Redundancy, what would it take for you?

[Deleted member 66701]

I took VR when they offered me 24 months. The timing was quite fortunate as I was planning to quit a few months later!

 

[sigma]

Sheesh, you guys getting 3 months or more?!

When I got made redundant in 2009, I was given 1 week's pay for every year I've worked there. 6.5 years worked = 6 weeks pay. 6.5 was rounded down to 6. Another guy who had worked 1 month shy of 4 years was rounded down to 3

This might be inflated but I know of someone who left a high paying job for a 6 figure payout and is now back on £750 a day... can't imagine many people would turn down clearing their mortgage!

I took VR when they offered me 24 months. It was quite fortunate as I was planning to quit a few months after anyway!

If memory serves me right you weren't exactly a normal employee were you? They were probably desperate to get rid

 

[Deleted member 66701]

If memory serves me right you weren't exactly a normal employee were you? They were probably desperate to get rid

That was the plan

 

[sigma]

That was the plan

There is something to be said about playing the system.

The system certainly doesn't give two hoots about the employee, that's for sure.

 

[Terminal_Boy]

I'd have to think very hard about 6 months wages. Make it a year's salary with only half of it being taxed and I'd be off in a heartbeat.

Not that it's going to happen as my role is understaffed and we're struggling to recruit.

 

[helpimcrap]

I took VR after 13years a couple of years ago. It was enough money to last 2 years (not a years salary but I have my finances well sorted). The job had changed into something I used to enjoy into something I no longer could.

My way of looking at it is I can spend my life in a hateful but how many times am I going to be paid to leave!

If you enjoy the job - stay. The security is worth it.
If you don't enjoy it - leave and try to change your future.

I left, went to college, just been offered a place at university next year. Fingers crossed a lot of things that could be potential problems are resolved or do not crop up. My journey is going to take many years of hard work and a hell of a lot of hope.

 

[Vanquish-Storm]

Just a restructure, company performance is good but the future business simply does not require the numbers it had.

What's to say they won't go through restructure again in 6 months time and make your new role redundant but offer a lower package.

 

[SpeedFreak]

What's to say they won't go through restructure again in 6 months time and make your new role redundant but offer a lower package.

While there are no guarantees, the changes make the likelihood of this so low it can be ignored.

 

[dowie]

I am confident I could find a new job soon but there will be room to grow if I stay.

Don't get me wrong, the money would be nice and would be over 12 months take home but we are already financially comfortable. I don't expect to accept the offer but in all honesty I never thought I would even consider it, however the terms are generous. It really got me thinking about how much would it take for me to leave. I actually don't know the answer.

Well think of it this way - you could retire a year earlier.

 

[SpeedFreak]

Well think of it this way - you could retire a year earlier.

My pension is very good though

 

[tcfreer]

I'm due to leave tomorrow on redudency.

Ours has worked out to 3 weeks per year you've been here + Paid notice period

Basically I can if I so wanted take a full year out before I go back to work, but I have 0 intention of it

 

[Maundie]

I took 18 months pay (worked out at nearly 2 years take home) and have been contracting for 12 of the 16 months it's been since leaving, certainly a good choice as the job I was doing (a chap I worked with applied for the roles left and got one) has been 'dumbed' down too much, it's almost as if instead of hardware support they are now digital couriers as he drops a pc on a desk, starts the pxe build and then walks away.

Was good to have the money as I've been able to pay everything off apart from the morgage and also help my mother out financially.

 

[dowie]

My pension is very good though

So what? Are you mortgage free, have you thought about when you'd retire? Point is you could do it a year earlier than otherwise anticipated at more or less the same level of income.

 

[blairw]

I took 7 months money tax free (was there for 7 years) then started a new role at 60% wage uplift within 6 months - best gamble ive made in my life!

 

[Glaucus]

Probably not less than a year, as then I could travel for 6 months and still have 6 months to find another job.

so much this, and hopefully find another job sooner and then still have a lump of almost 6 months pay. less than 12 months no thanks.

 

[HangTime]

I think I'd do it for 5 months salary or more.

Any less than that would need serious consideration due to loss of bonus (dependent on when in the year it happened) and share options (assuming it happened before my option matures).

Difficult one really as I work for what I would class as a good employer however I would LOVE some time off (haven't gone on holiday for over 4.5 years) and am very confident in finding another job either paying more money or closer to home.

 

[alx]

I think I'd do it for 5 months salary or more.

Any less than that would need serious consideration due to loss of bonus (dependent on when in the year it happened) and share options (assuming it happened before my option matures).

Difficult one really as I work for what I would class as a good employer however I would LOVE some time off (haven't gone on holiday for over 4.5 years) and am very confident in finding another job either paying more money or closer to home.

Normally share options and the like are treated quite favourable when you are made redundant. I know at my current company they also pro-rata your bonus if you made redundant as well as add on pension contributions and any other benefits you get.

 

[HangTime]

Yeah I haven't really looked into it, I guess they may have to tread cautiously where redundancy is concerned. Share option might not be the right term anyway, basically it's a sharesave scheme but the current share price is about 55% higher than my option price so if I'm not able to buy it will effectively cost me thousands. Of course there is an argument to suggest that if we enter a redundancy situation the chances are that will be driven by poor company performance anyway so might not be such a great deal then anyway.

Bit of a flippant comment (I appreciate it is a serious issue for many) but I actually wouldn't mind getting made redundant (assuming reasonable package) as I quite enjoy the thrill of the chase in job hunting. I've never been offered voluntary redundancy, the closest was when a previous employer made some vague announcement that our jobs were at risk but not for another 10 months and I never waited around for that to happen.

 

[The_Abyss]

As alx suggested, a recognised share save scheme will normally allow you to exercise the options, often early, and may even allow you to contribute up to a further 6 months.

I wouldn't take 12, 18 or even 24 month's redundancy at this point in my career and in the position I'm lucky enough to have. Ask me again in 10 year's time, when I'm knocking on the door of 55, and it would probably be a different response.

 

[Participant]

Difficult one really as I work for what I would class as a good employer however I would LOVE some time off (haven't gone on holiday for over 4.5 years) and am very confident in finding another job either paying more money or closer to home.

Interesting. I'd automatically say no holiday for 4.5 years meant I don't work for a good employer.