I'm not sure why anybody would consider quitting when the economy is going down the drain. How hard can it be to go through the motions at work and wait for the next round of layoffs? You either stay and still have a job or you walk away with severance. That certainly beats leaving for another company that can also lay you off at any moment and not give you any severance as a new employee.
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I am reveiwing from time to time posts here. When its coming to severance. I don't know about you guys in US, but don't forget about your peers in EMEA. For instance in Eastern Europe. I am not talking about western countries. Just think for some time about EE. You have no severance at all. You just get laid off and that's it. You end up on unemployment benefit which is very poor in EE. Think about it. You worked for this company for 15 years and that's it. You are 50 and what now. This is awful situation. Simple as it is.
There are a shitload of IT jobs open right now and all are paying way more than Avaya does. Just take a look. I was laid off on Sept 7th and start my new job tomorrow making 20% more than what Avaya was paying plus 20% bonus opportunity per year paid quarterly. Get out now before there is no severance left when they lay you off with ZERO notice!!!
You should only quit if you have something else already confirmed or if you are financially in a place that you can afford to do so.