Job market in next 6-12 months will worsen as more and more companies in many fields trend towards more lay offs and job cuts to counter their increase in costs due to inflation and other means. Get out there while the getting is good as 2023 if going to be ugly.
This is all correct. If you are planning to leave, you have maybe a month or two left before the job market goes to he-l in a handbasket. Otherwise, you'll be either stuck here or stuck jobless.
Mass severance is a thing of the past. Force transfer to vendors is the new Allstate scheme. Anyways severance is only 2 weeks per year, Taxed very highly so you only get just a tick over the total severance amount, and you need to expect the high costs of private health insurance or COBRA to eat well into that severance. Also up to this point almost all of the ones to be laid off are the 1-3 year tenure which is not much of a severance after all the above. The tenured employees that would amount in a decent severance payout will all be forced to the vendor as one of their employees. Allstate learned their lesson with the cost of mass severance in 2020 and the double dipping in unemployment as well where Allstate was also on the hook for a percentage of that as well.
Absolutely. Get out. Look at the haphazard way they handled 2020 layoffs. Don’t go for severance you may never get. There are many carriers hiring.
and pass up severance ? nah
It’s indeed a tough decision. Times are uncertain, but even if you switch companies you could also be the first to be laid off since you will be one of the last ones to be hired.
On top of that, most insurance companies take 2-3 months to start new hiring classes, so even if you get hired today offers could be rescinded so the risk is still there.
Also a chance that if you get am offer it will be rescinded at the last minute, even after you've given notice.
I'm not sure I want to be the "last hired" when layoffs hit. Puts a target on your back, and you're the least likely to get protected by your manager.
Be careful out there!