Severance package or a pay cut....choose one.

[chinelasone]

Lets say you were making 80g's a year for a company, have been with the company for many years, and have been promoted numerous times, all is good. When the economy got bad, the company you work for decides to do a lot of cut backs including cutting back on personnel. The company finally approaches you and gives you two options. Option one: Either choose a severance package of about $10g's (tax not deducted) and a temporary insurance for a year. Option two: Take a 45% pay cut and still stay with the company, with all competitive benefits still available. Which one would you choose?

 

[chinelasone]

Lets say you were making 80g's a year for a company, have been with the company for many years, and have been promoted numerous times, all is good. When the economy got bad, the company you work for decides to do a lot of cut backs including cutting back on personnel. The company finally approaches you and gives you two options. Option one: Either choose a severance package of about $10g's (tax not deducted) and a temporary insurance for a year. Option two: Take a 45% pay cut and still stay with the company, with all competitive benefits still available. Which one would you choose?

 

[elijahbrohammed]

Pay cut. I'd still be able to keep my benefits and my job. Sure I would have to make my check stretch more but its better than nothing. Also I can keep looking for a new job while working.

With a severance package especially one as small as 10K, who knows how long it will last? Do you have another employment opportunity coming up?

 

[elijahbrohammed]

Pay cut. I'd still be able to keep my benefits and my job. Sure I would have to make my check stretch more but its better than nothing. Also I can keep looking for a new job while working.

With a severance package especially one as small as 10K, who knows how long it will last? Do you have another employment opportunity coming up?

 

[trent ferris]

45% pay cut really isn't worth it when you think about unemployment benefits. Going from 80 g's to 50? get outta here.

Take the severance, file for unemployment insurance, collect checks while you look for your next job teaching middle school.

 

[trent ferris]

45% pay cut really isn't worth it when you think about unemployment benefits. Going from 80 g's to 50? get outta here.

Take the severance, file for unemployment insurance, collect checks while you look for your next job teaching middle school.

 

[chinelasone]

Originally Posted by ElijahBrohammed

Pay cut. I'd still be able to keep my benefits and my job. Sure I would have to make my check stretch more but its better than nothing. Also I can keep looking for a new job while working.

With a severance package especially one as small as 10K, who knows how long it will last? Do you have another employment opportunity coming up?

Yeah, this happened to a close friend of mine. He choose to stay, (smart move IMO). I told him that its just a matter of restructuring his expenses and tightening up his belt.

 

[manglor]

Pay cut and start a job search no question.

Severence and unemployment sound nice but with this job market those could easily BOTH run out before you find anything near 50k again let alone 80k.

 

[chinelasone]

Originally Posted by ElijahBrohammed

Pay cut. I'd still be able to keep my benefits and my job. Sure I would have to make my check stretch more but its better than nothing. Also I can keep looking for a new job while working.

With a severance package especially one as small as 10K, who knows how long it will last? Do you have another employment opportunity coming up?

Yeah, this happened to a close friend of mine. He choose to stay, (smart move IMO). I told him that its just a matter of restructuring his expenses and tightening up his belt.

 

[manglor]

Pay cut and start a job search no question.

Severence and unemployment sound nice but with this job market those could easily BOTH run out before you find anything near 50k again let alone 80k.

 

[mosthated770]

pay cut EASY

these days...

 

[mosthated770]

pay cut EASY

these days...

 

[twig1026]

Wish I got to choose

...straight severance, no cut.

 

[twig1026]

Wish I got to choose

...straight severance, no cut.

 

[oidreez]

take the pay cut

 

[oidreez]

take the pay cut

 

[rko2004]

PAY CUT. Atleast you're still employed that way. Look for a new job though. Or wait it out.

 

[rko2004]

PAY CUT. Atleast you're still employed that way. Look for a new job though. Or wait it out.