Redundancy delayed and negotiation assistance needed please

Redundancy delayed and negotiation assistance needed please

Author
Discussion

Jasandjules

69,825 posts

228 months

Wednesday 3rd February 2016
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In this situation you must always look after yourself. Your company would get rid of you without a second thought if they needed to.

clarkey

1,365 posts

283 months

Thursday 4th February 2016
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What are they selling, and who to? If the 'asset' is being sold to another business who will continue operating it, your employment may have to transfer to the new business. In this situation, your employer can't make you redundant, but the new one could.
You need to look into TUPE legislation. It may not apply, but it could do. For example, if a firm supports 2 brands of software, and sells their customer contracts to a competitor, all staff that worked on those contracts would transfer to the new employer - the current employer would not be able to get rid of them (and potentially get a higher value for the asset as it would look more profitable).
Get some advice - they may offer you three months in a gentleman's agreement, but then you transfer to a new employer who give you the statutory minimum.....

Lostprophet

Original Poster:

2,549 posts

168 months

Friday 12th February 2016
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An update! I have discussed my current situation with my FD. He is willing to give me 3 months notice to find a job and 3 months gross salary on the sale of the asset. He is not sure when that will be. He also said if I don't have work to do then I can take it easy. Sounds nice enough. Yes, he did screw me around over the redundancy.

In the meantime I think I am more focused on getting into a job which pays £75k and has career prospects rather than earning £64k, getting £16k exit payment at some stage and sitting on my ass in front of the TV at home and not adding any value to myself. My long term goal needs to be CFO or FD in the next 2-3 years.

What a stressful 6 months.

Edited by Lostprophet on Friday 12th February 09:44

Du1point8

21,604 posts

191 months

Friday 12th February 2016
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So you now have a leaving date and can get a new job, then later (maybe when you have that new job) when the asset is sold they will give you £16k tax free?

Hope you have that in writing, cause gentlemen's agreement means absolutely nothing in the corporate world.

what happen to the £70k job, its only been a week or so since you said you had that wrapped up?

Lostprophet

Original Poster:

2,549 posts

168 months

Friday 12th February 2016
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The asset will be sold, however there is no sale date confirmed. I do not want to wait around for one either. Wasting another year earning £65k in a dead-end job is not adding to my CV in anyway. It's taking me away from my ultimate goal of becoming FD.

I am not bothered about having it in writing as they want to tie me into a 3 months notice period which I am not happy to enter into.

The £70k (no bonus) role didn't work out, which is good as I am looking for higher salaries now. I am not rushing to get any old job now so I can negotiate a better new salary. I am currently interviewing for a £70k plus bonus and a £75k plus bonus role. Both roles lead to the FD position! My CV is with a another company with a £75k job. I turned down a £65k job and also a £75k job over the past week. I am really focused on getting the right role as I have time now.


Edited by Lostprophet on Friday 12th February 19:25