My department is being eliminated and my dob is disappearing on November 17. I have known this since July 24, and have been applying for other jobs, so far without luck.
My company’s “displacement” policy is that I have two options by the November deadline. I can leave and take a severance package worth two weeks pay for every year of service. In my case that would be 14 weeks, plus the payout of my accrued leave, which would be just a little over another 4 weeks. They would do this payout as a continuing paycheck – 7 checks, plus a single check for all my accrued leave. This adds up to about 12K net. Continuing my health insurance under Cobra would cost me about $240 per month.
The other option would be to continue working there, on “general project assignment” for six months, while I continue to look for a full-time job, inside or outside the company. They would continue to pay my health insurance during that period, and continue to pay my hourly rate. But they don’t guarantee 40 hours per week – if work is not to be found I will sit unpaid at home, though even in that case they will continue to pay my health insurance.
And – if I take the “project work” – the severance package is off the table, whether or not I find another job within the company within the 6 months.
Several managers and VPs have assured me that they will “find me something” – I’m valued and smart and personable and blah blah blah. But they haven’t yet found anything in two months. Some of my other displaced co-workers have had offers made, and then rescinded or changed.
The strongest arguement I’ve heard for staying is that you’re in a better job hunting position when you have a job than when you don’t – you have some options, and it looks better to potential employers than being unemployed.
OTOH, who am I kidding? I don’t really have more options because I will not be in a realistic position to turn down ANY real offer.
I have also asked HR to get me trained for some particular jobs that I know will open up in the next year. But, my current job doesn’t need that training, and no one is willing to make the mental leap that they could save a valuable employee by getting training for me now that I don’t need now. So, while I have inquired about this training several times, not just recently but over the past couple of years, the answer has always been no.
Personally I think this answer is kind of a slam-dunk and that I should take the money and split. But-- my emotions are all mixed up in this, and some other less biased input may help.
If you have any further questions that would help you give better advice, please ask.