Voluntary redundancy. Should I, shouldn't I ?

Hedgecutter

I have an option of voluntary redundancy at work and I'm seriously considering taking it.
I'm not sure what I need to take in to account and where I could get good advice on whether or not to take it.

I'm trying to look at the big picture and afew years down the road. I know you never know what could come up but I can be as prepared as possible.

Has anyone here ever taken voluntary redundancy, was there anything they did not factor in to future plans that came up and caused problems.

Any advice would bo grateful.

Pablo Sanchez

Not trying to influence you but VR was offered where i work at the end of last year, i applied for it and was rejected in January.

Between the time i applied and was rejected i applied for a number of jobs i thought i would be completly qualified for and right up my street (genuinly these were jobs i could have walked into 4/5 years ago) and i either got no response or a negative one.

Im delighted my application was rejected in hindsight, otherwise i would be burning through my redundancy money to pay mortgage etc and stressing about finding work.

smcgiff

Depends on a number of factors....

How old are you?

Is the redundancy package a significant amount?

What plans/ability do you have to get re-employed?

Can you use the money to start your own business?

Do you like the job you are doing?

What responsibilities do you have?

matrim

Honestly there is no way to know. I was working in an IT company that relocated in Ireland. Most people took the redundancy rather than moving and left for another job. Unfortunately 6 months down the line some of those jobs fell through (See another thread on the front page).

In fairness most found other jobs again but you can't rely on anything and at the moment IT is an exception in terms of jobs in Ireland.

Robin Craig

I was forced to take redundancy back in 2006 (though jobs market was totally different) my advise would be to start sending out CV's and doing interviews so you can test the market before making your decision. Other alternative which alot of people from ESB, Eircom and other state bodies might contemplate is going abroad after taking the redundancy package. Countries such as Australia, New Zealand and Canada are crying out for people.

phormium

It very much depends on your own situation financially, where you are in the country, your age etc.

I took VR in 2009, got some temp work for a few months, nothing since despite numerous job applications. I should in theory be very employable but not in the present climate unfortunately.

I am not in Dublin but if I was I feel I could have gotten work, am not in a position to move, so it kind of depends where you are too.

The lump sum was nice to get but the salary was nicer, unfortunately while it was termed voluntary it was very obvious not applying for it was not really an option. Jobseekers benefit runs out after about one year so the lump sum is needed to live on. On mature reflection I would have preferred to keep my job but unfortunately it no longer existed.