A little over two years ago, Bus Wife found herself in a similar predicament. A a large unnamed insurance company merged with hers and the downsizing started happening fast.
She saw departments get gutted, whole teams sent packing, some with no warning, just a visit from HR and a box to put their stuff in. She was lucky and worked on some accounting system that didn’t simply merge, it was going to take months to assimilate the old with the new.
She negotiated a contract to stay through July, '04 at the end of which she’d get a retention bouns on top of her severance. Sweet. Then in June '04 they said they needed her to stay. Ok, so let’s talk what my incentive is now she says. Well, this second time there’s not much more to offer, but she stays anyway with a verbal agreement to hang around, and some very generous work accommodations. They let her work from home 2-3 days a week, which saved her the hassle of a 3 hour commute (round trip).
Then in late '04, an ex co-worker who was now CFO of another insurance company says he wants to hire her. This guy started right after her at the first place and was one of the first to get cut. She considers him a little brother and he’s one of her best friends. He has no specific job for her but values her work and says they’ll find SOMETHING and starts talking in loose terms about 25% over what she makes now, plus generous bonuses, stock options, etc.
Now BW has a lot of friends at the old place left, some of whom she feels deeply indebted to both professionally, and personally. Her new boss is way out in CA and stays out of her way, lets her do her job and on top of it all, is a good friend.
Around the end of '04, her pal the CFO says we need to talk, and we need to make decisions. She gets a resume together, interviews with the honchos, and is offered a position they’re creating for her - to do AR work collecting past due premium payments from brokers in the field. Money they used to piss away in collections, they’ll collect in-house. She’s going to set up a real AR depertment, processes, the whole shebang.
She agonizes for days despite knowing that:
A) Her current job will be gone in 3 months, and then she’ll have to start looking.
B) There is not just a guarantee on the table, but a big increase.
She stands to lose significant severance by leaving instead of being let go, and hates to hurt her boss by taking off. It was hard for her emotionally, and she had moments of second thoughts, but now she’s in a situation she loves, being rewarded for her work and just last week attended the “last day” party for the last of her friends at the old place. It’s gutted now, she knows almost no one there and if she’d stayed, she’d have been out of work and looking for someone to hire a 45 year old with no diploma.
Between the salary bump, and the bonus she just recieved this week, all of the severance she missed out on by not staying to get laid off has been made up for, AND she got a decent raise with the new year as well.
Bonus: The new boss, her “little brother” controls the company’s White Sox tickets, 12 rows above the home dugout. And he appreciates that his Very Valuable AR Bitch (her unofficial title) has a husband that’s a huge Sox fan. I saw more of the last home stand from those seats than from home, and a playoff game.
Lesson: Loyalty is a wonderful thing, but your bosses will understand if you need to look out for your own interests. They’re making a business decision, they will respect that you are too.