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Take redundancy or keep job, what would you do?

jamesvtidohc

Active Member
Hey, could you give me your opinion please. Ive pretty much made up my mind but Id stil like to hear other peoples view.

I am redundant as of 01 April 09, work as a commercial finance analyst for a large it firm ($5bn).

The redundancy financial package is on the thick end of 7k.

Now, I have been offered my job back but Im not sure if I want it. The reason is because I want to use that money (well about 60%) of it on a holiday for about 4 months.

Then again, when I come back, the market could have got a lot worse and I will be in a worse position not being able to find work (or at least work I would enjoy and be paid well for).

On the other, I could keep my job and carry on as normal, its okay, but it could be better, its neither a job I love nor hate.

My background is 25 yrs old, male, live with parents, 2 BTL mortgages, no kids (yet) so I feel know is the best time to do something really different before Im stuck in a place where my commitments are family and a mortgage.

What would you?

Any responses would fantastic, thanks for your time.
 

mentalpen

Active Member
Take the holiday is my opinion, you have no commitments and if you're thinking about settling down in the future you may not have another chance for a while.

If you neither like or dislike your job then to me thats more of a reason to go if you have the chance. When you get back you may be offered a better job, you never really know. (can you tell i'm an optimist).

There's my 2pence

Have you got any idea on where to go?
 

Phil Hinton

Editor
Staff member
My opinion, if you have nobody depending on you at this moment in time and your 25yrs old, I would take the trip every time. If your good at your job and feel confident of getting another, why not take a chance and go and see the world. My view is very biased, but if I had that chance that's what I would do, who knows you may not even want to come back. I know of many people who have gone on a long trip and ended up staying where they went - usually Australia or NZ. Just make sure its a good trip with plenty of amazing places to go and see!
I've done a bot of travelling teh last few years, usually for work, but I now have the urge to do it even more....
 

tom 2000

Distinguished Member
Keep working and look for a new job. We are here to suffer.
 

Naaktgeboren

Distinguished Member
Difficult one to call but you must bare in mind, when you return from your holiday, the economy will not have improved, 2009 will not show any improvements, realistically, I don't think things will improve until the tail end of 2010 PROVIDING the right decisions are made by our Government.

I don't know how strong your employment sector is right now but you unless you are 100% sure you can back into the fold quickly (if you need to) it may be better to play it safe. The BTL mortgage problem would make me nervous, when you return from your holiday, how long would you be able to meet payments for before you had to get a wage back in again?
 

mayesj999

Standard Member
Take the holiday.

At 25 with no dependents, the chance is unlikely to repeat itself in the next 10 years.

Or you got a whole decade to sit there wondering what you missed when you decided to stay and and earn a few extra bucks from a job and company that you have no strong feelings for.

Easy choice methinks...!
 

domtheone

Distinguished Member
Or you got a whole decade to sit there wondering what you missed when you decided to stay and and earn a few extra bucks from a job and company that you have no strong feelings for.

Easy choice methinks...!


Pretty much sums up what i've done for the last 10 years:rolleyes:

I'd take the holiday:smashin:
 

Woodywizz

Distinguished Member
.... The BTL mortgage problem would make me nervous, when you return from your holiday, how long would you be able to meet payments for before you had to get a wage back in again?

If the Buy To Let mortgage is serviced by the rental income received then this is not a problem.

Easy choice for me, 25, no kids - take the holiday and enjoy yourself :thumbsup:
 

Naaktgeboren

Distinguished Member
If the Buy To Let mortgage is serviced by the rental income received then this is not a problem.

Easy choice for me, 25, no kids - take the holiday and enjoy yourself :thumbsup:

I agree but with the economy how it is right now, you just never know how it will affect people. I keep in touch with my tenants and none of them are able to tell me for sure what they will do after the current agreement ends.

I have contingency plans so it does not affect me one way or the other but, I would be a little nervous right now without bringing in a good wage.

Still, the holiday sounds good :thumbsup:
 

namuk

Distinguished Member
Do it mate:thumbsup: you may regret it in the future, wooosh Thailand in 10 hours within 2 hours you will fell like Man from Flint:D then via Tokyo:)


:smashin:
 

pandemic

Well-known Member
Sounds good if you've got the mortgage covered, then it should be fine. I'm guessing you've probably got savings on top of the 7k you'd receive from the payout. I may be doing the same at the end of the year, will be 25 too and I figure I may not get the chance to do it in future.
I'm pretty optimistic about mid-2010 tbh.
 

