gobbledonk Posted December 9, 2002 Report Share Posted December 9, 2002 OK : 12 months ago, if they had offered me the equivalent of about 10 months (net) pay to go, I would have leapt at the opportunity, but the current outlook for IT in my part of the world is less-than-rosy. Add to that my age (43) and I am a tad nervous .. The tax concessions, the 'lottery win' feel of the payout etc have to be balanced against the fact that I could be committing career suicide. I intend leaving in the first half of next year, but I'd prefer to go on my own terms. Also, as someone else said, if I dont volunteer and they make me redundant anyway, what have I lost ? There are about 160 people from my company in the same boat tonight, all feverishly reworking spreadsheets and trying to look into the crystal ball. Fortune favours the brave ? Signed, Indecisive Link to comment Share on other sites More sharing options...
spirit_of_town_hall Posted December 9, 2002 Report Share Posted December 9, 2002 The It market globally is very very depressed at the moment, why not take a year or two out learn some new skills, take a lap top and some manuals with you and what better place to bas eyourself than Thailand. The general concensus is that things will be like this for another year or two make the move. STH Link to comment Share on other sites More sharing options...
Nervous_Dog Posted December 9, 2002 Report Share Posted December 9, 2002 Always look on the bright side of life - da da - - da dada Any way - Wakky lyrics aside - I just left my company ( I jumped rather than waiting to swim) and took a small office out here at software Park in Bangkok, doing my own thing, Its hard, its not easy - but anythings possible. Thailand has tons of good programmers, but not many team leaders - as you said yourself, they where going to push you so why not jump. See whats around in the region, could be best - or worst thing that ever happened to you! Contact me of list if you want to discuss what you actually do and I do JB Link to comment Share on other sites More sharing options...
Guest Posted December 9, 2002 Report Share Posted December 9, 2002 Will your company still give you a 10 month payout if you jack next year? If yes, stay and get the extra cash. If no, take the money and run. Link to comment Share on other sites More sharing options...
gobbledonk Posted December 9, 2002 Author Report Share Posted December 9, 2002 Mr Mayor, There's the rub - if I let the deadline pass (midday, this Wednesday!), thats it - I either get made redundant involuntarily or I may be there in a few months to see the auditors rock up and seize control of the companies assets ! Its pretty serious - they are losing $2 million a year at the moment, so I imagine that the cuts will be wide-ranging. Of course, they wont include any of our *fuckwit*CEOs buddies ... I'm also dubious as to how many '10 month plus' deals they can foot the bill for - I suspect that they are looking to axe as many short-timers as possible. Its funny - I now regard all the tightarse managers I've worked with over the years as bloody capable people : they certainly didnt preside over this level of mismanagement. Link to comment Share on other sites More sharing options...
liberator Posted December 9, 2002 Report Share Posted December 9, 2002 I have a feeling that your concerns are more related to what you would do if you took the redundancy. Believe me the answer to that one won't be easier early next year, and the sooner you start addressing that the better IMO. Presumably if you left in the first half of next year you would leave with that months salary and a hand shake. Assuming you left in say April, you have another 5 months salary to collect before you leave. If you take the redundancy now, you have 10 months salary and 10 months to sort out your future if it takes that long. (If you bring that 10 months salary to LOS who knows how long it could last? ) No contest I suggest. Link to comment Share on other sites More sharing options...
Old Hippie Posted December 9, 2002 Report Share Posted December 9, 2002 The fuck wit ceos will win no matter what. I would assume with 10 months salary, and a decent effort, you could land some sort of job. I also think you would be eligable for unemployment benifits as well. Basically, if it is invevitable, then take as much with you as you can and start looking for something else. I work for UAL (United airlines) no idea what will happen, and a bankrupcy gets them as well as your employer out of things like severence pay extended benifits etc... Link to comment Share on other sites More sharing options...
