Would you stay or leave now?

Question

Would you stay or leave?
You have 5 years invested in your place of employment. The company will downsize by January 2007 and you will probably be out of a job. The severance pay is 1 week per year. Would you start looking for another job now or wait for your severance package? Would you look for another job now to prevent being unemployed in 2007?

Answer 1

You have 6 months to stay at your job or find a better one. If you start looking now, you can be more picky as to what you want in a new job, as opposed to the first thing that comes up when you are unemployed. I would start looking now, seriously interviewing in a couple of months, and change jobs before you're old one is done. Aren't there going to be more people looking for work in January since you are not the only one being laid off? Your chances are slimmer when there are more people vying for the same position. So don't wait, look today.

Answer 2

5 weeks is generally not enough to conduct a really good job search - most of them take about 3 months, especially if you can only conduct it in your spare time. I highly recommend starting to look now, and take a new job if it comes along - even if you'd have to forfeit the severance pay. Unless you can somehow work it so you don't have to start your new position until after your old one terminates, but that would take some extraordinary timing. I just don't think it would be worth the risk of being unemployed.

Answer 3

Start your job search right this minute! Don't wait until your colleagues will also be on the market, competing for jobs with you! If you give yourself more time, you don't have to accept the first job that comes along... you can wait for one that is really appealing. Then, you can take that severance package, put it in your savings account, and save up for a great holiday next summer!

Answer 4

Can you look for a new place while still working there? And when the new place hires, i'd go.