What would you do, advise on a possible job loss.

Discussion in 'LOCAL OHIO TALK' started by flathunter, Apr 9, 2009.

  1. flathunter

    flathunter New Member

    Messages:
    5,723
    State:
    Ohio
    Guys I am just asking adivise on what you would do if in my shoes.

    The factory I work at announced they are cutting 200 jobs by month end.

    So they are taking volunteers for layoffs, and offering a buy out package for those who volunteer.

    If I took the buy out which would be about 15 thousand dollars, and I would also get unemplyment I would be fine for about 1 year.

    Now if they dont get enough volunteers, they will go by seniority and lay people off...Now if I get laied off that way, I get none, as in o severance money.

    There is probably a 50 50 chance I get laid off, and will get no severance money.

    What would you do, roll the dice and hope you dont get laid off, or take the severance money and run?
     
  2. bluejay

    bluejay Well-Known Member

    Messages:
    8,503
    State:
    Napoleon, Mo.
    If you are low on senority I would take the money and run. Listen to the others and see how many are taking it. Probably mostly in the 200 range. Got to keep in mind health insurance and such also.
     

  3. flathunter

    flathunter New Member

    Messages:
    5,723
    State:
    Ohio
    Thought I would add this, there is only about 400 people who work at my factory..so this would be half of the work force.

    From what I hear they only expect about 50 people take the buy out.

    Which would leave 150 actual layoffs without the severance money,

    I would be number 125, so if only 25 more people take it I would be safe.

    But with that few people who work there, I cant decide if I want to risk staying or not.
     
  4. flathunter

    flathunter New Member

    Messages:
    5,723
    State:
    Ohio
    Yes I would have no health insurance also, and I had back surgey 8 months ago, and still have some problems.

    A very tough choice for me.
     
  5. Wabash River Bear

    Wabash River Bear New Member

    Messages:
    3,019
    State:
    Indiana
    Sorry Jack, I dont have any advice for your situation, but I will send up a prayer to help you make a wise decission with a favorable outcome. Take care bro.
     
  6. katsandsuds

    katsandsuds New Member

    Messages:
    157
    State:
    North Caro
    Real sorry to hear about your situation Jack, I have been going through the same thing for the last year, layoff a few people every quarter or so. The health insurance thing is tough, with your current back problems. It sounds like a gamble to take the money, but 50 people taking the money is not guaranteed, could be more or less. I would try to determine how long it will take to find another job based on your area (maybe call the unemployment office and talk with a counselor), then try to payoff any thing you can like cars, etc, so that you have less monthly expenses so your money will last longer. I have managed to get my credit card paid off, and will have our only car payment paid off in a couple of months, just in case I do loose my job, which is our only income. If it happens, the satelite TV gets shut off, home phone will get shut off (only cell phone), and anything else I can will go right away until I can find a new stable job. Honestly we live very basic most of the time already, but cuts will have to be made to make ends meet for us. It is a tough decision, but if I felt like I could find a new job within 9 months or so, I think I would take the money, put it away and begin looking for a new job. Hope things work out for you.
     
  7. centexcop

    centexcop Well-Known Member

    Messages:
    3,039
    State:
    Texas
    Sorry to hear about that. This is going to be a difficult decision. I agree, talk to someone at the unemployment office or workforce commission. They might have some information that will assist in your decision.
     
  8. Ghosth

    Ghosth New Member

    Messages:
    241
    State:
    North Dakota
    Start job hunting now, get your resume in order. See how bad it is in your area, so you have a better idea of if you can get a new job.

    I'm afraid with your recent back problems tipping the scales your best bet when the time comes is to take the money.

    Otherwise your gambling everything on a single throw, that you won't be one of the ones cut. Unemployment would be the same either way, but that 15k could mean the difference between being able to afford cobra to keep your insurance, or not.

    Thats a huge gamble with poor odds in my opinon.
     
  9. Desode

    Desode New Member

    Messages:
    185
    State:
    Ohio
    Dear Jack, I'm sorry to hear your facing this problem. Please know you will be in my prayers. My biggest concern would be my heath care. You and I both have health issues that we are concerned with. That would be a main concern for me. I'm paying into a HMO right now.
    I agree with some other posts,that if you take the money make sure you get your bills down to as low as possible. I have spent the last year getting myself out of debt and I have no debt right now. I would also suggest looking into a way to make money as a independent contractor. Maybe a Ebay store or something like that. One thing to remember when concidering using the internet to make money is don't think of just one thing. The internet gives you the ability to have a lot of small money making things going. The money you can make with 4 or 5 small projects going can add up. The reason I mention making money like this is because I don't see things getting better in the factories. Their taxes are going up and the government is clearly taking over. Lots of companies are cutting back because they don't have any hope for their companies future.

    I hate to say it but I'm pretty poor right now, yet even I understand that if you tax the people that make the jobs and if you put even more restrictions on their ability to do buisness they are going to cut back. Then add in this talk of the government working on bills that enable them to take over any company they feel is in danger or is doing something they don't like and I don't see things getting better.

    I'm currently making money from Ebay, Flea markets, my recording studio, teaching guitar and bass lessons, and playing gigs when I get them. Now when I combine all these, I make enough to get by and I can afford to play a lottery ticket here and there. Most of my food is from hunting and fishing and my garden so I have very little for food bills.

