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Work/Job/Career Decision (1 Viewer)

Keerock

Keerock

Footballguy
As I have mentioned in other threads, the company I work for is outsourcing their entire IT Infrastructure department... 100+ people... myself included.

I have been given a March 29 end date and a "retention" package to entice me to stay and participate in turning over to the consulting company.

In anticipation, I have been applying to new jobs, and have a 3rd interview for a job that seems like I am a good fit for. It's not perfect for me, but it's certainly decent with a seemingly strong company.

So here's the rub.

My retention package will provide a 33% of current salary payment at the end of March. This consists of a retention bonus and severance.
The new job would undoubtedly want me to start sooner than next April, but would be a 25% bump in salary.

I honestly feel no loyalty to my current place of work as this is a crap thing to do IMO, but a significant payout in certainly enticing. Bird in the hand with the new job should I get it...

Thoughts?
 
Judge Smails said:
Tough call. If you love the new company (not just comp but people/culture) I wouldn’t pass it up. No guarantees you’ll have those options in March/April. Especially true the higher up you are.
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Thanks. New would-be boss seems a bit more of a Gordy-Go-Hard than my current boss who's ultra laid back. Haven't met who would be on my direct reports yet or who my peers would be so hard to tell.

I do like the fact that new company is private. Current company went to **** as soon as we IPOed.
 
Tough call, but I would take the new job as you never know what the future holds for other opportunities.

I am in IT as well. If you don't mind me asking, what is your IT expertise centered around?
 
Keerock said:
I do like the fact that new company is private. Current company went to **** as soon as we IPOed.
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This is a big deal. Same thing happened at my last company. Privately owned company that I worked at for almost 20 years. Got bought and was told by corporate they wouldn't change anything because they bought us because we were the best in the business. Within 6 months they changed our name, added a bunch of middle men, and killed what was great about working there. Ugh. How come large companies can't figure out how to leave what is working alone?
 
Gally said:
You can catch that 33% pretty quick with a 25% increase in salary especially if you go from that one time 33% check to no job. Take the job if it's a right fit
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About 16 months. This, of course, assumes I get a job April 1
 
my company did the same last year, I wasn't part of the cuts but i worked with a lot of folks who were offered the retention bonus and they stayed on until earlier this month. The announcements were made back in Nov '22. It's a tough spot, sorry this is happening but happy for you that there will be options.

If you feel this new company has legs for the long haul, I'd take it just for the elimination of the headache in looking for something else later. Plus I second the notion that private companies are better at taking care of their people. At least that's been my experience.

mathematically by the way, if you start your new job in the next two months, you cut into that 33% bonus with the incremental 25% bump in salary through March. by my math, if u start ur new job in Nov, you'd have cut that 33% impact by a third and would be looking at only a 22% gain by April. You'd make that up within ur first year, so imo focus on the non-monetary factors in this decision.

Like maybe u'd want to take some time off in April and live on the bonus for a couple of months. This would all depend on ur financial situation, of course. Or we can win that lottery finally and none of this matters. Good luck Kee!
 
Tough call. Is the offer from the new company guaranteed for any period of time (like at least a year)? Also, do you have any benefits at your current workplace (like paid vacation) that would be worth considering? I think the first instinct is to take the new job—but hypothetically—if they change their mind and let go of you within a few months—you just left a lot on the table. There is a decent chance that the economy can change a lot over the next few months so I think you need to consider how that can factor in. If you stay with your current employer—it sounds like the package they are offering you is pretty lucrative, you still can apply for jobs closer to your end date—and even if you don’t land a position right away—you’re probably eligible for some unemployment benefits. At first read—I instantly thought that taking the new job was the easy answer—but the more that I think about it—it really is a tough decision with strong arguments for each side.
 
i had this same scenario. i took the new job and gave same day notice i was leaving. having a job offer is everything, they are not easy to come by, especially as we move towards end of year. i say no notice because they are dumping you. or, give 1 week and do absolutely nothing. eff them.
 
