Money/job problem

[AmigaMan]

I work for a bank and we got bought out last year. All employees get a severance package due to that and that's what's got me thinking. If I wait until June, I am due a severance package equal to 6 months of my salary all in a lump sum deposit. I'm looking for a new job now, but there's not a lot out there for Java developers. I have a couple leads and may jump on one soon.

Should I wait it out and start looking for a job in June and risk being unemployed, or jump ship now, lose my severance package but have the comfort of a new job?

 

[StageLeft]

You have a new job lined up? This is a tough call. Normally I'd say take the new job, because a good job is worth more than a small severance package, but $40k is a pretty big severance package. What confidence level do you have that you can find a new job? If you find one after June before 6 months you basically have 6 months minus however long it takes = bonus money!

Actually June is only four months away. I gotta vote with staying until then for the severance. It's risky, but if you get it and then another job within a month or two you'll have made a HUGE score!

 

[AmigaMan]

that's the dilemma. do I wait or do I stay? Confidence is not too high, been looking for a senior java dev position and everyone wants to pay me less than what I make now. I admit I was probably overpaid (my old boss loved me). I haven't found a job that I would love to have, just a couple companies trying to lowball people to see what they can get. I'm not desparate yet, but I'm getting nervous since I've been searching for a couple months now. It's probably not gonna get any easier in June, which means I'll have to use that severance package (which HR said is also taxed at 42%) to live on until I find something.

 

[StageLeft]

Yeah, it's also much easier to find work while you're still employed (obviously not telling them that in June you lose your job)...

 

[alent1234]

Originally posted by: AmigaMan
that's the dilemma. do I wait or do I stay? Confidence is not too high, been looking for a senior java dev position and everyone wants to pay me less than what I make now. I admit I was probably overpaid (my old boss loved me). I haven't found a job that I would love to have, just a couple companies trying to lowball people to see what they can get. I'm not desparate yet, but I'm getting nervous since I've been searching for a couple months now. It's probably not gonna get any easier in June, which means I'll have to use that severance package (which HR said is also taxed at 42%) to live on until I find something.

I would look for work and try to set something up after your lay off date. even if it is taxed, it's still free money. Are you in the NYC area by chance? where are you looking? when I looked for a windows 2003 admin job last year just to get a feelie, it seemed a lot of the good work was in NJ or outside NYC.

were you working for BOA or fleet? forgot the names of the two big ones that merged

 

[Zombie]

this is a no brainer. Get a new job and save yourself the heartache of layoff.

 

[preslove]

Wait, so you're getting laid off in June and must still be employed there when the ax falls to get the package? If I understand it correctly I would start looking for jobs casually and only apply to the most attractive jobs, i.e. more money or cool workin environment, before late april or May. When that time roles around start looking alot more intensely. Just try to swing it so you don't have to leave your job before the layoffs.

 

[alent1234]

many companies do this. they give months notice of a layoff and require you work there to get severance

a few years ago my company bought someone else out and did the same thing. people were given 30 days to 6 months notice of being laid off and the requirement for severance was to finish working there until the terms of the severance contract expired

 

[JulesMaximus]

How's your debt level? Do you have any savings? If you're in good shape debt wise I'd say wait until you get your severance.

 

[her209]

Work 80 hours per week.