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Original poster

In the current climate, would I be mad

14 replies

ToLeaveOrNotToLeave · 03/10/2008 11:09

Would I be mad to take Voluntary redundancy without another job to walk in to?

I'm a single parent and have a mortgage, my mortgage is my only debt.

I'm pretty confident with my skills and CV and don't think the employment market seems as bleak as everybody is making it out to be (at the moment but I think that will change). I've applied for 4 jobs in the last month and have already had 1 interview, one I didn't get an interview for and 2 I'm still waiting to hear on.

Everybody around me is set that they aren't applying for redundancy, am I stupid to go. do they know something I don't?

The organisation I work for have announced MASSIVE job loses, tens of thousands around the world.

I think it's going to be easier to get a job now than in 6months - 1year and I think I'd get a resonable package to leave.

I'm interested in your opinions

OP posts:
Original poster
ToLeaveOrNotToLeave · 03/10/2008 11:26

bump - as this had disappeared

is everybody on my thread about next ? lol

OP posts:
Chequers · 03/10/2008 11:27

Sounds ok but being new in your next job may make you vulnerable to redundancy there if they do a last in first out type thing. What line of work are you in?

Original poster
ToLeaveOrNotToLeave · 03/10/2008 11:33

I work in IT but on the business side rather than on the technical side so have a lot of transferable skills. Most medium-large business has somebody or a lot of people who do what i do iykwm.

Sorry to be vague, I'm not hiding from MN regulars more so that I can't believe I'm the only MNer that works for the same company as I do!

OP posts:
Kif · 03/10/2008 11:39

it worked for us - payoff, a few months off, then a job dh likes better anyway.

However, lots of people went very pale on our behalf, and generally behaved as though they saw it all as an unfolding disaster. My dad was super anxious for us. Perhaps we were just naive and lucky.

Original poster
ToLeaveOrNotToLeave · 03/10/2008 11:44

that's what I'm hoping for Kif.. pay off big chunk of mortgage, remortgage across a lot less time and get another job (perhaps even part time instead of a slog your guts out/married to it kind of job)

OP posts:
Niecie · 03/10/2008 11:46

No I don't think you would be mad. It does depend though.

You have transferable skills that would make it easier to temp if the worst came to the worst. Some companies prefer to take temps/contractors on if times are hard as they don't then have a permanent head count they can't get rid of quickly. That is our experience anyway - DH contracted for several years and I have done a bit of temping too although not for a long time.

The other thing would be how much redundancy you would expect to get. I would think your package would need to be equal to , a minimum of 3 mths salary, preferably 6mths, just in case you don't walk into another job.

Tortington · 03/10/2008 11:47

it depends on the redundancy package and the line of work you are in

if you are really confident that you can get another job quickly - theyn considering the job insecurity floating around at your place - i would go for it

Kif · 03/10/2008 11:48

dh was very lucky with payoff though. He had long service and a good contract. We slashed our outgoings (moved in with parents!) while job hunting, and we knew we could survive over a year like that, esp if I were to cut my maternity leave short, We did have plan B/plan C/...

ditzzy · 03/10/2008 12:39

Similar to Kif, DH was already job-hunting and planning to leave over the summer, so when he had the chance to volunteer redundancy at the begining of summer we jumped at it! At that point he hadn't even had any interviews either. (and he works in IT too).

We thought it was a brilliant move, everyone around us was shocked and terrified! Now he has new job, which he enjoys, gets paid half as much again, and just to horrify everyone evn more, we even moved house last month!! (moving costs covered by redundancy pay off)

rookiemater · 03/10/2008 12:40

If it were me in that situation I think I'd take it. I agree with you that it will probably be easier to look for something else now rather than later and in fact am quite at your VR as I'm thinking of applying to work somewhere else but DH thinks it would be madness to walk away in case they decide to offer it to me.

rebelmum1 · 03/10/2008 12:48

I'd take it, while it's on offer, it doesn't bode well for the firm and you'd be constantly wondering. IT is pretty recruitable, I wouldn't get a job in a bank though ..

Kif · 03/10/2008 13:50

thats the thing about dh's job. Since he left, as many people again have been laid off. His ex-boss cleared his desk last week.... it obviously was a deteriorating working environment.

Original poster
ToLeaveOrNotToLeave · 03/10/2008 13:55

Well you guys are kind of thinking along the same lines as me I think

to be honest. I'm not afraid of hard graft. worst comes to worst I'll take any job to tide me over whiilst looking for a better one

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sophy · 03/10/2008 14:02

The size of your redundancy package will probably depend on the length of your service, and possibly your age.

I was made redundant from a big firm 7 years ago, and taking tax into account was the equivalent of 2 years pay. Well worth it. If I had had 10 years service or been over 40 would have been even bigger payoff.

Downside is, although I have been freelancing quite happily from home ever since, I have not earned anything like as much money as I was earning then, even taking into account expenses and childcare.

So if you do it, you better be very sure you can get another job quickly.

But I think you are right, in a year the job situation will be a lot worse.

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