It’s a tough call as others have stated. I guess you have to weigh the potential of that retention package being reneged/retructured versus the potential of finding another similar job if it is, in fact, reneged/restructured.

Perhaps the biggest consideration is the potential reduced ability to do more “What’s Normal” threads if you take another gig.
 
I had a similar scenario a long time ago. At my current job our ESPP was about to end for the year which would have netted me about 5k in profit. I explained this to the new company and they immediately offered to give me 5k as a signing bonus to make up for the loss. You might explain your situation to the new company and see if they'll do anything. Maybe they don't match the entire thing but maybe they offer 50%. Makes it an easier move IMO.
 
Keerock said:
As I have mentioned in other threads, the company I work for is outsourcing their entire IT Infrastructure department... 100+ people... myself included.

I have been given a March 29 end date and a "retention" package to entice me to stay and participate in turning over to the consulting company.

In anticipation, I have been applying to new jobs, and have a 3rd interview for a job that seems like I am a good fit for. It's not perfect for me, but it's certainly decent with a seemingly strong company.

So here's the rub.

My retention package will provide a 33% of current salary payment at the end of March. This consists of a retention bonus and severance.
The new job would undoubtedly want me to start sooner than next April, but would be a 25% bump in salary.

I honestly feel no loyalty to my current place of work as this is a crap thing to do IMO, but a significant payout in certainly enticing. Bird in the hand with the new job should I get it...

Thoughts?
Click to expand...
I don't know how above board your company is and whether they would try pull the following stunt (which I have seen done several times near where I live).

The company announces some alternate plan. Plant closing. Groups and facilities merging. Company acquisition. Program getting outsourced. Blah blah blah. As an incentive, they offer a nice bonus plus an outplacement package for employees that stick it out until the end date / transition date. They announce the expected transition date as 3/29. In good faith, some members of the workforce stick around until 3/29, they line up new gigs starting 4/1, and expect a nice bonus and severance package. On 3/27, the company announces the transition / closure date has been extended and changed to 4/26 . . . after everyone has already made plans to start their new jobs elsewhere.

The way they get away with it is by insisting that the employee has to stay until the end . . . NOT the actual date they listed. I know several people that this has happened to. Just something to think about.
 
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We were part of retention bonuses stuff. THe older employees stayed on - got their extra year of bonus then looked for other jobs, some retired.

A lot of us bailed. I was actually double paid for 3 months - my manager gave us the green light to find a job making sure we would just need to come in once every couple weeks. Luckily worked out
 
Anarchy99 said:
Keerock said:
As I have mentioned in other threads, the company I work for is outsourcing their entire IT Infrastructure department... 100+ people... myself included.

I have been given a March 29 end date and a "retention" package to entice me to stay and participate in turning over to the consulting company.

In anticipation, I have been applying to new jobs, and have a 3rd interview for a job that seems like I am a good fit for. It's not perfect for me, but it's certainly decent with a seemingly strong company.

So here's the rub.

My retention package will provide a 33% of current salary payment at the end of March. This consists of a retention bonus and severance.
The new job would undoubtedly want me to start sooner than next April, but would be a 25% bump in salary.

I honestly feel no loyalty to my current place of work as this is a crap thing to do IMO, but a significant payout in certainly enticing. Bird in the hand with the new job should I get it...

Thoughts?
Click to expand...
I don't know how above board your company is and whether they would try pull the following stunt (which I have seen done several times near where I live).

The company announces some alternate plan. Plant closing. Groups and facilities merging. Company acquisition. Program getting outsourced. Blah blah blah. As an incentive, they offer a nice bonus plus an outplacement package for employees that stick it out until the end date / transition date. They announce the expected transition date as 3/29. In good faith, some members of the workforce stick around until 3/29, they line up new gigs starting 4/1, and expect a nice bonus and severance package. On 3/27, the company announces the transition / closure date has been extended and changed to 4/26 . . . after everyone has already made plans to start their new jobs elsewhere.

