Inspired by this thread, I’m interested in people’s experiences of taking Voluntary Redundancy, particularly Brit-dopers.
My employer’s going through this at the moment, and I don’t think they’re going to offer me anywhere near enough to make it worth my while. Plus, it’s a good job close to home - no commuting costs. However, I like to keep my options open. Did expressing an interest or actually volunteering make any difference to how you were seen or treated? Did you manage to negotiate an increase in the amount?
Not British, but I’ve watched what Rick is going through a few times.
Its almost always “early retirement” rather than voluntary reduction - I’m not certain, but I don’t think I’ve ever seen a case where it was offered to everyone.
The package was set - no negotiating. The cutoff age was firm. But the package was clear before they asked anyone to volunteer. (I suspect a few people at higher levels had negotiated packages, but rank and file employees didn’t)
Unlike in Rick’s case, our firm had a “veto clause.” If management didn’t want you to go they could say no (or if they got too many volunteers). I believe there was a bonus paid to those who wanted to leave with the package and were told they were too valuable to let go. I KNOW that there was a bonus paid in a few cases.
Unlike Rick’s case, I’ve seen firms do it in waves - the first wave its anyone over sixty. If they don’t get enough to meet their quota, they lower the age by a year or two with a new deadline, then maybe again - that keeps the stupidity of “too many requests” from happening.
If the cutoff age is low enough, the package sweet enough, and the job market good, it can be a great deal. I know a number of people who turned their “early retirement” into the most productive earning years of their lives - with health insurance covered and money already coming in through their packages, plus years of experience, they were able to consult - more than one of them for the very firm they just retired from.
This is also what I’ve observed. The fact that you are a Brit with a (perhaps uncommon) job with low commuting costs might put a spin on it.
As an HR person I am philosophically opposed to voluntary reductions because the most talented and reemployable ones are the ones who leave, putting the company in a downward spiral.
I’ve only ever personally been through the “re-apply for your own job” cull, Quartz. My Dad was in a voluntary redundancy thing though (in 1994?). His organization was looking for a 33% reduction at his grade, and were offering three months salary for every year of service, and a contribution to bring the pension entitlement up to the lesser of normal retirement at age 55 or thirty years service. And they asked for volunteers hehehe! Anyway, pretty much everybody eligible volunteered and they ended up just taking the oldest volunteers until the quota was filled. Most of the people at his grade were older than 45 though.
My prospective terms are nowhere near as generous as that. I think I better not detail them in case someone twigs, but I’ll be sure to use that in negotiations!
To be honest, my dad worked for a horrendously failing government organisation that went through huge (and necessary) changes. His cohort were the people who helped plan it and held it together on a day-to-day basis through much turmoil, often to the detriment of personal health, safety and sanity. The old man looks younger these days than he did back then. The pay-offs were generous for a reason.