Redundant or new job?

ben_m_g

Hi all,

This is an unusual situation (for me at least) so any feedback would help.

I'm at a stong risk of redundancy, with a young family and large mortgage I have been searching the job market, cold calling businesses and spamming my CV.


As luck would have it, I finally got an interview and the next day a job offer, but they want me asap.

So the choice is before me,
Stay, hope for the best, and net a redundancy payout if not.
Go, take the job (similar pay) and start from afresh.

cte1111

Well done on being offered a new job. I think I would take it. Missing out on a possible redundancy payout is better than possibly being left without any job in the near future.

MOGGYMALONE

Have you calculated what your redundancy package would be? Is it worth hanging around for? I guess you have to weigh up the risk of being left unemployed & how long the redundancy money would cover you for against having a secure job ( or is any job secure these days). I think i would rather jump ship! good luck with your decision. Moggy

pinkteapot

When you say you're at risk of redundancy, have you been told this officially? Are you officially on a consultation process following which your role may be redundant?

The reason I ask is that if you are, a lot of companies still pay your redundancy money even if you resign during the consultation and then notice period. I was placed under consultation and found a new job within a couple of weeks. My company still paid out. They made me sign something to say I wouldn't sue for constructive dismissal. I think the idea is that if you resign because you're under threat of redundancy, you'd have some sort of case against them by claiming they forced you out. The redundancy pay is money not to make a fuss.

If you're not officially on redundancy notice or consultation notice, and it's just that you think your job might be made redundant, obviously the above doesn't apply.

Personally I say take it. I've hung around here for 2 years expecting redundancy and it still hasn't happened. Leaving tomorrow and starting a new job in the new year. Can't wait.

Gentoo365

I was in exactly the same situation a while back. I decided to stay where I am. My reasoning was as follows:

1) The redundancy package I will receive will be enough for me to last 8 months without another job. Obviously I plan not to do that, but I am sure that in 8 months I could find a job.

2) I work in a sector, and live in an area where there is a reasonable demand for people with my skills.

3) I have no dependants so can easily reduce expenses if needed

4) I have savings to cover my mortgage for a while

5) The new job may not turn out very well. As I would be a new starter on a probation period I would have less rights and would have to hope that there were no redundancies there for a while

6) I believe that if I were made redundant and hence given more time to look for jobs I would be able to find a better one

I can however imagine that for some people the best thing to do is move. Especially those that absolutely need consistency of income.

marlot

I've been in this situation a few times in my career. Most of the time, especially when I had big financial commitments, I moved to the new job, and missed out on the (potential) redundancy.

This time I decided to wait it out - partly because I had a decent payout looming. I think its going to work out, but I'm likely to be taking a 30% pay cut in my next job - purely down to the state of the market.

Only you know what the market is for your skills (so how long it would take to find a decent new job), what your payment might be, whether you have redundancy protection for your mortgage, etc.

starrystarry

I was in a similar position earlier this year. I knew redundancy was coming at some point in the next few months (office was closing) and I would be due a hefty payout. Then my dream job became available and I had to make a choice between applying for that and staying put to get my payout. It was a tough to decide between the two when what I really wanted was both. Ultimately I knew the only way I could have both was to stay put and hope that the dream job became available again further down the line. It did, I got it, start next month and I get the payout as well.

I guess you need to work out whether your payout will be life changing. Mine will be, I can clear all my debts and then some. Have you asked the new employer whether they're willing to wait for you?

The_Hurricane

starrystarry wrote: »

I was in a similar position earlier this year. I knew redundancy was coming at some point in the next few months (office was closing) and I would be due a hefty payout. Then my dream job became available and I had to make a choice between applying for that and staying put to get my payout. It was a tough to decide between the two when what I really wanted was both. Ultimately I knew the only way I could have both was to stay put and hope that the dream job became available again further down the line. It did, I got it, start next month and I get the payout as well.

I guess you need to work out whether your payout will be life changing. Mine will be, I can clear all my debts and then some. Have you asked the new employer whether they're willing to wait for you?

If it's meant for you it won't pass you; brilliant story and well done you.

zzzLazyDaisy

Just one more thing to throw into the mix - apologies if you already know this, but just in case.....

Starting a new job now will mean that you will have to work for the new company for two years before you are eligible for employment protection.
In real terms, this means that the new employer can dismiss you for any reason or no reason at all at anytime during the first two years less one week (provided the reason doesn't contravene anti-discrimination laws).

In your current job you probably have employment protection as it used to be one year's service, and since you are talking about a redundancy package, you have probably already passed that point.

Just a thought.

getmore4less

month old thread resurected.

sometimes it makes sense to cash in service.