The way they get away with it is by insisting that the employee has to stay until the end . . . NOT the actual date they listed. I know several people that htis has happened to. Just something to think about.
Click to expand...
:mad:
 
Keerock said:
Long Ball Larry said:
Keerock said:
Gally said:
You can catch that 33% pretty quick with a 25% increase in salary especially if you go from that one time 33% check to no job. Take the job if it's a right fit
Click to expand...
About 16 months. This, of course, assumes I get a job April 1
Click to expand...
I'm confused, how much is the 33% payout relative to a year's salary, month's salary, or whatever benchmark?
Click to expand...
33% of my current annual base pay
Click to expand...
If you like the new job well enough, seems pretty clear that you should take it. Since the new position comes with a decent bump, you'll be almost halfway to the lost retention bonus by the time it would roll around, so it doesn't seem like the difference could be enough to risk it.

That said, for me personally, I would consider staying and taking the bonus and not having to work, but that's because I am really trying to evaluate what I want to do next in my life on many fronts. But if I felt like another other option was solid for me, I would probably take it.
 
Sadly, I have seen these things go sideways a number of times. My brother led a business unit that was sold off to another company. Everyone got 2 weeks of severance for each year with the company. He had been there for 29 years. Except he was not given that option, he had to lead the transition to the new company, and they were obligated to keep him for at least 90 days. The 91st day at 8:01 AM, the new company called and told him his services were no longer needed. He expected that THEN he would get his hefty severance package. Nope. There was no severance available to him. At 8:05 AM, the initial employer called him offering him the same level job in a different business unit, but it would be starting with 2 weeks vacation vs. the 8 weeks he was accustomed to. Rather than have to look for another job, he just took their offer.

Someone else I know worked at a health system. Similar situation. They were going through a reduction in force with a similar offer. She would have gotten a year's worth of pay as severance. But they begged her to stay on in an affiliated practice at a different location, so she did. The health system still had issues and still had layoffs, and a year later she got let go anyway. She also expected her full severance. Nope. They considered her job as part of a separate company, so she was only considered an employee for 1 year. She literally worked the entire year for free compared to if she took the initial severance package. Unfortunately, companies can engage in some really shady stuff.
 
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Anarchy99 said:
Sadly, I have seen these things go sideways a number of times. My brother led a business unit that was sold off to another company. Everyone got 2 weeks of severance for each year with the company. He had been there for 29 years. Except he was not given that option, he had to lead the transition to the new company, and they were obligated to keep him for at least 90 days. The 91st day at 8:01 AM, the new company called and told him his services were no longer needed. He expected that THEN he would get his hefty severance package. Nope. There was no severance available to him. At 8:05 AM, the initial employer called him offering him the same level job in a different business unit, but it would be starting with 2 weeks vs. the 8 weeks he was accustomed to. Rather than have to look for another job, he just took their offer.

Someone else I know worked at a health system. Similar situation. They were going through a reduction in force with a similar offer. She would have gotten a year's worth of pay as severance. But they begged her to stay on in an affiliated practice at a different location, so she did. The health system still had issues and still had layoffs, and a year later she got let go anyway. She also expected her full severance. Nope. They considered her job as part of a separate company, so she was only considered an employee for 1 year. She literally worked the entire year for free compared to if she took the initial severance package. Unfortunately, companies can engage in some really shady stuff.
Click to expand...
Yup. Don’t trust any employer, particularly one who no longer wants your services.
 
fruity pebbles said:
Anarchy99 said:
Sadly, I have seen these things go sideways a number of times. My brother led a business unit that was sold off to another company. Everyone got 2 weeks of severance for each year with the company. He had been there for 29 years. Except he was not given that option, he had to lead the transition to the new company, and they were obligated to keep him for at least 90 days. The 91st day at 8:01 AM, the new company called and told him his services were no longer needed. He expected that THEN he would get his hefty severance package. Nope. There was no severance available to him. At 8:05 AM, the initial employer called him offering him the same level job in a different business unit, but it would be starting with 2 weeks vs. the 8 weeks he was accustomed to. Rather than have to look for another job, he just took their offer.

