Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Should I make my wishes known or just lay low?
Old 03-17-2014, 07:41 PM   #1
Recycles dryer sheets
sheldon cornped's Avatar
 
Join Date: Mar 2011
Posts: 123
Should I make my wishes known or just lay low?

I mentioned in earlier post that I thought job eliminations would occur at my location. Announcements by the Corp were that 550 jobs were being eliminated half at Corporate level and half throughout the divisions. Seems the Corporate was accomplished and some of the Ops. reductions have been made. Most eliminations will be made by end of March. My area is the most profitable in the Corp., so it seems we will be spared the brunt. These eliminations are said to be targeted and so far they have been. Job eliminations provide 1 yr. severance in my case, 3 mos. COBRA at the employee rate (cheap). There is another announced round of eliminations to go for next year. Severance, coupled with starting my pension would provide an amount greater than my current salary that would last at least 20 months. By then I will be 62. Then I would obviously continue pension and begin drawing from my taxable and tax-deferred savings and maybe start drawing SS as a bonus. FIRECALC shows me being quite safe all told.
My question is this: Do you think it would be beneficial or detrimental to telegraph that I would accept a package if offered? Could this work against me in that they might think I don't care about my job anymore? What consequences do you think there would be if I told my boss and/or HR that I would "sacrifice" myself (take a hit for the team)?
This would really be the most lucrative way to end my career.
__________________

__________________
sheldon cornped 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!

Old 03-17-2014, 07:51 PM   #2
Recycles dryer sheets
 
Join Date: Jun 2010
Location: Southwest Florida
Posts: 325
My inclination would be to lay low. You are admitting to the company you are ready to retire, and just divulging this information could very well work against you in some strange way. I'd keep it to myself and hope for the best.
Bruce
__________________

__________________
Gill is offline   Reply With Quote
Old 03-17-2014, 07:59 PM   #3
Thinks s/he gets paid by the post
Ready's Avatar
 
Join Date: Mar 2013
Location: Southern California
Posts: 1,823
It's an interesting situation to find yourself in. If you volunteer for a layoff but don't get "picked", then what? Is it possible that you could find yourself being let go down the road when they need to downsize but the severance isn't so generous? If not, then I don't see that much down side to speaking up. What's the worst thing they can do? Let you go later? As long as the severance later on is equally as good, I don't think you have much to lose.

However, as Bruce mentioned, if you think you might end up staying but being stigmatized, you will have to think about how you will feel in that situation.
__________________
Ready is offline   Reply With Quote
Old 03-17-2014, 08:16 PM   #4
Full time employment: Posting here.
 
Join Date: Dec 2010
Location: Southern California
Posts: 916
I think it might depend on your relationship with your boss and/or HR. Can you trust either? I would lay low until you got a better feel what they are doing. Good luck.
__________________
Aiming_4_55 is offline   Reply With Quote
Old 03-17-2014, 08:28 PM   #5
Recycles dryer sheets
sheldon cornped's Avatar
 
Join Date: Mar 2011
Posts: 123
As far as severance, the current policy pretty well lays out the terms and conditions. I don't expect the policy to be diminished anytime soon although anything can happen. I am tending to agree with your opinions to lay low for the time being since in the next round, they might actually ask for ER volunteers like they did 5 years ago. They are targeting $75MM savings this year and $50MM for next year, so the cuts will probably go deeper next year. My problem is that I obsess too much about it, particularly when I read this forum every day and what a great life most are having living in ER!
__________________
sheldon cornped is offline   Reply With Quote
Old 03-17-2014, 09:23 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,409
Quote:
Originally Posted by sheldon cornped View Post
......My question is this: Do you think it would be beneficial or detrimental to telegraph that I would accept a package if offered? Could this work against me in that they might think I don't care about my job anymore? What consequences do you think there would be if I told my boss and/or HR that I would "sacrifice" myself (take a hit for the team)?
This would really be the most lucrative way to end my career.
Tough call. I think it depends on the relationship you have with your boss and if your trust him/her. I would not go to HR. If you don't care about your job anymore it would show (or not) irrespective of your desire to retire.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 03-18-2014, 12:20 AM   #7
Recycles dryer sheets
 
Join Date: Jan 2014
Posts: 243
Wait for them to ask for volunteers then pounce on it! Hope it works out as good as it seems.
__________________
Turboslacker is offline   Reply With Quote
Old 03-18-2014, 02:42 AM   #8
Recycles dryer sheets
 
Join Date: Dec 2013
Posts: 366
Delete / wrong post
__________________
springnr is offline   Reply With Quote
Old 03-18-2014, 08:20 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,874
Quote:
Originally Posted by pb4uski View Post
Tough call. I think it depends on the relationship you have with your boss and if your trust him/her. I would not go to HR. If you don't care about your job anymore it would show (or not) irrespective of your desire to retire.
+1. I trusted one of my bosses (matrix management deal) and was emphatic that I wanted to go. Since they really wanted to cut costs and and would rather not do layoffs, I was in.

