Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Job search help!
Old 04-17-2005, 08:23 PM   #1
Recycles dryer sheets
 
Join Date: Jan 2004
Posts: 159
Job search help!

Hi,

I work for a Fortune 500 technology company. I found out this past week that the project I was working on was canceled and the division I am in is being dissolved.

I have until this Friday (4/22) to accept a voluntary severance package. I'm seriously considering it. If I find another job by Friday, then I can take the package and it's essentially a "lovely parting gift".

One company I'm considering applying to is at:

http://www.clearwateradvisors.com

Can y'all look at it and let me know what you think of the company and what you'd want to know before working for them?

Also, any advise or thoughts on severance packages in general? I can post more information if necessary.

malakito.
__________________

__________________
malakito is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Job search help!
Old 04-17-2005, 10:36 PM   #2
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Re: Job search help!

it really depends on the package and the estimated length of your next position. If the package offers you, say, 12 months of salary and you are confident that you can find another job less than 12 months, take the package. If you are not confident that you can find another position within 12 months, you might choose to stay. However, they may lay you off later with a lesser attactive package.
__________________

__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Re: Job search help!
Old 04-17-2005, 10:53 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
Re: Job search help!

In general the employees to take the first round are out in the local market before others with similar skills. HR folks know that when severance packages are offered the folks you hate to loose go in the first round because they anticipate finding employment quickly. It is nice when outplacement is offered.

I remember when a major Seattle area employer had a RIF and my employer needed IS folks. Our recruiters worked with their outplacement folks to find good candidates. You may need to move to find the job you want. Send a note to NWSteve to see if he has any thoughts.

The CVs of the principals are very similar. Are you a good fit?


__________________
Duck bjorn.
Brat is online now   Reply With Quote
Re: Job search help!
Old 04-18-2005, 07:04 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Job search help!

Worked a little differently when I took my package.

They offered a package, said it was their best offer, had managers sit down with the folks that they really wanted to get rid of to tell them that it might be a nice idea for them to take it, otherwise they'd get rolled into a 'pool' where they'd get paid for a month or two and then laid off.

Then they improved the offer that wouldnt be improved after a bunch of people left on the first offer.

Then they added a couple of other extra goodies. Thats when a bunch of people they really didnt want to take the offer (like me) took it and ran. I know of at least 10 guys they really wanted to get rid of...9 of them are still there 4 years later.

Which I guess proves that its a crappy idea to take the soft approach to get rid of dead weight.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Job search help!
Old 04-18-2005, 12:15 PM   #5
Recycles dryer sheets
 
Join Date: Jan 2004
Posts: 159
Re: Job search help!

Thanks all for your replies.

spanky -- My package is 7.25 months salary and a termination date of 5/31. Regarding another job, my wife and I have already decided to stay put where we are geographically; as a result, I doubt I can find a job that pays what I'm earning now, but I can probably find a job that pays 80% of what I make within the next 3-6 months. Regarding additional layoffs, they have said that they need to reduce engineer headcount, so to the extent that people don't take the voluntary offer, they'll move quickly to an involuntary process (with a package that isn't as good).

brat -- Thanks for the PM, by the way. As noted above, I'm not willing to move. On the flip side, there's the possibility of working remotely in my line of work. Regarding the CV's, yup, they're all similar. I am not LDS and I suspect at least most of the principals are, I do get along well with LDS folks in my current company. In fact by outward appearances I share several characteristics with LDS folks so I am sometimes mistaken for one.

th -- I have reason to believe that this offer will be my best opportunity to leave the company in the near future. The involuntary package I mentioned above is definitely worse as it stands now, and the HR folks disclaim that the packages can be changed without notice in the future. Regarding your last sentence, I hadn't thought about it but I agree with you.

malakito.
__________________
malakito is offline   Reply With Quote
Re: Job search help!
Old 04-19-2005, 09:47 PM   #6
Recycles dryer sheets
 
Join Date: Jan 2004
Posts: 159
Re: Job search help!

Hi all,

An update:

I had a phone screen with this Clearwater Advisors group this morning. The interview went fairly well but they told me a few hours later that they're not interested at this time. I got the impression I was a good candidate but didn't make the short list for an interview.

They've decided to let the other managers "cherrypick" our organization and we hope to be told before the VSI deadline. If I find out before the deadline I'm thinking that will pretty much make my decision for me.

malakito
__________________
malakito is offline   Reply With Quote
Re: Job search help!
Old 04-20-2005, 08:50 AM   #7
Dryer sheet wannabe
 
Join Date: Apr 2005
Posts: 24
Re: Job search help!

Don't forget that in most states you can collect unemployment ALONG with your severance after the actual 'termination date'. I know most people don't want to do that but it helps and might offset your 20% estimated if you take a job for 80% of current salary.
WHile you are looking you might check out the sologig.com site to see if you might have some skills they can use via telecommuting.

I woukld take the money and run no matter what but then I am a great risk taker!

Best of luck..you'll find something else!
__________________
fletzie is offline   Reply With Quote
Re: Job search help!
Old 04-20-2005, 10:29 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Job search help!

Hello fletzie! How do you know that most people don't want to collect unemployment comp. along with their
severance pay? That seems illogical to me. Why, I enjoyed the unemployment comp. even more than the severance pay as that was money direct from the government

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Job search help!
Old 04-20-2005, 11:43 AM   #9
Dryer sheet wannabe
 
Join Date: Apr 2005
Posts: 24
Re: Job search help!

Well, I guess that old assuming thing got the best of me!

I enjoyed my unemp $$ too....for the same reason and occasionally when I was not being a 'nice person' the fact that my prior employer had to pay, pay, pay!

I stand corrected!

__________________
fletzie is offline   Reply With Quote
Re: Job search help!
Old 04-20-2005, 01:24 PM   #10
Recycles dryer sheets
 
Join Date: Jan 2004
Posts: 159
Re: Job search help!

Yup, I'll get unemployment as well if I take the VSI.

malakito
__________________
malakito is offline   Reply With Quote
Re: Job search help!
Old 04-20-2005, 01:33 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Job search help!

I qualified for unemployment too but didnt bother collecting it. Seemed like too much work for not enough $.

There were a bunch of requirements that you had to show so many resumes sent out, phone calls made, interviews attempted...all kinds of stuff to at least demonstrate you were half-heartedly interested in finding a job. I'm sure you could get around all of it or simulate it with a few minutes work.

But I had just been punched checks in the low six figures for my job separation, it was summertime, the lake was inviting, there were large cans of guiness to be consumed (before anyone gets on my 'can', bottles were NOT allowed at the lake)...

The last thing I wanted to do was play footsie with a government agency for a few hundred bucks a month.
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Legal for employer to advertise your job before you've left? TheGeneral Young Dreamers 9 03-06-2007 12:18 PM
Thinking out loud about a possible job move HobbyDave Young Dreamers 15 05-25-2006 02:29 PM
Which job to pick? geeman Young Dreamers 65 03-13-2006 06:00 PM
The Perfect Job flipstress Other topics 9 12-02-2005 05:00 PM
Possible Job Opportunity... brewer12345 Young Dreamers 18 12-10-2004 06:51 AM

 

 
All times are GMT -6. The time now is 11:48 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.