Someone else I know worked at a health system. Similar situation. They were going through a reduction in force with a similar offer. She would have gotten a year's worth of pay as severance. But they begged her to stay on in an affiliated practice at a different location, so she did. The health system still had issues and still had layoffs, and a year later she got let go anyway. She also expected her full severance. Nope. They considered her job as part of a separate company, so she was only considered an employee for 1 year. She literally worked the entire year for free compared to if she took the initial severance package. Unfortunately, companies can engage in some really shady stuff.
Click to expand...
Yup. Don’t trust any employer, particularly one who no longer wants your services.
Click to expand...
I appreciate this input guys. I should be getting a "binding" letter next week from my current employer outlining my "package" [insert joke here]. But I hear you... I trust them about as far as I can throw them at this point.
 
Keerock said:
As I have mentioned in other threads, the company I work for is outsourcing their entire IT Infrastructure department... 100+ people... myself included.

I have been given a March 29 end date and a "retention" package to entice me to stay and participate in turning over to the consulting company.

In anticipation, I have been applying to new jobs, and have a 3rd interview for a job that seems like I am a good fit for. It's not perfect for me, but it's certainly decent with a seemingly strong company.

So here's the rub.

My retention package will provide a 33% of current salary payment at the end of March. This consists of a retention bonus and severance.
The new job would undoubtedly want me to start sooner than next April, but would be a 25% bump in salary.

I honestly feel no loyalty to my current place of work as this is a crap thing to do IMO, but a significant payout in certainly enticing. Bird in the hand with the new job should I get it...

Thoughts?
Click to expand...
I'd go new job and get the fresh start.. I know from experience the stress and work load goes up exponential the closer it gets to merge/hand over date..
Not worth IMO if you have a way out now. :)
 
Keerock said:
fruity pebbles said:
Anarchy99 said:
Sadly, I have seen these things go sideways a number of times. My brother led a business unit that was sold off to another company. Everyone got 2 weeks of severance for each year with the company. He had been there for 29 years. Except he was not given that option, he had to lead the transition to the new company, and they were obligated to keep him for at least 90 days. The 91st day at 8:01 AM, the new company called and told him his services were no longer needed. He expected that THEN he would get his hefty severance package. Nope. There was no severance available to him. At 8:05 AM, the initial employer called him offering him the same level job in a different business unit, but it would be starting with 2 weeks vs. the 8 weeks he was accustomed to. Rather than have to look for another job, he just took their offer.

Someone else I know worked at a health system. Similar situation. They were going through a reduction in force with a similar offer. She would have gotten a year's worth of pay as severance. But they begged her to stay on in an affiliated practice at a different location, so she did. The health system still had issues and still had layoffs, and a year later she got let go anyway. She also expected her full severance. Nope. They considered her job as part of a separate company, so she was only considered an employee for 1 year. She literally worked the entire year for free compared to if she took the initial severance package. Unfortunately, companies can engage in some really shady stuff.
Click to expand...
Yup. Don’t trust any employer, particularly one who no longer wants your services.
Click to expand...
I appreciate this input guys. I should be getting a "binding" letter next week from my current employer outlining my "package" [insert joke here]. But I hear you... I trust them about as far as I can throw them at this point.
Click to expand...
Take whatever you feel is best for your family. Looks like a nice package to stay but I’d probably jump ship to the new job. Good luck
 
Keerock said:
fruity pebbles said:
Anarchy99 said:
Sadly, I have seen these things go sideways a number of times. My brother led a business unit that was sold off to another company. Everyone got 2 weeks of severance for each year with the company. He had been there for 29 years. Except he was not given that option, he had to lead the transition to the new company, and they were obligated to keep him for at least 90 days. The 91st day at 8:01 AM, the new company called and told him his services were no longer needed. He expected that THEN he would get his hefty severance package. Nope. There was no severance available to him. At 8:05 AM, the initial employer called him offering him the same level job in a different business unit, but it would be starting with 2 weeks vs. the 8 weeks he was accustomed to. Rather than have to look for another job, he just took their offer.