That said, if it was a lesser cut and my chances were smaller of being "chosen", I'd have kept quiet. Once you are marked as looking to retire, you are a dead man walking.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 03-18-2014, 08:59 AM   #10
Recycles dryer sheets
EllisWyatt's Avatar
 
Join Date: May 2010
Posts: 233
As pb4uski said, a lot depend on your relationship with your management. In one scenario, if you telegraph your intentions to leave, there is no reason for the company to provide additional financial incentive to encourage you to do what you were already intending to do.
__________________
EllisWyatt is offline   Reply With Quote
Old 03-18-2014, 09:14 AM   #11
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
I would tell your boss ... I think he'll be relieved to know it's one less hard decision for him.

As far as what corporate - or anyone else - "thinks" about your decision .... WHO CARES! Get out while the package is good. I watched megacorp cut the severance twice ... then they cut me. Reducing the "package" is a no-brainer for cost cutters.
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 03-18-2014, 10:03 AM   #12
Thinks s/he gets paid by the post
teejayevans's Avatar
 
Join Date: Sep 2006
Posts: 1,219
Quote:
Originally Posted by tryan View Post
I would tell your boss ... I think he'll be relieved to know it's one less hard decision for him.
I would be careful, you might want to hint that you are prepared for retirement, but don't put anything in writing unless they come to you first with an offer.
__________________
teejayevans is offline   Reply With Quote
Old 03-18-2014, 10:59 AM   #13
Thinks s/he gets paid by the post
 
Join Date: Apr 2010
Posts: 1,677
I went out this way. I did not have to volunteer, we had a new Executive come in who did away with regional management. It is the only way to go. In my case I was financially prepared and even had a short list of recommended labour lawyers to handle my separation. I had a great separation package, then unemployment insurance, then I took my SS and company pension. The trick of course is to be financially ready for it.

I would say that your decision should be based on your relationship with your manager. As a Director, I had a number of people volunteer over the years. It was no issue for me. In fact, on more than one occasion I 'tipped the wink' to an employee that I knew was going to leave or retire and asked them to delay for a month or so in the full knowledge that downsizing was imminent. If I was going to loose someone, I wanted it to be someone who was going to leave anyway. My concern was that we were cutting to the bone...I wanted to protect my business. In my case, resignations/retirement were often not replaced by HR reqs, essentially just counted as additional downsizing.
__________________
brett is offline   Reply With Quote
Old 03-18-2014, 11:02 AM   #14
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,802
At my corp I've seen it go both ways. They've had many rounds of layoffs - but never asked for volunteers, unfortunately.

One former coworker told his manager, who told our common director, that he was willing to be laid off. The director decided he was disloyal and made his life a living hell. Micromanaging him to extreme levels. He ended up quitting without the severance.

My boss is doesn't like me and I don't like him. But we're stuck with each other. I would never tell my boss given that dynamic. That said - a former manager, who has input to layoffs is a friend. I've let *him* know that I'd be ok with a layoff. He's kept his mouth shut so far - hasn't told the director or my boss that I know of.

Unfortunately - the list of people volunteering is getting longer. A few folks were hanging around hoping for layoffs after our last corporate acquisition - but our department was spared - they've since retired. Now a few other folks are biding time for the ESPP plan to vest - since it's going to be a big gain... I think there will be a few people giving notice in a few months...

Do not tell HR. HR, in general, is looking to save the company money, not to have your back.
__________________
rodi is offline   Reply With Quote
Old 03-18-2014, 04:52 PM   #15
Full time employment: Posting here.
 
Join Date: Sep 2007
Posts: 716
Quote:
Do you think it would be beneficial or detrimental to telegraph that I would accept a package if offered?
Do not do this.

If you want to be up-front, go to your boss -- or your boss's boss -- and tell them that you will volunteer to be included in the layoff. If that's what you want. If you don't want to get laid off, say nothing.

That's what I did. Even though they did not ask for volunteers, there were a couple of us who pro-actively (quietly and privately) told our managers that we would volunteer if there was a layoff coming.