DOBLY

Well-known Member
I am redundant as of 01 April 09, work as a commercial finance analyst for a large it firm ($5bn).

The redundancy financial package is on the thick end of 7k.

Now, I have been offered my job back but Im not sure if I want it.

Sorry for being thick, but I don't quite understand this.:confused:

Your employer is letting you go at the end of March, but has offered to re-hire you on 01 April - is that conditional on you not taking the 7K? Can you negotiate with them to re-hire you on another date, such as 01 August instead? Will this mean that you can take the 7K and their offer of a job as well?:confused::confused:
 

Razor

Distinguished Member

gavan

Well-known Member
Hey, could you give me your opinion please. Ive pretty much made up my mind but Id stil like to hear other peoples view.

I am redundant as of 01 April 09, work as a commercial finance analyst for a large it firm ($5bn).

The redundancy financial package is on the thick end of 7k.

Now, I have been offered my job back but Im not sure if I want it. The reason is because I want to use that money (well about 60%) of it on a holiday for about 4 months.

Then again, when I come back, the market could have got a lot worse and I will be in a worse position not being able to find work (or at least work I would enjoy and be paid well for).

On the other, I could keep my job and carry on as normal, its okay, but it could be better, its neither a job I love nor hate.

My background is 25 yrs old, male, live with parents, 2 BTL mortgages, no kids (yet) so I feel know is the best time to do something really different before Im stuck in a place where my commitments are family and a mortgage.

What would you?

Any responses would fantastic, thanks for your time.

Assuming you've got equity in your BTLs sell them up, take the redundancy and go travelling for at least year. If possible try and pick up a foreign language - like Spanish in South America.

If you are in negative equity with your BTLs (and given your age, I suspect you have) then you're kind of screwed. You can't afford to lose months of rent if one of them becomes void so you'll have to stay around to make sure they are kept occupied so it looks like you'll have to take the offer to keep the job. But given they have already laid you off and the fact that this recession is set to get a lot, lot worse I wouldn't bet on holding it for the duration.....
 

unique

Moderator
i would strongly consider, not suggest, you take the redundancy, don't go on holiday, find a suitable alternate job, and then take a 2 week holiday when you are settled in

i'm not sure what salary you are currently on, or if you can get that salary easily in another job, but £7k isn't that much money, and i certainly wouldn't leave a job, blow £7k and look at finding another job

i can understand you not wanting to keep working for your current employer and wanting a break, but i think you need to secure your future before you blow so much money on a holiday. whilst you live at home, your parents may not be impressed if you leave your job, blow your redundancy pay and they are stuck putting a roof over your head etc. i'm sure they would rather you found another job so they didn't have to worry about your future even if you aren't worrying about it
 

jamesvtidohc

Active Member
Wow, thank you all for your responses.

the majority have all pretty much voiced whats in my head, especially the part about, in a decade time from now, thinking, i should have, or, imagine if i did go holiday. ive heard so many of my mature colleaugues say this.

my sector is finance but the good part (post trade securities, FI, FX etc).

as with the btl, they pretty much pay themselves, its a joint venture betwen a total of 6 people inc. myself. we invested for the increase in equity (still in positive) as opposed to disposable profit, these are being rented to foreign uni students. any disposable profit is set aside in preparation for scenarios such as the increase in VAT (theyre going to make up the 2.5% some how or another!), energy costs, etc.

unfortunately they cannot give me leave, i am in a lower senior position position so i will need to give a hand over to the new recruit or internally promoted employee (which im sure will be the case).

my decision needs to be submitted on thursday.

i think its a done deal but i just have to be 100% sure, its either all or nothing and i want to be happy with the situation i have chose.

(just to clear up, if i take the job, i get no package and carry on as usual).

ps. locations im thinking of are indonesia, mongolia then philippines (total budget is about 5k and a length of about 4 months (philippines my accom is sorted as my parents are from there). the rest of the package is going to be tucked away for when i come back).

thank you everyone, i really appreciate all of your responses and time to reply.

i will update this thread on thursday night so that your comments may contribute to my future happiness.
 

reddevil63

Distinguished Member
I am redundant as of 01 April 09, work as a commercial finance analyst for a large it firm ($5bn).

The redundancy financial package is on the thick end of 7k.

Now, I have been offered my job back but Im not sure if I want it.

Very strange been made redundant then offered your job back!

Has the company officially announced this? If so they have to inform the government and after that said company can't re-employ for 3 years.

