Just wondering what everyone else thoughts are on this. Are most of you jumping ship now or waiting for severance? Is the severance money even worth it, even if you've been with the company for a long time? Even though a lump sum payout soumds nice, I'm terrified of the thought of not having a job in a few months.
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Just a heads up - if you left after Jan 23rd but before March 15th you will be screwed out of your 2017 bonus like I and several others I know were. What s---s is I got a 3 in my final EPR so it’d have been a nice bonus.
I left prior to the QTD (3/31). I live(ed) in Bloomington and saw the writing on the wall in the summer. I got my resume in order, updated my profile on LinkedIn, got my house in order (literally, I had new carpet installed and had the entire interior painted) and started applying. I got a job offer in December (didn't accepted the Voluntary package) and started my new job recently in Atlanta (not State Farm but another great company that is based out Atlanta). I'm making more money, equal benefits for the most part, and I'm happy! I don't regret not taking the package becuase I know I did the right thing for me and my family. Someone said on this post earlier, there IS life after State Farm. I couldn't agree more! Best of luck to all.
QTD = Qualifying Termination Date
I left before my QTD and don't regret it at all. My advice is to start seeking employment now.
I agree with most said here. Personally I'm staying and getting my financial house in order. And I figure get the pension time accrues while you can. However it's a personal decision if I was in Bloomington I would not be staying. I'd have my house on the market and actively interviewing for jobs in other cities.
What does QTD mean?
The down side to asking this question here is that there have been +/- 800 people read the advice. So, I guess it is time to get out ahead of the curve and get job searching!!! Wouldn't it be great though if everyone who has read it decided to go now??? We'll create our own re-organization one 2 week notice at a time!
Get out now. I’m actively interviewing and actually had a decent amount of luck getting interviews. I was concerned that 10+ years at the same company would be detrimental to me.
I’m positive my leadership has taken notice of my use of PTO since I hardly ever call in sick and only miss scheduled days. I’m fully prepared for them to catch on and fire me for something trivial. I have 3 potential appointments next week so it’s only a matter of time.
I think it’s time to go through my old EPRs, polish up my resume, and pull the parachute. We all have skills that are desirable, and we all deserve a better employer that values employees and does not create such a poisonous work environment.
I chose to get out before being on the market with 1,000+ others who would all be looking for jobs in the same industry/skill set.
It took a few weeks (that's what my savings was for), but I found a job with much greater quality of life.
If I worked in Bloomington and was about to get dumped on the market with 1,000 others with a similar skill-set, I would not wait around for severance. I'd already be gone.
I'm in a different situation though. I'm the only individual in my entire city affected by this particular lay-off. And jobs here are plentiful. So i'm sticking around and using the time to reskill.
As mentioned above, each situation is different and you have to look at your financial situation, emergency fund, location, job market and family/personal comfort with the risk. My QTD was 10-31-17. I started applying for jobs in late July of 2017. I had a job offer from another insurance company to start within two weeks of my QTD but no longer wanted to work in the industry. I had to wait almost four months but landed a consulting gig. There is life outside of SF and it is so much better, believe me.
I would not jump ship unless I had a job. I'd look and take the right offer--even before severance.
New job that could be long term > than severance.
I have already gone through it.
I was reassigned to in-office. An office that was not a long term one, or so they say. I was reassigned with 3others.
Anyway, we were close to getting the bonus--obviously not as large as a severance.
Three of the four got jobs before the bonus. I tried to stick it out in hopes I could post for CAT or something else--couldn't because of the never ending moratorium. Luckily, I got the bonus and then found a new job.
Each of us got jobs paying the same or more--one was with the company less than 5 years and the others and me over 15 years.
Like someone else said--there will be more competition when it finally ends. The three I mentioned didn't want to chance it and then have to compete with 100s or 1000s for limited jobs in the area.
The severance is really to compensate you for being let go/forced out. In my case, the lump sum bonus is nice, but I'd rather find a job that is long term, which I did, instead of having a lump sum and not find a job right away.
I would be a little bit cautious. You really need to look at a number of factors: 1. Are there potentially a lot of people in your area that could be impacted and therefore competitors in your job search? If so, that would be a big deciding factor for me. 2. How are your finances? Could you withstand a big hit now with the possibility of a new job within 3 or so months? Job searches can take a while. 3. Do you need the time between now & your QTD to get your financial house in order? If so, stay. 4. To paraphrase Clint Eastwood "Do you feel lucky punk"? If you think you are going to be ok, ride it out. I have been through a bunch of these with SF and I only lost once, but I found another job within the co before my QTD.
Get out now! It can take months to find a job if not longer. Don't be fooled into staying for money that you will quickly burn through.