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I'm late 30s and single, no kids. Found out recently, that like many others, I may be given the option of relocating for a job within my company or getting laid off. I currently reside in a town of 50k with little opportunity in my (oil) field other than my current employer. I have no ties to the area. My employer has several facilities around the US, some locations are desirable some are not. I moved here a year ago to take my current position whic had a lot of upside potential (with the economy at that time).
So the question I have is...do I move (company funded) to an undesirable location in order to maintain a paycheck, or do I take the severance package for 1 year of employment and look on my own. The reality is its a 98% chance I would have to move to find a similar paying position anyway. My lean is to do what is needed to maintain cash flow, as the job market is tight.
I would move with company, you never know you may actually like where you end up. Right now I would play it safe, and it's as if you have ties to your current residence. Plus their paying for the move. I would say move.
Since you are single, I would take a chance and accept the severance. Rather than have the company move to an area where you aren't happy, at least you can search for employment in areas of the country which appeal to you. Don't forget if the company moves you, they will not move you back home or anywhere else; that will be your financial responsibility.
Are you saying that you will have a year of basically free paychecks if you don't move? Or are you saying a severance would be based on you working there a year, so probably a few weeks at most?
If they are going to pay you for a whole year, take it and run...don't walk
If it's the other way, then go..
In the past I have seen severance packages based on time of service. Basically 2 weeks pay for each year, so its not a big amount. Not sure what it will be.
I'm late 30s and single, no kids. Found out recently, that like many others, I may be given the option of relocating for a job within my company or getting laid off. I currently reside in a town of 50k with little opportunity in my (oil) field other than my current employer. I have no ties to the area. My employer has several facilities around the US, some locations are desirable some are not. I moved here a year ago to take my current position whic had a lot of upside potential (with the economy at that time).
So the question I have is...do I move (company funded) to an undesirable location in order to maintain a paycheck, or do I take the severance package for 1 year of employment and look on my own. The reality is its a 98% chance I would have to move to find a similar paying position anyway. My lean is to do what is needed to maintain cash flow, as the job market is tight.
Move.
Once you get relocated and get into a routine in a new house and job, it'll be months from now. By that time, you will have identified other possibilities, and the dynamics of the economy may have changed so that whatever you are doing, is in more demand.
I've taken relocations before. Without fail, they have always led to something better.
it is usually easier to get a job, when you have a job!!
If you hate where you are transferred to, brush up your resume and start submitting it. You can always change jobs and move to a more desirable area. But if you are out of work, looking for work, in this economy it could be a long time between paychecks.
I guess I would wait to see what location they propose. Also think about if you want to move to the general area they propose to move you to.
I'd take a year's pay and pink slip here over a job in the Northeast or Midwest. But that's me, I'm more than 20 years older than you, and I really like the Pacific Northwest area.
You might as well test the waters locally, are you a refinery guy to the core? There are other industries that use about the same skills.
Do you have secondary skills that you don't use in your day job, that are useful for other jobs?
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. The reality is its a 98% chance I would have to move to find a similar paying position anyway. My lean is to do what is needed to maintain cash flow, as the job market is tight.