Tiger Moth Posted December 9, 2002 Report Share Posted December 9, 2002 It sounds as if you would be taking a real risk of losing any cash benefits if you stayed and it also sounds unlikely that there would be a happy ending where you are presently. Add to this that you say you already intended to leave anyway. So, from what you have stated, I would suggest you take the money and leave. Too much risk to stay and doesn't sound like there is any upside. It also sounds as if you are not looking to leave IT but are concerned about employment possibliities. If you stay in IT, you should be able to find work if you get professional assistance. With professional career assistance you can prepare a top notch resume, polish your interview skills and develop a marketing campaign to find opportunities. You will have to be very confident in yourself and agressive but you should succeed. If you have been planning on leaving IT anyway, then now would be your chance. Either way, if you have confidence in yourself and are agressive and positive, that will carry the day. Best of luck to you Link to comment Share on other sites More sharing options...
racha Posted December 9, 2002 Report Share Posted December 9, 2002 I work for UAL (United airlines) no idea what will happen, and a bankrupcy gets them as well as your employer out of things like severence pay extended benifits etc... While you wrote that post United Airlines just filed for bankruptcy protection, :: Link to comment Share on other sites More sharing options...
racha Posted December 9, 2002 Report Share Posted December 9, 2002 UAL flies into bankruptcy No. 2 carrier seeks protection from creditors, largest bankruptcy in industry history. December 9, 2002: 8:34 AM EST By Chris Isidore, CNN/Money Staff Writer NEW YORK (CNN/Money) - UAL Corp., parent of United Airlines, the world's No. 2 airline, filed for bankruptcy protection Monday, succumbing to continued losses and staggering debt payments it could no longer afford to make. The decision to file for bankruptcy in the U.S. Bankruptcy Court in the Northern District of Illinois follows a weekend of meetings of the company's board of directors, and a warning from union leadership that the bankruptcy was "unavoidable and imminent." UAL said current and future tickets on United flights will be honored, Red Carpet Clubs will continue to operate, and frequent-flier points will continue to be awarded and redeemed by United and partner airlines. "United Airlines will continue to provide customers with the same experience and level of service they have come to expect," CEO Glenn Tilton said in a statement. "We stand by our commitment to provide customers with convenient schedules, quality onboard services and the most extensive route network in the U.S. and abroad." The carrier says it has arranged for about $1.5 billion in loans, known as debtor-in-possession financing, needed to fund operations during a court supervised reorganization. The filing became a virtual foregone conclusion following rejection Wednesday of United's request for $1.8 billion in federal loan guarantees. A three-member federal panel said the airline's recovery plan depended on an unrealistic rebound in revenue, and that labor cost savings negotiated by the airline still left it with among the highest costs in the industry. With United's parent, UAL Corp. (UAL: Research, Estimates), facing the expiration of a grace period Monday on a missed $300 million loan payment, the airline executives said they had no choice but to seek protection from creditors. The airline accounts for about 19 percent of U.S. air travel, with about 1,800 daily flights. United had negotiated with union leaders for labor cost savings of $5.2 billion over the next 5-1/2 years in an attempt to win the $1.8 billion in federal loan guarantees. Those concessions disappeared with the rejection of the loan guarantee request by the Air Transportation Stabilization Board late Wednesday, leaving many of the employees receiving industry-leading wages. Bankruptcy courts have the power to void labor and other contracts, though that can be a difficult and time-consuming process. Tilton told employees in a recorded message Friday that deeper cuts than those already negotiated and changes in work rules would be needed if the company is forced to reorganize in bankruptcy court. He didn't specify if management expected to win the deeper cuts in new negotiations or through court action. Winning further negotiated concessions from the employees will be difficult. The airline's 13,000 mechanics voted against the concession package last week, despite strong support from their union's leadership. The Air Line Pilots Association said Friday it was surprised by Tilton's comments. "We believe it is very premature to discuss these issues. ALPA is not interested in conducting our negotiations in the public forum," said the union's statement. Link to comment Share on other sites More sharing options...
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