Buy Out or Hope For the Best - Chicagoland Sportbikes
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post #1 of 42 (permalink) Old 01-27-2009, 08:46 AM Thread Starter
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Buy Out or Hope For the Best

I have the option to take a buy out for what is essentially 3/4 of my yearly pay and leave the company or I can stick around and not get a merit raise this year and still live in fear that I might get laid off (10 from our department by close of 1Q) and get 50% of net pay supplemented.

- Job is in Aurora, 90 mile round trip from home. $3500 in gas a year just in commuting.
- Only about 60% satisfied with the job.
- Laid off has rehire option, buy out has to reapply for job.

- If markets come back in a year would still be a solid job.
- Corporate engineering pays well and under normal conditions follows regular pay raise schedule.

Ian
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post #2 of 42 (permalink) Old 01-27-2009, 08:48 AM
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Hell I'd take the pay and spend a good six months scouting out a job I'd be more satisfied with.
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post #3 of 42 (permalink) Old 01-27-2009, 08:50 AM
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Sorry I can't comment.

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post #4 of 42 (permalink) Old 01-27-2009, 08:51 AM
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One important thing to consider is your living status... are you single and with no kids? That makes it easier to take the gamble of taking the payout and trying to find another job.

I, personally, would take it and run but I don't have anyone (but my dog and fish) relying on me.

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post #5 of 42 (permalink) Old 01-27-2009, 08:59 AM
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A managerial consultant once told me:

Take the first offer. It's always the most generous. They just get shittier (or non existent) after that.

Thankfully, I have never had to apply that advice, but ever time I have followed downsizing at places, it's held true in every case.

It is a gamble though... you could stay and make out OK, but the money in hand now is a sure thing.... Is employment 5 months from now a sure thing?

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post #6 of 42 (permalink) Old 01-27-2009, 09:00 AM
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One of the questions to ask/answer is: How likely is it that I will find an equivalent job in 9 months or less? (since you would be getting 9 months buyout).

I've gone both ways on this question in the past, and it always worked out. I took a buyout in 1991 and got laid off after skipping one in 2003. But my responsibilities were not heavy and I had solid savings balances at the time. I could have easily lived a year or more with no change in spending habits, longer if I implemented austerity measures. In 1991 I had a new job in weeks. In 2003 it took 7 months.

Each situation is unique. Take the time to fully evaluate all aspects of the situation in as unemotional a process as you can, and see what that yields. BTW: 60% job satisfaction is pretty good, IMO.

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post #7 of 42 (permalink) Old 01-27-2009, 09:01 AM
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Damn, that is a tough one. Not sure what I would do. My 2 cents is that anyone who has a job now shouldn't leave it unless the job is totally insufferable or you have a better one lined up. Too many places right now have hiring freezes, even places that are doing well. May want to start burning up your vacation and use those days off to hit the pavement to start looking. It is much easier to look for a job when you do not have the pressure of not having one.
Good luck.

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post #8 of 42 (permalink) Old 01-27-2009, 09:02 AM Thread Starter
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House and wife. Even at 50% net pays my mortgage and the wife does work. The buy out would support me at my currently month pay for 7 months, 12 months if I put nothing in savings.

Ian
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post #9 of 42 (permalink) Old 01-27-2009, 09:02 AM
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At 60% satisfied..... I'd take the offer and start looking.


Depends somewhat on your debtload and ability to manage your cashflow.

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post #10 of 42 (permalink) Old 01-27-2009, 09:05 AM Thread Starter
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Quote:
Originally Posted by BLARNEY View Post
At 60% satisfied..... I'd take the offer and start looking. Depends somewhat on your debtload and ability to manage your cashflow. Tom
Only debt is car payment and mortgage.

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post #11 of 42 (permalink) Old 01-27-2009, 09:14 AM
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Quote:
Originally Posted by Arch View Post
A managerial consultant once told me:

Take the first offer. It's always the most generous. They just get shittier (or non existent) after that.

Thankfully, I have never had to apply that advice, but ever time I have followed downsizing at places, it's held true in every case.

It is a gamble though... you could stay and make out OK, but the money in hand now is a sure thing.... Is employment 5 months from now a sure thing?
+1

My company went through a few rounds of layoffs back in 01/02 (I wasn't at the company yet), but the first buy out is always the most generous. At that point, the company still has some money and they are more taking precautionary actions.

Second round of layoffs is most likely more forced and the company doesn't have as much money to throw around.

Third round is even worse.

I'd say take it.

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post #12 of 42 (permalink) Old 01-27-2009, 09:16 AM
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Me... I'd take it and giddy up.

Times are tough however, If it takes you 1/2 your cushion to find a job
you still have 1/2 your cushion as a bonus. And you end up in a better situation.




Would also echo others comments..... if they are looking for volunteers it means they are
planning to reduce employees...... this is the carrot method. If the carrot doesn't work
they will meet the number by using the stick.


Take the carrot.


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post #13 of 42 (permalink) Old 01-27-2009, 09:37 AM
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one question that i don't think has been asked - what happens to your health insurance? Can you go on your wifes? Do you get it with either package?

It is something to consider

<-- Chris

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post #14 of 42 (permalink) Old 01-27-2009, 09:40 AM Thread Starter
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6 months health insurance with the buyout, with the layoffs it is paid by the company for up to 12 months.

Ian
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post #15 of 42 (permalink) Old 01-27-2009, 09:45 AM
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Take the money and run.
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post #16 of 42 (permalink) Old 01-27-2009, 09:49 AM
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Quote:
Originally Posted by MM Racing View Post
6 months health insurance with the buyout, with the layoffs it is paid by the company for up to 12 months.
by up to 12 months, does that mean through the end of the calendar year?

how common is your job in these parts? Would you be starting at the bottom again in a new company?