Thats what someone told me, whether it true or not.
 

jamesvtidohc

Active Member
i would strongly consider, not suggest, you take the redundancy, don't go on holiday, find a suitable alternate job, and then take a 2 week holiday when you are settled in

i'm not sure what salary you are currently on, or if you can get that salary easily in another job, but £7k isn't that much money, and i certainly wouldn't leave a job, blow £7k and look at finding another job

i can understand you not wanting to keep working for your current employer and wanting a break, but i think you need to secure your future before you blow so much money on a holiday. whilst you live at home, your parents may not be impressed if you leave your job, blow your redundancy pay and they are stuck putting a roof over your head etc. i'm sure they would rather you found another job so they didn't have to worry about your future even if you aren't worrying about it

ive thought about that, i have, but i personally wouldnt see it as blowing it away. to me, it would an experience never to forget, the 5k is an initial budget so i do have some tucked away (since i neither smoke or regular splash cash about).

at least when i do this, the experience is done and when i arrive home, its just a one track road in terms of achievening what i want to professional achieve and there would be no need for to me take a career break in my mid 30s when at that time, im confident ill have a lot more responsibilities.

you my friend have also voiced my other opinion, not negative in anyway but it is what i wonder about.
 

jamesvtidohc

Active Member
Very strange been made redundant then offered your job back!

Has the company officially announced this? If so they have to inform the government and after that said company can't re-employ for 3 years.

Thats what someone told me, whether it true or not.

my initial redudancy was effective as of 01.01.09 (notified us about 8 weeks before this date), a week before, they gave me a compromise agreement which was an increased financial package and if i agreed, my redundancy would be extended by 3 months. this i agreed to and am on this agreement as a full employee.

my employer has verbally asked if i want to stay, his word is stone so if i said yes, that would be it.
 

The Dude

Distinguished Member
In the immortal words of Crosby, Still, Nash & Young: :smashin:



Take the money and run, 'cause the summer sun is sinking down

Take the money and run, 'cause the four winds may not blow.

Take the money and run, 'cause the verdict has been handed down

Take the money and run, 'cause there's no place left to go.

You cannot give me any more time

You've already taken too much of mine

Take the money and run. :cool:
 

paul1967

Active Member
I had the chance to go around the which i did for 6 wks I was 40,was aloud time off but was told if i did I would not be able to do it again, well 2 yrs later made redundant,think how made i would have been with myself if I had not gone, you are here on this world once it.s not a rehearsal ,take the holiday and have a good time enjoy yourself,there's alway jobs but no second life,sorry to be morbid but when you become a grumpy old man like me ,which we all become,you will understand I.m now 51.
 

pandemic

Well-known Member
Very strange been made redundant then offered your job back!

Has the company officially announced this? If so they have to inform the government and after that said company can't re-employ for 3 years.

Thats what someone told me, whether it true or not.


Unlikely to be 3 years, it's closer to 6 months. I am employed by one of the largest engineering firms in Europe, who spend a lot of time making sure everything is done within the law. They took me on 6 months after making 80 to a 100 employees redundant.
 

Boris Blank

Well-known Member
I've been in a very similar position, having been made redundant with a large payoff, I ended up taking 6 months "career break" during which I went on some fantastic holidays, bought a car, lazed about, did lots of things I always wanted to do etc, etc. I loved every minute of it........BUT! Like a dark spectre, I always knew I'd have to find another job and that was permanently on my mind for the last couple of months of my break and indeed became a worrying concern and kind of spoiled the enjoyment I'd had to a certain extent.

With no other income I saw my bank balance shrink quite rapidly and eventually I had to start looking for work almost out of desperation to avoid poverty and ended up taking something I didn't want just to get some cash but beggars can't be choosers. Since then I've moved on and got a much better job but in hindsight I'd rather I looked for a better job sooner, paid off a chunk of the mortgage, saved some of the pay-off and then, once I had a new job relax and take some great holidays over the following years and spread the enjoyment.

If I were you, I'd look for a job even before you leave the job you're in and tell the new employers that you can't start for a six weeks or so after 1st April and then and only then RELAX AND HAVE THE HOLIDAY OF A LIFETIME :thumbsup:

Its bad times unfortunately and things will not get better for a while, finding a new job could be difficult, its a risk but if your skills are in demand or you are willing to turn your hand to anything just to earn some cash then at least you have a good chance of getting something sooner or later (preferably sooner!). At 25 I'd say time was on your side though.

Edit: Paul1967 is right, you only live once but with some prudence, you can have your cake and eat it! It just won't be a particularly large cake and hopefully there will always be some left over for tomorrow! Have fun mate whatever you do!
 
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