ADVISE NEEDED....what should I do?

[BLAIR]

I think there are some fairly level headed people on this forum so I wanted to run this all by you. I would also ask that you keep this semi confidential. I am not supposed to be talking about details.

As most of you know I graduated in 07 from JMU and work for Chrysler as a Service and Parts district manager out on the eastern shore for just about a year and a half now. Currently I am making a round number half way between 50k and 70k ( I donÔÇÖt want to say what I make, but you all can figure it out) I get a free company car that I can use as a personal car and a corporate card that I expense all gas on and lunch everyday. I work from home and make my own schedule. ItÔÇÖs a pretty awesome setup. I love the job and if I could be promised that I would have this job over the next few years I would blow off this severance package.

I have been offered a severance package from Chrysler to basically quit. Friday they announced they will be cutting 25% of white collar jobs. I can get 50k and a 25k car vouched that I would obviously cash is. A potential 75k pre taxed. Also 6 months of full health insurance.

My thoughts are that I am very surprised that I am offered this after just over a year of work. I would think they would lay me off and give me a pat on the back and a sorry. I also am concerned that this offer may not stand and I should take the money and run while its there. If you hear the news you know there is a lot going on with Chrysler right now. I am very sure that if the 25% cut was coming I would be one of the last to cut. I am new and young and they have devoted a lot of money into training me. I think they would more so weed out the old guys. I also know they I have backup plans ready. I can get a job writing service at a dealer making similar money right away. From talking to the other young new hired that came on with me it seems about 90% are taking this package and leaving.

What do you all think?

[Evan]

Take it. They offered a severance package. I think thats a pretty strong hint, and if you dont take it then the next thing they offer might be an empty cardboard box.

[DavidM]

Take it. They offered a severance package. I think thats a pretty strong hint, and if you dont take it then the next thing they offer might be an empty cardboard box.

Yea thats exactly what I was thinking, if you don't take it now it might not be there in three months when they fire you. Since it sounds like you have another Job lined up immediately it strikes me as free money, assuming you wouldn't be miserable in the new job.

[Ginger]

Take it. They offered a severance package. I think thats a pretty strong hint, and if you dont take it then the next thing they offer might be an empty cardboard box.

+1

Couldn't have said it any better.

[Mike]

+2.

[.RJ]

If you think that you'll get laid off if you dont take the package, then take it, put the $$ into a retirement fund, forget about it and find a new job.

Otherwise, I'd stick it out. The fringe benefits of working from home and setting your own schedule are worth more than the one time severance.

[BLAIR]

yea.. i dont think ill get laid off. I know they would lay off just about everyone before me. My concerns are what if the company goes under. get bought out etc etc, I would kick myself in the ass if i got laid off down the road and got nothing.

[G.Irish]

Well one has to consider the fact that overall, things are not looking great for Chrysler. Especially now considering that the economy is going through a significant downturn.

If you take the money and run you are going to have a full year's worth of money to sit on. That basically means you could take a year off if you wanted to, or even longer if you go hang in another country (a topic for another thread).

Yeah you may not find a job right away with all of these perks, but don't sell yourself short. You can get a kickass job again because you were good enough to get it in the first place.

[Evan]

yea.. i dont think ill get laid off. I know they would lay off just about everyone before me.

Do you have anything concrete to lead you to believe this?
The training investment really doesnt mean much to be honest, remember that you are the low man on the totem pole, less experienced, and more easily replaceable than guys who have been doing it for years and have built strong relationships.
Im speaking from general business experience, so your particular situation may indeed be different, but just make sure you think through both sides of the situation before assuming you wont be laid off.

[Dave]

Thats a really tough call Blair. I think the most important thing that you should consider is your quality of life If you find that you are starting to get bored with this job, then now would be the perfect opportunity to bail, especially since you already have something arranged to cover yourself. However, since you sound pretty convinced that you won't get cut, if you're still really enjoying the job itself (obviously your perks are better than most everything else out there) then it may be worth it to stick with it, but it could cost you dearly in the long run if they do fold/reorg/sell/etc.

Other things to consider:
-current & future market/economy could mean that this is only the first employee cut. No guarantees that they will offer severance to you the 2nd time around.
-time to move on to something else? Are you ready for new challenges?
-you can use this cash to live for free for a couple of years, or if you work it right you could turn it into some really good money (market is way down, invest well now and you'll see it expand rapidly over the next few years).

If it were me, I'd bail if I thought there was even a remote chance that I'd get cut.

[Mike]

Well one has to consider the fact that overall, things are not looking great for Chrysler. Especially now considering that the economy is going through a significant downturn.

If you take the money and run you are going to have a full year's worth of money to sit on. That basically means you could take a year off if you wanted to, or even longer if you go hang in another country (a topic for another thread).

Yeah you may not find a job right away with all of these perks, but don't sell yourself short. You can get a kickass job again because you were good enough to get it in the first place.

those are exactly my thoughts. i'd jump all over the chance to take a "package." i also would not be spending much of the first few months here in the US

[PDenbigh]

I'd suggest taking it. Done correctly, your career change will elevate your salary and your responsibility (if you want) quicker than you will ever see by staying at a struggling company.

Most people are faced with your decision but w/o a severance package. You have a win-win situation.

Exit the company on fantastic terms so that anyone your future employer contacts will only strengthen your position.

Congrats and good luck!

[CaptainHenreh]

Take it. They offered a severance package. I think thats a pretty strong hint, and if you dont take it then the next thing they offer might be an empty cardboard box.

+eleventy

Blair, I don't think you'll have any problem finding another job, and this certainly is a good reason to get one.

[ScottyB]

Blair, if i were you i would bail. first of all, they are giving you a severance that equates to having a year's time to look for another job without financial worry, which is a huge load off. secondly, never get too sure that your job is set in stone. anyone is replaceable or expendable, unfortunately.

look at this as an opportunity. you have time, money, probably won't have to change your lifestyle much, and this would be a pretty cool time to do some things you couldn't before because you were tied down. also, the way i see it, if you could land a job that badass (and not related to your major) just out of college, i have to believe you can do even better now.

get what you can while the getting's good. might not be there the next time the writing is on the wall.

[Apoc]

Well one has to consider the fact that overall, things are not looking great for Chrysler. Especially now considering that the economy is going through a significant downturn.

I think that pretty much nails it. If you don't take it now, there's a decent chance you won't have a job in the future anyway.

[Ole]

Take the cash. There may be a "non-compete" clause if you do this. Make sure that your future position elsewhere will not violate any part of any potential agreement.

[ViPER1313]

I would see this as a huge opportunity, especially if you think you can get another job in short order. The only way I would stick around is if you are 99% sure that you will remain employed and you don't think you can find another job making equal or greater money in the long run (which I doubt.) Don't take the money and sit around for a year though - think of it as a way to make 120k in a year after getting another job.

[WRXtranceformed]

Listen Blair, do you have any idea how ridiculous of a severance package that is?? Especially for someone who's only been with a company for ONE YEAR? The companies I've worked with only offer two weeks pay unless you have some serious tenure.

You take that package and you go find another job. I wouldn't even think twice about it.

[Sijray21]

i would take it and find another job without hesitation.

keep your contacts and make sure they'll be able to support you in the form of references and why you no longer work for Chrysler

i would take a small vacation for yourself if you feel so inclined, otherwise i'd start looking for another job

[Feersty]

Take it man, and put into a high interest bank account. Congrats.

Or buy a M5....lol