Just don't put yourself into a position where you might not get a severance package. Over the years our company's severance packages got slimmer and slimmer. A few years after I left, the severance package was "here's the phone number of the state unemployment benefit office". A few years before I left, the package was 2 years salary. Ours was 1 year salary plus one year of insurance at the employee rate.

Most managers HATE to lay off people. It's a very gut-wrenching emotional experience to sit across the table from somebody and tell them they are fired and put up with their shock and tears. They much prefer to let somebody go that is happy to be laid off.
__________________
rayvt is offline   Reply With Quote
Old 03-18-2014, 06:05 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
If you have good relationship with your boss, I'd tell him you'd like to volunteer to be laid off. I agree nothing to be gained telling HR.

I have been on both side of the fence. I didn't have to lay off many people, but I was super grateful to a lady who was going on maternity leave, when she tell us that it was ok to lay her off cause she wasn't planning on coming back. She was solid but not superstar employee, but there was no way in hell we were going to lay of a pregnant woman, and open ourselves up to a ugly lawsuit.

I think the same thing is true for a 60+ year old man, most companies would hesitate to do so because of age discrimination lawsuits. So let them know you volunteer, it substantially increases your chances of being given a nice severance package.

My last 5 months,were spent doing a make work job after I returned from sabbatical. My friend was very nice to provide me the job. So when it came for annual salary and stock options, I let her know please give those to the rest of your department. She was particularly pleased about having my stock options to spread out among her employees who might actually be there in 4 years to cash them in.
__________________
clifp is offline   Reply With Quote
Old 03-18-2014, 07:06 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,292
Quote:
Originally Posted by Aiming_4_55 View Post
I think it might depend on your relationship with your boss and/or HR. Can you trust either? I would lay low until you got a better feel what they are doing. Good luck.
Answer: You cannot trust either one. They do not work for you. They work for the company.
__________________
my bumpersticker:
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."
Ed_The_Gypsy is offline   Reply With Quote
Old 03-18-2014, 07:18 PM   #18
Thinks s/he gets paid by the post
 
Join Date: Apr 2006
Location: North Bay
Posts: 1,026
If it were me, I would let my boss (not HR) know that I was contemplating retiring in a few years, and with the package you might even be able to swing retirement financially a little sooner. If you tell her that, then you won't be seen as ready to jump ship so much as being ready to reach the last stage of your career.
__________________
scrinch is offline   Reply With Quote
Old 03-18-2014, 07:32 PM   #19
Recycles dryer sheets
sheldon cornped's Avatar
 
Join Date: Mar 2011
Posts: 123
Man, you guys are dishing out some pretty good food for thought here! We all realize circumstances are different in many situations and there are no absolutes. I am by nature not a big risk taker in these matters. I feel the Corp is still pretty solid in that it has a seriously overfunded pension plan which is being tapped to cover the job severances. I don't completely trust my boss although he has to admit I'm a performer as evidenced by my last performance appraisal and results. We have a brand new HR guy, so that is an unknown. I think I will lay low for now as some of you have recommended. My son will graduate HS in 2015 and has aspirations to go Ivy League or Stanford etc..., so we're looking at a potentially big price tag, unless we can convince him to go for a free ride at a 2nd tier school. So staying with the w**k thing will help us stash some more acorns. I'm ok with that. But........won't you pleeeeeez give me a package??
__________________
sheldon cornped is offline   Reply With Quote
Old 03-18-2014, 08:04 PM   #20
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,608
The only way I would let anyone know is if I really had an excellent relationship and trusted them. Only a very few managers I've worked with would meet this standard. No HR person I've ever worked with would. The downside of telling an untrustworthy person that I'm okay with being let go, even with a package, is that if I do not get the package I could easily end up dead man walking at work, given uninteresting assignments, kept away from work that has any long term value to the company, or simply managed out without a package.
__________________

__________________
growing_older 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
Best wishes for 2013 ! obgyn65 Other topics 10 12-22-2012 08:34 PM
Easter Wishes Westernskies Other topics 5 04-02-2010 09:18 PM
can Ken Lay retire? Will he be posting here soon? dex FIRE and Money 17 02-27-2006 02:39 PM
Positive Wishes to All REWahoo Other topics 17 12-24-2005 08:19 PM
What you'll wish you'd known Marshac Other topics 2 01-21-2005 11:50 AM

 

 
All times are GMT -6. The time now is 08:31 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.