Ok, you know my company is closing, but now...

[jfulcer]

Here's the scoop... They just released the severance packages and stay on incentives. The dilemna is whether or not to wait and let the ax fall, or jump ship with all the other rats.

If I stay on, the basic idea is I get 4 weeks of pay whenever they let me go. So, I would be given 60 days notice, then after those 60 days, they would pay me for 4 more weeks. So in reality I would have about 3 months to find a job no matter when they let me go. Additionally, if I stay on, they will pay me an additional 2 weeks of severance for each month after february that I am here. So if they let me go in July, I would get 10 weeks of additional severance. The estimated closing date for our office is the end of September, so the maximum additional pay I could get is 14 weeks.

So, if I made it through the early layoffs, I could get a severance package equal to about 18 weeks pay. Or they could let me go right away and I would get like only 6 weeks pay. Of course, I would still have to additional 60 days from when they say they will let me go to look for a job WHILE I still have one.

Have I confused you all?

The question is, should I cut my losses and leave while the leaving is good, or stick around as long as I can to get some extra pay out of it. I'm pretty sure that it wouldn't take me more than a month to find a job - I'm in IT with very marketable skills and the prospects seem good, at least right now here in Milwaukee....

I think I know what I feel I should do, but what would YOU do?

 

[Dan Murphy]

Don't really know, Jeff, never have had to really think about that, ever. I would tend to stay, I think, for the time you can, buying time while you investigate other avenues of work there. My best to you.

 

[Tiggeroo]

but the big question is, can you trust them. They aren't at some point down the road declare bankruptcy, or do something else to make them unable to honor the agreements being offered now? If you can trust them, I too would stay. It is easier to look for a job while you already have one. You look more attractive to employers. Also, you feel less rushed and are less inclined to compromise in your new job choice. It sounds like either way you will get at least 60 days notice and 6 weeks pay. By staying you have longer to job search, (starting immed.), and may possibly increase your severence pay. How long are they going to cover your health care?

 

[FINFAN]

Well, I guessI would take insurance benefits into account...the longer that is covered the better. COBRA is extremely expensive out of pocket.

 

[Rajah]

I agree -- I'd stay as long as possible or until you actually have another offer, whichever comes first. Since you *know* the company is closing, they have to expect you to be looking elsewhere. In today's society, I wouldn't assume that another job would be easy to find -- keep one while you have it, and actively look while you have this job.

 

[Michelle]

Do you have to sign something stating that you will stay to the bitter end if you DO stay? We used to offer retention bonuses to certain key staff when my old bank was in the process of being acquired, but it required that the people stayed until the very end.

Personally I'd stay and get the maximum severance and start looking for a job now. Even if the job market is good you just never know how long it would take to get hired. And if the job market is good then you will be able to get a job at the end of your current job, plus you will have earned all that extra money, which is always a nice bonus.

 

[December99]

Jeff - I too would stay for the benefits if possible.

Are they going to allow to look for another job while still working at this one? I mean are they going to let you have the time off to go look for another job without "docking" you pay or charging you vacation time? That would be one thing I'd want to know.

Staying seems like a very good deal.....my only other concern would be will the more marketable jobs be gone by the time you are done???? I've seen that happen to people lately....just something to think about.

 

[Pin Wizard]

I would stay there while looking for another position. Then if I found one, I'd be gone.

 

[jfulcer]

tiggeroo, The parent company that owns us is the Bank of New York and the only reason we are being eliminated is they spent $2.5 billion to buy out our rivals and we aren't needed anymore. All of the accounts we handle will be rolled into our rival's system, thereby negating the need for us.

So I'm not worried about my company folding, and they are putting everything in writing so I know they can't weasel out of it.

My health care would be covered through those 60 days (and to the end of that month if it's a partial month). Of course, I can COBRA if I need to, but that would chew through any severance I would get rather quickly.

 

[jfulcer]

Chris,

They are offering all the time off we need for resume writing, meeting with recruiters, interviews, etc. They have said they will still allow us to do vacations without charging us for vacations so that when we get let go, we can get paid for our vacation.... They company is being very very receptive to working with us in every way they can (so far).

We have weekly meetings to talk about recruiters, job opportunities, etc.. It's in the companys best interest for us to find other jobs and leave so they don't have to pay us severance so they are helping us as much as possible if we want it.

It's a weird enviroment to be in - working on resumes at the same time we're doing projects that weren't just outright canceled.

 

[The Mystery Machine]

One thing to consider is at the begining of the year is when most companies open their wallet to hire people. A better position be be gotten if you jump ship now with all of the other rats.
Also have you ever stayed to the "end"? It can be very stressful sometimes.
Now on the other hand the extra $$$ does sound good. 3 months is alot of time to look.

Good Luck that sounds like a hard decision to make.

 

[December99]

WOW Jeff...well then I would say stay and take in the best of all worlds...why not!!!!

 

[Big V]

I think I would tend to stay too.

 

[Pooh Girl 71]

I went through this situation last year. I ended up staying until the bitter end I prayed A LOT and left the old job on 3-15-02 and had the new job lined up on 3-18-02. The bonus money sent me to WDW last year too.

It's a hard decision though. I say if someone wants you to work for them badly enough, they will wait for you.

 

[Mskanga]

My personal opinion is stay until you find a better job and then go, for benefits alone I would do it unless you already have another job lined up.

 

[MerryPoppins]

I think DH will soon be dealing with the same situation. I'll be anxious to hear what you decide.

 

[Towncrier]

My advice (based on a bad career choice that I made many years ago) is for you to stay as long as they will pay you. You will be much better off in the long run.

 

[Michelle]

It's a bank acquisition? That just confirms what I said before, STAY till the bitter end, you will be much better off financially if you do!

 

[jsmith]

Been here done that-and things can change-I chose to stay til the bitter end-and would up keeping my job with the company. Plus it's easier to find a job when you have one!

 

[jfulcer]

Originally posted by MerryPoppins
I think DH will soon be dealing with the same situation. I'll be anxious to hear what you decide.

I had already made a choice (I think). I was really just posting this here to see if anyone offered any other suggestions or saw something differently than I did.

My thoughts are:

• Once I have a termination date, I will NEED to find a job and there MAY not be one available.
• If I don't find a job, I would have to take out COBRA, which would get very expensive quickly.
• The job market seems ok now, there aren't TONS of jobs, but they are out there.
• If it does go to September (or even later) it would pretty much put the kybosh on our planned October vacation to WDW.
• If I do make it that long and can find a replacement job, that's a hefty chunk of change to get.
• Once the ax falls, I would have 3 months paid to find a job, at the minimum.

So really, I'm going to hang out until the going gets good. If that means that I fall over the perfect job, it may be worth it to jump off. I'm just hoping I'm not shooting myself in the foot.