Someone else I know worked at a health system. Similar situation. They were going through a reduction in force with a similar offer. She would have gotten a year's worth of pay as severance. But they begged her to stay on in an affiliated practice at a different location, so she did. The health system still had issues and still had layoffs, and a year later she got let go anyway. She also expected her full severance. Nope. They considered her job as part of a separate company, so she was only considered an employee for 1 year. She literally worked the entire year for free compared to if she took the initial severance package. Unfortunately, companies can engage in some really shady stuff.
Click to expand...
Yup. Don’t trust any employer, particularly one who no longer wants your services.
Click to expand...
I appreciate this input guys. I should be getting a "binding" letter next week from my current employer outlining my "package" [insert joke here]. But I hear you... I trust them about as far as I can throw them at this point.
Click to expand...
I think that if you don’t trust your current employer—you have to take the new job. The ONLY reason you should ever consider staying is if you like your current job, like the idea of finishing things out with people that you enjoy, and fully trust that they will stand behind the lucrative package they offer you to finish things out. If you have any doubt about them standing behind their promises—don’t think twice and move on. Good luck
 
Keerock said:
As I have mentioned in other threads, the company I work for is outsourcing their entire IT Infrastructure department... 100+ people... myself included.

I have been given a March 29 end date and a "retention" package to entice me to stay and participate in turning over to the consulting company.

In anticipation, I have been applying to new jobs, and have a 3rd interview for a job that seems like I am a good fit for. It's not perfect for me, but it's certainly decent with a seemingly strong company.

So here's the rub.

My retention package will provide a 33% of current salary payment at the end of March. This consists of a retention bonus and severance.
The new job would undoubtedly want me to start sooner than next April, but would be a 25% bump in salary.

I honestly feel no loyalty to my current place of work as this is a crap thing to do IMO, but a significant payout in certainly enticing. Bird in the hand with the new job should I get it...

Thoughts?
Click to expand...
Without going into specifics although happy thru PM, wife and I had to leave money/bonuses on the table to take the new job
Very fortunate that the Univ of Miami re-hired us after a 7 year hiatus, lesson to those, never burn bridges
They took care of us and made it easy to overlook whatever we left behind.

-Bird in the hand buddy, take the new job and do not look back. Sounds like it's a good company, can you see yourself there for 3-5 years?
That's about as long as people last these days. Take the sure thing, waiting until the Spring to get some payout, I know it sounds great but that's your ego.
 
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As I have told all of my employees, you ALWAYS have to look out for Schmutzig Inc. (insert your name there)

Just remember that they call it Human Resources for a reason. All we are is a human resource to the company, that's it. You are expendable, and life there will go on there after you are gone, most likely without skipping a beat. Don't overestimate your own worth to them. Take your talent to someplace that WANTS you.
 
Keerock said:
Thanks for all the advise. Definitely leaning toward new job, if I'm offered. We'll see how the interview next week goes and get a look at my official package :wink:
Click to expand...
It’s a no brained. You are already talking a half year so by April you’d already have made up 1/3rd of the 33% and if it takes you two months to find another job in April, you literally made up the entire 33% with the new job and you actually have a job.

Do you work from home? If so, a slimy thing to do is take the new job and do the transition work at night and get double paid. No idea if that’s viable or not work wise.