If they do lay-off's, is it by position, seniority, overall value to the company? Where do you fall?

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post #17 of 42 (permalink) Old 01-27-2009, 09:50 AM
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how long do you have to decide?

judging by the amount of spam I get from recruiters, there are still engineering jobs to be had out there. NGC is still hiring.
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post #18 of 42 (permalink) Old 01-27-2009, 09:56 AM Thread Starter
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by up to 12 months, does that mean through the end of the calendar year?

how common is your job in these parts? Would you be starting at the bottom again in a new company?

If they do lay-off's, is it by position, seniority, overall value to the company? Where do you fall?
That means as long as you are on unemployed up to 12 months starting from when your unemployment starts.

I am an ME with 4-5 years experience. No I would not be at the bottom.

Available projects, skill set, past ratings, then seniority last. I have things to work on right now, but someone could bump me. I have been rated well or above average in the past reviews but I have only been here for 3.5 years compared to a lot of 5-20 people.

Ian
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post #19 of 42 (permalink) Old 01-27-2009, 09:57 AM Thread Starter
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Quote:
Originally Posted by BH View Post
how long do you have to decide?

judging by the amount of spam I get from recruiters, there are still engineering jobs to be had out there. NGC is still hiring.
Saturday at noon. Is the deadline, supposed the layoffs are supposed to happen this week also but who knows.

Ian
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post #20 of 42 (permalink) Old 01-27-2009, 09:59 AM
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Quote:
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Saturday at noon. Is the deadline, supposed the layoffs are supposed to happen this week also but who knows.
I'd take the buyout

if you can't find a job in a few months move to TX
the oil companies can't find enough engineers
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post #21 of 42 (permalink) Old 01-27-2009, 10:07 AM
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It's a tough call, but remember the economy sucks right now and will only get worse before it gets better. Having a job right now is golden, even if you don't like it. It's not a given that you're going to be laid off, right? Maybe you can look for other work while keeping this job.

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post #22 of 42 (permalink) Old 01-27-2009, 10:13 AM Thread Starter
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You guys are missing it. Or at least it seems that way.

My job is not sacred. It has been stated my management that 5-10 people need to go by likely the end of the week, my department is only 80 people. This is with the current projections for sales. If nothing changes in the housing market and there is no change in commodity prices or grants to infrastructure. Things will only get worse.

So I might not be in this wave but I am not that high in seniority, so it very well could happen in the 2Q time frame.

Ian
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post #23 of 42 (permalink) Old 01-27-2009, 10:17 AM
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Quote:
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That means as long as you are on unemployed up to 12 months starting from when your unemployment starts.

I am an ME with 4-5 years experience. No I would not be at the bottom.

Available projects, skill set, past ratings, then seniority last. I have things to work on right now, but someone could bump me. I have been rated well or above average in the past reviews but I have only been here for 3.5 years compared to a lot of 5-20 people.
What kind of experience do you have? Anything to do with AC/DC motors and gear design? My company is looking for an engineer right now.
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post #24 of 42 (permalink) Old 01-27-2009, 10:20 AM Thread Starter
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What kind of experience do you have? Anything to do with AC/DC motors and gear design? My company is looking for an engineer right now.
I can send you my resume but I have only limited knowledge of gear design and those types of motors.

Ian
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post #25 of 42 (permalink) Old 01-27-2009, 10:21 AM
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take the buyout. work your other job for side cash. look for a job you really want.

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post #26 of 42 (permalink) Old 01-27-2009, 10:34 AM
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Quote:
Originally Posted by MM Racing View Post
You guys are missing it. Or at least it seems that way.

My job is not sacred. It has been stated my management that 5-10 people need to go by likely the end of the week, my department is only 80 people. This is with the current projections for sales. If nothing changes in the housing market and there is no change in commodity prices or grants to infrastructure. Things will only get worse.

So I might not be in this wave but I am not that high in seniority, so it very well could happen in the 2Q time frame.
sounds to me like you know what the right answer is. The buyout seems like a better option if you think you might only have 3 more months of a job.

<-- Chris

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post #27 of 42 (permalink) Old 01-27-2009, 10:35 AM
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Quote:
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take the buyout. work your other job for side cash. look for a job you really want.
the only problem with being a male prostitute is it almost always ends up in drug addiction

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post #28 of 42 (permalink) Old 01-27-2009, 10:36 AM
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Quote:
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You guys are missing it. Or at least it seems that way.

My job is not sacred. It has been stated my management that 5-10 people need to go by likely the end of the week, my department is only 80 people. This is with the current projections for sales. If nothing changes in the housing market and there is no change in commodity prices or grants to infrastructure. Things will only get worse.

So I might not be in this wave but I am not that high in seniority, so it very well could happen in the 2Q time frame.
After thinking about it a little more, if they were planning to keep you on they wouldn't be offering you the buyout. You must be "under consideration" for the layoff. I'd say take the buyout then.

Mike

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post #29 of 42 (permalink) Old 01-27-2009, 10:38 AM Thread Starter
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After thinking about it a little more, if they were planning to keep you on they wouldn't be offering you the buyout so you must be "under consideration" for the layoff. I'd say take the buyout then.
It was offered to the whole company. It was reopened to our business unit (1600 people) because we need to loose more.

Ian
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post #30 of 42 (permalink) Old 01-27-2009, 11:29 AM
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Quote:
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House and wife. Even at 50% net pays my mortgage and the wife does work. The buy out would support me at my currently month pay for 7 months, 12 months if I put nothing in savings.
Quote:
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Only debt is car payment and mortgage.
Quote:
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6 months health insurance with the buyout, with the layoffs it is paid by the company for up to 12 months.
take the buyout!! I would, start your own company. buy dirtbike, go riding with Alex and I. problem solved




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