So my job is coming to a close. I will have been with the company 5 years in April. Although other groups have been let go, mine has NOT been given 90 day notice.
We have been promised 90 day notice, plus 2 weeks severance per year (which means 10 weeks for me as my 90 days would be after my 5 year anniversary).
I also have 6 rolled over TOP days that will be paid out.
Each month, I accrue 2.5 TOP days that will be paid out if unused.
My company also hands out bonuses in March, not end of year or January like most companies.
HOWEVER, many people are job searching at once. I am overpaid in the industry and with market saturation, I will not only lose 20-30k in unlimited overtime, but at least 10-12k in base salary.
I have a lead on a job through a friend - slightly out of my immediate wheelhouse, but in the same industry.
Here's where the gamble comes in.
In a perfect world, I would work out my 90 days notice and net approximately $12k from severance and TOP time, PLUS saving unlimited OT for the next few months AND getting any (possible) bonus in March. Then magically hop onto another full time job.
If I get an interview (likely given my connection to the group) and get offered the job in say the next month. I won't be bonus eligible. I would lose any severance offer and not be able to save up OT for the next 90 days or so. But I'd have a job. A stable job and could continue to look for something more interesting and higher paying.
I also know, that in the worst case scenario, I stick out the term until completely being severed, that I could do short term contract work until I find a full time position. But I'd be competing against a lot of people for full time jobs.
There is a mystery meeting on Friday this week. It might be to give final notice to those of us without end dates. But I don't know as the person 'hosting' is not in the chain of command for our group.
I kind of hope it is giving us the notice - because then if I get the offer, I have some possibility given the length of time companies take to actually start jobs, I might make that severance package.
So many what ifs and part of me really wants to gamble for $12k NET plus at least an extra $800 per paycheck in overtime for another 4-5 paychecks PLUS a potential bonus.
But would potentially having no job after be worth that price?
Stewing on things right now. Talking to the hubby and applying all over still. We'll see how things go, I guess.
Crunching Numbers and Making Hard Decisions
January 31st, 2018 at 01:51 am
January 31st, 2018 at 04:03 am 1517371435
Is there anything problematic on the risk ratio other than the CC debt $ 11,360. Have you contacted key people for reference? It's important to do your best to stay in touch with colleagues who have moved on since most jobs are won by referral from others. Would you welcome short term, contract work as a challenge that has potential or as something negative? As a contract worker, if you have control over work hours you can likely identify/met requirements as 'self employed, which has a long list of tax deductions making $$$"take home' so much more beneficial. Perhaps it is worth the time to explore that option.
Should you be offered the position you anticipate being interviewed, would you consider negotiating the 'start' date?
January 31st, 2018 at 08:48 am 1517388515
January 31st, 2018 at 12:23 pm 1517401419
How much of a gap would there likely be between the time you get an offer and the balance of the 3 months notice?
If they really like you, they may be willing to wait a bit. Or could you offer to begin the new job on a transitional basis working p/t hours somehow, maybe from home? I would do everything I could to get the severance perks from old job without losing a possible new job offer.
January 31st, 2018 at 12:26 pm 1517401604
January 31st, 2018 at 12:58 pm 1517403483
January 31st, 2018 at 02:44 pm 1517409853
January 31st, 2018 at 08:48 pm 1517431731
Debt is not the only factor, household expenses, the fact that I had to short sale our townhouse last year and the tax impact is still a little up in the air are all factors.
I absolutely have been networking. I have contacts in a lot of the major groups in the area, but so do many others from my site. I attend a professional network event monthly and I have gotten in touch with many recruiters.
At this point, it would not benefit me to leave for a temporary contract position. Those are constantly available and I hope to find a permanent job. However, if push comes to shove, I am on my spouse’s insurance this year, could do temp work and keep searching for full time. There is a bit of a negativity around contract work in the industry at the moment though and it could potentially provide its own challenges.
Once interviewed for this full time position - if I got it – the position would be offered to start within 2-4 weeks usually within any position in my industry. There is no wiggle room with HR and part time would not be an option either.
Patient Saver – they would not hold the position for me for a period of time, the jobs are usually intended to be filled as soon as possible and there are enough workers saturating the market that if I chose not to take the offer at the time, they would not hold it for me.
Not much wiggle room when it comes down to it – so it’s a gamble and my husband & I are talking over all the options.
Also – PatientSaver, you’re right…for the March bonus, it’s a possibility, but not a promise that they would come and if they do, that they would be anywhere near what I received historically.
MM – I saw you and I were in similar boats. I have been the higher earner out of the two of us, but he has the job stability. It gives us a little wiggle room, but not much if we want to keep some of our long term goals on track. Thank you for the sympathy.
rob- I am definitely the planner and so many things that are unknown gives me a lot of anxiety! Things will die down soon though! I have to remember I can only control what I can control and only can control how I react to things I cannot.
And thank you everyone for the feedback/questions. There are so many what ifs and factors.
There is a mystery meeting scheduled on Friday –I feel that the last group without end dates will get them. We will all be closing out the site at the date they give us. (A minimum of 90 days away). That might make decision making a little easier for me though!
February 2nd, 2018 at 12:59 am 1517533146