Would you take a job elsewhere instead of 'waiting for redundancy'?

Gentoo365

This may seem like a question where the devil is in the detail, however I cannot really discuss too much for reasons of confidentiality.

I am in a situation where at some point in the next 6-12 months I am likely to be made redundant. When this happens I will get a payout of roughly half my salary.

However I have the opportunity to hand in my resignation now, and move to another company on a slightly higher salary.

I suppose in comparison to others I have a 'good' problem, but I still see risks in both scenarios. e.g.

A) If I stay, I may get redundant in (say) 6 months, and not find a job. I will be fine for a few months, however there is a risk that my CV will look a lot worse with a career gap.

If I go, the new job may not go so well. I may be either let go, or choose to go, leaving myself unemployed, but with no spare cash.

Is this as much of a 'dilemma' as I am thinking? or is there an obvious answer.

If it matters, I am single, have no dependants, have a mortgage and no meaningful savings whatsoever (apart from money I cannot access e.g. pension).

...oh, and there is a small possibility of being TUPEd into a new employer, however I genuinely cannot see where they could place me, as I work in an area where there is clear duplication of work, and the other company do that work in a different part of the country.

Tottyshouse

It depends on how much half of your salary is. However, as I am ever cautious I would say take the job. Unless you are super confident of being able to walk into another job on similar terms, then a few months on Job Seeker's allowance could wipe out a large chunk of your redundancy - not to mention your self confidence.

marlot

I think it depends on how long you think it would take you to find a new job after being made redundant. But whenever I have been in this position, I've always taken the new job, and not hung around for the redundancy - and not regretted it for an instant.

Tygermoth

I waited to get my redundancy but it took a month to get another job. In the end i was still much better off taking the redundancy but i was worried for that entire month. (I had a few grand payout - nothing major but like you i had no meaningful savings and no lump sum to draw on this now remains my emergeny fund)

i have a very defined skill set so i have been very employable in the past and found it very easy to walk into roles - however there is now such competion for jobs even I had trouble

I interviewed like crazy in the last few weeks of my redundancy and took all my companies offers of CV help and job training lessons as well as time away to visit agencies and get my CV out there and working hard for me. So when i left i was in a good position and all the agencies knew my skills and that i was available.

I would still do it that way. I never (even with MSE) have money to spare so the redundancy remains untouches and is now and house deposit or safty net in a nice account gaining interest. It makes me happy knowing its there for a rainy day.

Andyr1

i decided to stay in my role and see out the final six months and take the 7 months pay that i was due. To help boost this i took minimal holiday to boost the final amount.

I was lucky that i was able to get something within two months and as a result still have a large amount of the money left.

You need to sit and work out expenditure, how long will it last in the worst case sinario, will your mortague payments be covered etc.

This helped us to decide what to do.

SailorSam

Could you have a chat with your present employer and ask if they'll make you redundant now.