Dear Lifehacker, I have been working in procurement for a large resources company for the past eight years. I wouldn't say I love my job but I do enjoy it. Last week myself and the 30 others in my department were sat down and told that redundancies are being made by the end of the month.
We have been given the option to put our names forward to be chosen for redundancy or we can elect to ride it out and see what happens. I have spent the weekend trying to make a choice for the good of my family and my career, and I could use some help. What are the pros and cons of taking a redundancy or, on the other hand, of trying to keep the job I have? Thanks, Job Jitters
Redundancy picture from Shutterstock
Trying to choose whether to take a redundancy is always difficult, and there certainly isn't a single right answer to what to do. Your personal circumstances also matter enormously: the more dependents you have, the scarier change will seem. These are factors you might take into consideration:
Pros of taking redundancy/arguments against sticking around
- Most people will change jobs several times in their careers. Taking redundancy lets you do so and gives you a small-ish nest egg, meaning you won't necessarily have to take the first job on offer when you start looking.
- If your business or sector is in trouble, taking redundancy will usually work out better financially than being stuck in a company that goes broke,
- If your department is being reduced in size, everyone who does stay is likely to be worked much harder. Taking redundancy could make sense if you're already feeling stressed.
Cons of taking redundancy/arguments for sticking around
- If a large department is being reduced, there will be significant competition for similar jobs in other fields, which means scoring a job at the salary you want where you already live will be more challenging.
- If the business retains you, it clearly values your skills and is potentially more likely to promote you.
- The older you are, the more difficult it may be to score an alternative permanent job.
- You can still seek alternative jobs while sticking in your current post.
When balancing these issues, you need to honestly assess your own value to the business. Do you perform a similar role to numerous other employees? Do you work well with your colleagues? What job did you see yourself performing three years from now? Those factors will also influence your choice.
We'd love to hear additional comments and suggestions from readers, especially those who have found themselves in this situation. Good luck!
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