Redundancy delayed and negotiation assistance needed please
Discussion
Hi Folks,
I was being made redundant on the 1st April 2016, on the sale of an asset my company manages. There was a three months tax-free pay off for me on this date. There was nothing on paper - it was just a gentleman's agreement. He is an honest and straight forward guy so I had no concern.
My FD advised me yesterday that I will not be made redundant on the 01/04/16 as discussed as the asset is not sold. They do want to keep me on however he can not confirm a last day for me. It could be June or even at the end of the year. He has no idea. It leaves me hanging!
I informed him that I need 3 months notice to find a job and I need the three months payment to be on paper too. He agreed these two points.
On a separate note I am in the middle of interviewing for a role paying 10% more salary. There is a fair chance I will be offered the role.
The issues are I need to stay on for the pay off at the end of the role, it is a considerable amount of money for me, also I do not want to be working for less than I can earn elsewhere. That said I have received a pay-rise of £9k in January. I have said I want to be in the bonus scheme, i.e. I dont want to work for half a year and exit without a bonus! The FD seemed okay with that and said they need to make an arrangement.
What is the best approach to take in discussing terms with my employer. As you can imagine it is tricky. Am I being to focused on increasing my salary. Should I just focus on getting the terms right for my exit, i.e. notice period of 3 months, 3 months payment on exit and a bonus too.
It is a shame... I am interviewing for a great role. I would have taken it if I was not in this situation above. I dont want to be in my current job as it has no long-term job prospects but the money incentive is keeping me tied in.
Thanks folks.
I was being made redundant on the 1st April 2016, on the sale of an asset my company manages. There was a three months tax-free pay off for me on this date. There was nothing on paper - it was just a gentleman's agreement. He is an honest and straight forward guy so I had no concern.
My FD advised me yesterday that I will not be made redundant on the 01/04/16 as discussed as the asset is not sold. They do want to keep me on however he can not confirm a last day for me. It could be June or even at the end of the year. He has no idea. It leaves me hanging!
I informed him that I need 3 months notice to find a job and I need the three months payment to be on paper too. He agreed these two points.
On a separate note I am in the middle of interviewing for a role paying 10% more salary. There is a fair chance I will be offered the role.
The issues are I need to stay on for the pay off at the end of the role, it is a considerable amount of money for me, also I do not want to be working for less than I can earn elsewhere. That said I have received a pay-rise of £9k in January. I have said I want to be in the bonus scheme, i.e. I dont want to work for half a year and exit without a bonus! The FD seemed okay with that and said they need to make an arrangement.
What is the best approach to take in discussing terms with my employer. As you can imagine it is tricky. Am I being to focused on increasing my salary. Should I just focus on getting the terms right for my exit, i.e. notice period of 3 months, 3 months payment on exit and a bonus too.
It is a shame... I am interviewing for a great role. I would have taken it if I was not in this situation above. I dont want to be in my current job as it has no long-term job prospects but the money incentive is keeping me tied in.
Thanks folks.
Okay, I think you are right. Lets be open.
I am currently on £64k. My payment on my last day would be £16k (no tax). I would assume a bonus of 15% apportioned by the number of months I work in 2016 - should they agree with this and work out a way of doing this.
The new role, should I get it would be £70k with no bonus but it is a good opportunity to develop and grow.
I guess I think I would be giving up about 5-6 months salary on a higher base level... potentially more.
I am currently on £64k. My payment on my last day would be £16k (no tax). I would assume a bonus of 15% apportioned by the number of months I work in 2016 - should they agree with this and work out a way of doing this.
The new role, should I get it would be £70k with no bonus but it is a good opportunity to develop and grow.
I guess I think I would be giving up about 5-6 months salary on a higher base level... potentially more.
A sincere thank you all for your time and response.
I am surprised by the response, everyone has said leave my current role and move on with a new job. This shows how wider support is quite important.
With my current role the exit terms would be 3 months notice and £16k which is as pointed out above by bearman68 about 4 months worth of net salary, in other words this is 7 months worth of salary which will allow me a considerable amount of time to secure a new job.
I was leaning on staying on but now I am thinking leaving is the best way forward...
I am surprised by the response, everyone has said leave my current role and move on with a new job. This shows how wider support is quite important.
With my current role the exit terms would be 3 months notice and £16k which is as pointed out above by bearman68 about 4 months worth of net salary, in other words this is 7 months worth of salary which will allow me a considerable amount of time to secure a new job.
I was leaning on staying on but now I am thinking leaving is the best way forward...
Edited by Lostprophet on Wednesday 27th January 10:33
My director did say they need me to manage the function and want me to stay on.
He did if I leave he will need an interim to file the role. That said it will be tough for them to pick up what I do. I think the company would like for me to stay on.
I completely agree, I do feel they are dicking me about, they said my exit was on the 1st of April and now it is deferred. Lesson learnt.. get things on paper.
He did if I leave he will need an interim to file the role. That said it will be tough for them to pick up what I do. I think the company would like for me to stay on.
I completely agree, I do feel they are dicking me about, they said my exit was on the 1st of April and now it is deferred. Lesson learnt.. get things on paper.
CubanPete said:
Unless your boss agrees to pay you contract rates, I'd be off to the new job.
What do you mean by contract rates?A couple of developments, I didn't get the 70k role, I guess I shouldn't count my chicks and all that. That said I am progressing to second stage interview with another role paying £75k plus bonus. Something will stick soon I think.
Also I spoke to my director on Friday and told him 3 months exit bonus isn't good enough, the risk of not having a job isn't worth a £16k tax free payment and being dicked about with the redundancy date isn't particularly fun. The whole process caused untold stress. I said I expect 5 months which is £27k and 3 months notice. My current salary is £64k. He said he will think about it and get back to me on Monday, which he didn't.
My view is if they don't offer the 5 months payment plus 3 months notice and I secure a good role paying £75k plus bonus plus benefits I will be off without any regrets.
Edited by Lostprophet on Wednesday 3rd February 18:35
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.
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
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.
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
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