Taking voluntary redundancy - a step into the unknown

[matt21]

Hi all

Looking for some advice for those who may have been in a similar position.

I work for a major OEM as Project Manager in the UK. The Project is running well, the company have looked after me, and my salary is good.

However, we need to reduce our head count as long term sales look lower than first anticipated. We have been offered a voluntary redundancy program where I would qualify for 6 months tax free pay. I confident that if compulsory redundancy comes I will be ok.

I initially dismissed it, but getting more tempted. I am happy and doing well, but it could be a great opportunity. I am well qualified, young, and globally mobile. Tempted to try something totally different, but not sure I will have the guts to make the step into the unknown.

Anyone else made this jump, and what was your experience?

Thanks

Matt

[jamiebae]

Do it.

It sounds like you don't have dependents who rely on your income and what better time to change jobs than when someone is going to pay you handsomely to do it. I did it 3 years ago, spent a couple of months deciding which job I wanted to take and haven't looked back since.

Even better, take redundancy then go back as a contractor on double the day rate

[singlecoil]

Some people will do ok leaping into the unknown, and others not. It's not really possible to tell which bracket you will be in until afterwards.

Thing to remember in selecting your next field of activity is that people will only give you money for things that they want, and which they are either unable or unwilling to do for themselves. Best to be in the former category.

[jamiebae]

Being a project manager is a fairly easily transferable skill though. If you're good and qualified then you'll never be out of work, it isn't like the skill set you have is super-specialist.

[BongoHunter]

When voluntary comes up, the best and brightest can tend to leave first, as they are never going to be unemployed for long...

[clockworks]

I've taken voluntary redundancy twice.
First time, I wanted to relocate from Milton Keynes to Cornwall. 19 years service at age 40, I got a total package worth 9 months salary, plus 3 months use of my company car.
Second time, I wanted to work part time and take my pension. 9 years service aged 52, I got a package worth 15 months salary.
Worked out well for me.

[cat with a hat]

I would take the money and run, although it depends if anyone is dependant on you/mortgage/how easy or hard you expect it will be to find another job etc.

[ChasW]

I did it at 44 with 3 kids and biggish mortgage. During the protracted, but always cordial, negotiation I managed to get another job. So I left after 11 years on the Friday and started in the new job on the Monday. With hindsight I wish I had taken a break.