Archive for November, 2008

Update on the Job Situation

Just wanted to give a quick update on the job front…my current company has decided to extend me until June 1st. June 1st is when they are closing our entire office so I’ll be staying and leaving with the rest of the pack.

The Good News

From a economical standpoint this is probably the best thing for me right now. I’ve got a couple of friends looking for jobs right now and is having a very difficult time. I know from my own experience what a change from the last time I was job searching. I started my job search in January of 2008 when the economy was still pretty good. I would apply to a job online one night and get a call the next morning. This time around, I’ve applied to many jobs without a phone call. I met with one recruiter but told them that I was looking for a permanent position because of the benefits. (Although contractual work does sound like fun, I am not married yet and would need an employer to cover my benefits.) So in the end, it’s a good thing that the company decided to keep me on until June.

The Choices

Having the option of staying until June does leave me with some options. A couple of details:

  • If the company meets it’s goals, and I meet my personal goals, I should receive a bonus in March of 2009.
  • If I stay until my severance date, June 1st, I will receive 3 months + 1 week compensation as well as benefits for 3 months. Woohoo summer vacation!

Option 1: Be persistent in the job search. Who knows what the economy is going to be like in June. Keep actively networking with old colleagues, stay in touch with people who are already leaving the company. If something comes your way, take it.

Option 2: Stick it out until March when the company bonus is paid. Then start ramping up the job search and try and find something as soon as you can. You need to start the next stage in your career and your life. Companies should have their budgets figured out for the year by now, and finding a job should be easier.

Option 3: Wait until June and collect the severance package. Three months plus one week pay is a large sum of money. You’ll also receive benefits for 3 months in case you have trouble finding a job. Scan the job listings to see if something really special comes along, but don’t worry until April or May. The outplacement service company sponsored by your company will also be beneficial in examining your resume. You can even start looking in April or May letting potential employers know you’re end date is June 1st.
I’m leaning more towards Option 3 with taking Option 1 into consideration. I’m thinking the economy should be better by June so it will be a better time to try and find a job. Feel free to give your thoughts.

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