If you had the option of a generous severance…

[Anonymous]

I have worked at the same company since early in my career, am now mid 30s. There is the possibility that my entire team will be dissolved later this year due to organizational changes.

My colleagues and I are well liked, and would likely be given preference for other open roles in the company. But due to my tenure, I would likely be offered a generous severance package (likely around a year of salary and benefits) if my role is eliminated and I don’t preemptively find another one. I have young kids and it would be nice to spend the time with them - it feels in a way like a once in a lifetime opportunity, but there’s the risk of not finding a new job at the end of it.

I was considering leaving the company anyway because it’s a very long commute and I wanted to look for something closer to home. On the other hand, I like the company, I have a good network there and get additional perks due to my tenure. I’ve also had a lot of flexibility, which is why I’ve stayed so long, but there would likely be less of that in a new role.

WWYD? Take the paid time with your family then look for something else? Or try to preemptively line up a new job internally or externally?

I’m middle management, fwiw.

[Anonymous]

Take the time with your family. You’ll never regret it. You may have twinges but you are doing the best thing for all of you.

[Anonymous]

Anonymous wrote:I have worked at the same company since early in my career, am now mid 30s. There is the possibility that my entire team will be dissolved later this year due to organizational changes.

My colleagues and I are well liked, and would likely be given preference for other open roles in the company. But due to my tenure, I would likely be offered a generous severance package (likely around a year of salary and benefits) if my role is eliminated and I don’t preemptively find another one. I have young kids and it would be nice to spend the time with them - it feels in a way like a once in a lifetime opportunity, but there’s the risk of not finding a new job at the end of it.

I was considering leaving the company anyway because it’s a very long commute and I wanted to look for something closer to home. On the other hand, I like the company, I have a good network there and get additional perks due to my tenure. I’ve also had a lot of flexibility, which is why I’ve stayed so long, but there would likely be less of that in a new role.

WWYD? Take the paid time with your family then look for something else? Or try to preemptively line up a new job internally or externally?

I’m middle management, fwiw.

Will also add that my spouse brings in about 2/3 of our income but my income is not insignificant and still very much contributes to our finances and savings. I would think of this as a sabbatical and would need to go back to work at the end to make our financial goals work.

[Anonymous]

Mid 30, taking a paid year off, going back into the work force at 36-37 seems like it would be fine if you have skills that are transferable into current work environments.

[Anonymous]

Take the money but don't look at it as a sabbatical. If you wait until the end of it to line something up, you'll struggle. Take the offer and immediately begin looking. Anything that you accept should allow you to have a few weeks to a month before you start and enjoy that time with the kids.

[Anonymous]

Oh I’m 100% outta there.

[Anonymous]

Anonymous wrote:Take the money but don't look at it as a sabbatical. If you wait until the end of it to line something up, you'll struggle. Take the offer and immediately begin looking. Anything that you accept should allow you to have a few weeks to a month before you start and enjoy that time with the kids.

Not this. Take the offer but use 6 months as a sabbatical and look for a job with the other 6 months.

[Anonymous]

So much of this reminds me of me, although I had NO inkling that my entire group was being eliminated. I had never been busier and generally happy with my job.

I would only offer this - if you've been out of the job market for a while, and you have some time before this lay-off might happen, I would start the process of job searching. Reach out to your network for coffees, polish up your resume/linked in, talk to recruiters. Know what's out there before you resolve to take a sabbatical thinking it will be easy to get back in.

[Anonymous]

Take the money but I'd get an attorney and try to negotiate a bit more. Take some time off.

[Anonymous]

In that circumstance I’d take the money and run.

[Anonymous]

Can you claim to still being employed during the year or for a portion of it? My company allows this when someone “transitions out” and I think it helps people find better work faster

[Anonymous]

Take the money and run.

[Anonymous]

Anonymous wrote:Take the time with your family. You’ll never regret it. You may have twinges but you are doing the best thing for all of you.

Agree.

And if you make a written budget as well as using part of the severance to pay off debts starting with the smaller debts (Dave Ramsey method) you might be surprised to discover that you can live well on just 2/3 of your income, especially if you are no longer paying childcare, commuting, lunches and take out dinner for all those days where you are too tired or busy from work to cook.

Depending on how debt free you can get with your severance, and how much you pay for childcare, you might discover that your household income is actually a draw or even a slight raise.