If I'm laid off, I get severance and, in my state, unemployment. At the same time, I'll have to compete for jobs with others who have just been laid off - and there are certainly not many jobs available as it is.
If I quit, I get nothing, but I'll have a job lined up by then so there's that.
Neither option is ideal but considering that I'm certain my name will be on the next list, I have to decide.
If you think you'll be on the chopping block, look at the earnings call dates and also look at the dates of previous mass layoffs. We had the Valentine's Day Massacre, there's usually a Christmas/Thanksgiving Massacre as well. Start applying for new jobs now, if they ask you when you can start, tell them you are working on this really major project and while you could leave after two weeks' notice, if possible you'd like to wrap it up and you anticipate that would be around 12/29 or 2/20 depending on what massacre you think you'll get cut in. If you can time it right, you'll get laid off, paid severance, and almost immediately walk into your new job. That's what I did a few years ago. I had accepted a new position but hadn't turned in my notice because I knew layoffs were coming, they laid me off 4 days before I planned to turn in my two weeks' notice. I started my new job, which paid twice as much, 3 weeks later, and collected paychecks from Pep for 3 months after they laid me off too. I was the ultimate F U to Pep in my opinion.
Got my vrp, bye bye payroll. The new system, wfm, is a complete joke, doesn't work as stated. One more week and I will be saying see ya, no qualms here.
It is easier to get a new job when you currently have a job. For whatever reason, there is a strong bias amongst HR professionals to target candidates who are currently employed versus those who are out of work - especially in this tight labor market. Though the severance, unemployment, and time off to rest and recharge is nice - it is a short term benefit that you run the risk of running out with nothing to show for.
wait for the severance. That is what I am doing. Just waiting for payroll to finally be let go