to start working an extra day, and adding in extra hours of travel, for what will leave you less money. Presumably you can still keep looking for other jobs if you stay where you are and redundancy doen't come along in the next few months ?

As someone who has worked more hours than I wanted and had a help of a commute I can honestly say I would take a risk every time! You have redundancy cover so if that happens you have a back up to live off while you get the self employed start up going.

If you would be poverty ridden my opinion would be different but it sounds like you can survive whatever happens so go for it.

Hi, thanks, yes I see what you are saying.

The industry i work in is changing dramatically at the end of the year. The major banks have pretty much pulled out. I was at Barclays and got made redundant just over a year ago. i have only been here 6 months, however redundancy insurance will be more than I earn after childcare costs so for a year I'd be fine.

I don't really need to work as such, DH income is enough for a reasonable lifestyle, mortgage is paid off. But both kids are in private school /nursery so it is alot of pressure on him to keep earning.

Part of me does think stick with this and if I get made redundant, just go self employed.

However with around 3000 people having been made redundant in my industry in the last year, there are far fewer employed roles arond...in fact hardly any. The Nationwide job I have been offered is a rare one these days and I suspect there will be another 1000 redundancies in the industry over the coming year. I do think Nationwide will be ok though...about the only one that will be! So hence my temptation to grab it whilst I can. They have alot of candidates.

Oh the dilema!

Part of me wants to just do my 3 days a week and just see what happens so I can be with the kids, but logically my ex Barclays colleagues think I am barking mad to turn down the nationwide opportunity...

hmm!

there is also the fact that I reckon I would enjoy nationwide more as a job.... but commute + time with kids makes it a hard one

There's no easy answer, but as you wouldn't be giving up any redundancy pay by leaving, could you take the Nationwide job and see how you go for say, 6 months, with the extra hours & travelling. If it's too much then could you leave that job and still go self employed, or would you have lost too many contacts in that time frame?

Thats actully quite a good idea thanks! The only thing is the commitment to the 4 weeks training in Swindon (wherever that is in the country?!!), that is the real thing I think stopping me at the moment as I know within 4 months I will be earning enough bonus to make it worth while...I hope!!

the poster 'only4tonight' mentioned she worked more hours for longer commute and advises against it...that is a really compelling argument as no matter how much I might like nationwise job more than the other options, I may end up hating it due to commute and time away from kids in which case my motivation and therefore bonuses dissapear!

4 day week still means 3 days with your children. Don't underestimate the amount of time you will have to put in to go self employed - as you have pointed out there are a lot of people floating around that have been made redundant from your line oif work. Swindon is SW of the country, in Wiltshire

I have to say, in the spirit of full disclosure, it did not help that I was mots big fan of the job either.

I have decided to go for Nationwide.

The self employed thing is tempting as I think I would have enough business but having spoken with other people who have done it, for the amount of time you spend on being compliant with the FSA v the amount of time working on clients is apparently huge so the commitment of hours could be quite something, Red HelenB you are quite right, I think I was underestimating the amount of time self employed. At least with Nationwide I can plan the time as it is finite.

Thank you!