Should I accept a buyout? Or stay on till the end?
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Anonymous
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I work for a larger gov't contracting firm. My customer's budget is being cut, and my hours have been reduced to 50%.
The company as a whole is trying to reduce long term expenses, and is laying people off with decent severance packages. In my case it would be 5-6 months of salary (Full time). As part of the expense reductions, we are not marketing...meaning I can not go out and find new work. So, I have to rely on my one customer, who has limited funds for FY2014 (not enough to get the team through more than 6 months at 50% time). So, this means in six months, I could be let go anyway, but without a severance package. But, it is possible the customer will find more money. I know outside of my project, my organization within the company will continue to shrink, as I know the pipeline of work. I am thinking of putting my name in for the current round of layoffs. 100% of 5-6 months salary is better than 50% of 6 months.... |
Anonymous
| What is your skill |
Anonymous
| Accept buyout and find new job. If you wait 6 months there may not be good openings left or it may take you another 6 months to find a job. Good luck! |
Anonymous
Great advice! |
Anonymous
Computational physicist -- with strong IT skills. Right now, there is not a lot of work in the field (domination by federal spending, which is tight). |
Anonymous
| I would be inclined to take the buyout. You will need another job at the end of six months and if you cant look for another job in the meantime...come Feb, you would start looking? |
Anonymous
| Never stay if offered a buyout. The culture at work becomes depressing. The people who leave always do better career wise. Remember your chances for advancement and more money will be on hold for a few years. |
Anonymous
We can't find enough clearable developers no federal issue there |
Anonymous
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Are you precluded from looking for other work if you take the package? If not, take the package.
If you're cleared, I'd be surprised if you can't get another offer in six months. |
Anonymous
| I would hold out if there are not a lot of jobs. Better to have a job. Start looking now. |
Anonymous
| Don't know your field, but it's always easier to find a job when you have a job, and if you are working PT, you'll have time to look. I'd stay put, but really, it's a crap shoot, you could take the buyout and find a job tomorrow, and pocket that severance package. Or you could take the buyout, and be out of work for a year, barely hanging on. Or you could stay put, and your customer could find more money to keep you on, etc. etc. Luck plays a role here. You have to go with your gut, OP. |
Anonymous
| OP here: Or I could take the buyout, and start marketing my current customer to get work from them. I think the customer would be very unhappy to see me leave. |
Anonymous
Be careful here though. Check what you signed when you started, and check what they will want you to sign for the buyout. |