I got a new job years ago while barely working for a large company that pulled a skeleton crew in from a joint venture. I couldn’t get “laid off” to get about a half year’s severance and in hindsight I wish I didn’t just do both jobs. They were literally figuring out what to do with the handful of people left and ignored us. I could have easily handled that and maybe even gotten laid off. SMH, I wasn’t thinking!
 
stbugs said:
Keerock said:
Thanks for all the advise. Definitely leaning toward new job, if I'm offered. We'll see how the interview next week goes and get a look at my official package :wink:
Click to expand...
It’s a no brained. You are already talking a half year so by April you’d already have made up 1/3rd of the 33% and if it takes you two months to find another job in April, you literally made up the entire 33% with the new job and you actually have a job.

Do you work from home? If so, a slimy thing to do is take the new job and do the transition work at night and get double paid. No idea if that’s viable or not work wise.

I got a new job years ago while barely working for a large company that pulled a skeleton crew in from a joint venture. I couldn’t get “laid off” to get about a half year’s severance and in hindsight I wish I didn’t just do both jobs. They were literally figuring out what to do with the handful of people left and ignored us. I could have easily handled that and maybe even gotten laid off. SMH, I wasn’t thinking!
Click to expand...
I do WFH (currently and the potential new gig)... but as someone who has been identified as a Transition Coordinator, I could not swing working both jobs. I would be expected to be in meetings all day...
 
Keerock said:
I would be expected to be in meetings all day...
Click to expand...
That would be the Seventh Level of Hell for me.

Your existing company already has this figured out nine ways to Sunday. If they are going to screw you, there's not gonna be anything you will be able to do about it. If offered, I'd jump.
 
Uruk-Hai said:
Keerock said:
I would be expected to be in meetings all day...
Click to expand...
That would be the Seventh Level of Hell for me.

Your existing company already has this figured out nine ways to Sunday. If they are going to screw you, there's not gonna be anything you will be able to do about it. If offered, I'd jump.
Click to expand...
Based on prior experience with our CIO, I seriously doubt the bolded is true... but I feel you.
 
Keerock said:
Uruk-Hai said:
Keerock said:
I would be expected to be in meetings all day...
Click to expand...
That would be the Seventh Level of Hell for me.

Your existing company already has this figured out nine ways to Sunday. If they are going to screw you, there's not gonna be anything you will be able to do about it. If offered, I'd jump.
Click to expand...
Based on prior experience with our CIO, I seriously doubt the bolded is true... but I feel you.
Click to expand...
Best of luck
 
Some thoughts to consider:
1. A start date of April 2024 (if I read that correctly) is a long way out. Anything can happen. Your offer could be rescinded. Your current, short-term situation, seems more certain.
2. How long did it take you to find this new opportunity? Are you a "hot commodity"? If so, you have options w/r/t the new job. You may be able to pocket the 33% bonus and quickly find another job if this opportunity evaporates.
3. You say that undoubtedly want me to start sooner than next April. Are you certain of this?

Anyway, you seem to have some good options. Good luck
 
kupcho1 said:
Some thoughts to consider:
1. A start date of April 2024 (if I read that correctly) is a long way out. Anything can happen. Your offer could be rescinded. Your current, short-term situation, seems more certain.
2. How long did it take you to find this new opportunity? Are you a "hot commodity"? If so, you have options w/r/t the new job. You may be able to pocket the 33% bonus and quickly find another job if this opportunity evaporates.
3. You say that undoubtedly want me to start sooner than next April. Are you certain of this?

Anyway, you seem to have some good options. Good luck
Click to expand...
  1. My END date at the current job is 3/29/24 if I want to realize my payout. I assume start date at new job would be significantly sooner
  2. I've been passively looking the past couple months. I wouldn't call myself a hot commodity, but I am generally likeable, and very good at what I do. It is a relatively targeted set of skills though, so until I broaden my desired position, the perfect jobs are kindof sparse
  3. No. We haven't talked start dates as I don't even have an offer yet. I'm just assuming.
 
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