    Even if you don't get layed off, I think you should be exploring other options to make money,because I think you'll have the same thing come your way next year.

    I don't know if this helps or not but maybe it will atleast show you some options. I used to work in factory myself and got laid off then the plant closed,because of government restrictions and clinton's free trade agreement killing the american steel industry.

    Your in my prayers Jack and if you need any thing let me know.
    Your Friend, Matt AKA DESODE
     
  10. RetiredToFish

    RetiredToFish New Member

    Messages:
    1,186
    State:
    Newark, Ohio
    I agree with other Jack .... make a list of your marketable skills then contact the emplyment office. Remember your back is still in a flux and you can only lift 45 pounds and the average job you qualify for requires you to be able to lift 75 pounds ... you are in a world of hurt, because no one will hire you under those conditions and if you should not tell the whole truth about what you can lift and you sustain another injury ... you may be on your own ... because most employers won't stand behind you and neither will Workmans Comp. ... Way it all and if you feel you can get another job within 6 months .... TAKE THE MONEY AND RUN ..... Garry-
     
  11. Pip

    Pip New Member

    Messages:
    1,670
    State:
    pa
    It might be worth a shot to go to management and see just exactly where you stand in the scheme of things. They might be tight lipped, but you might actually get some legitimate answers, also. The more information you can get from them will only help in making a decision.

    Might be a good idea to see if there are any programs available for re-training. Some company's have programs and contacts that can point you in the right direction.

    Tough call either way you look at it.
     
  12. Boomer

    Boomer New Member

    Messages:
    1,037
    State:
    Oklahoma
    That is a tough spot to be in, I went thru 4 sets of layoffs, however they did not go by seniority, which was a good thing, so I made it thru each one.

    I think if I were in your shoes, I would have to take the money and run. I have learned from experience, the second cut will follow the first, question to ask yourself, are they cutting deep enought this time, and there wont be any further layoffs? The second set of layoffs if there is any might not offer a severance package.

    The insurance is the big thing. I think now they have to provide Co
     
  13. Boomer

    Boomer New Member

    Messages:
    1,037
    State:
    Oklahoma
    That is a tough spot to be in, I went thru 4 sets of layoffs, however they did not go by seniority, which was a good thing, so I made it thru each one.

    I think if I were in your shoes, I would have to take the money and run. I have learned from experience, the second cut will follow the first, question to ask yourself, are they cutting deep enought this time, and there wont be any further layoffs? The second set of layoffs if there is any might not offer a severance package.

    The insurance is the big thing. I think now they have to provide you with the option of insurance for some time. I would look into that.
     
  14. Blacky

    Blacky New Member

    Messages:
    10,351
    State:
    Philadelphia, P
    Sorry for your situation. Fortunately, I haven't been in this situation so i don't really know what to say except the big man upstairs is on your side.
     
  15. GatorT

    GatorT New Member

    Messages:
    390
    State:
    Camden, South Carolina
    You're right - facing a 50/50 chance on a dice roll with your income is not a good idea. And, as was mentioned, this is only the FIRST go round of layoffs.

    I don't know about the laws in your area, but here, we have a state run program that offers self-pay insurance for people recently unemployed. It's supposed to cover the gap. No pre-existing condition exclusions. And while it can be high, it won't be as high as complications from back surgery can be - or anything else that may pop up. I'm pretty sure that these programs are available everywhere. Just talk to your employer. And, if you take the money option, you'd at least have that to cover the insurance. Which the dice roll wouldn't provide.

    This may be a blessing in disguise - maybe giving your back a rest now will keep you from suffering from a life time of problems.

    And if you do take the out - go ahead and shore the beaches right away, so to speak. Reduce your expenses BEFORE they get hard to cover. That way, you'll have much more time to find yourself a job that's a good fit.

    A really good place to get some of this figured out would be on the water. I do some of my best thinking there.
     
  16. FishMan

    FishMan New Member

    Messages:
    2,293
    State:
    Tennessee
    Take the buy out. With you unemployment you should be ok until the job market turns around. During this time seek training for a different field of work. Again take the money and go fishing.
     
  17. FishMan

    FishMan New Member

    Messages:
    2,293
    State:
    Tennessee
    Jack, when I answer questions such as this one I am always correct unless I am wrong. Good luck buddy.
     
  18. flathunter

    flathunter New Member

    Messages:
    5,723
    State:
    Ohio
    thanks for the replys guys...I am really considering taking the money...Because like most of you have said there will be more layoffs...And anymore layoffs in the future will not come with a buyout plan..

    Also the idea of being able to fish everyday for the next year sonds kinda sweet.

    But that year will be up quick, and If I cant find decent employment, well who knows.

    The company I worked for was strongly considering a total shut down, but decided to try this first to cut cost.

    I think I would be a fool not to take the money
     
  19. FLATHEAD STEVE

    FLATHEAD STEVE New Member

    Messages:
    1,772
    State:
    DESMOINES IOWA
    Take the money!!! Fish!!
     
  20. HRCats

    HRCats New Member

    Messages:
    1,081
    State:
    Ohio
    I really don't like to give advice on jobs and money but.....TAKE THE MONEY!!!! You could end up like me and be told to "sign up on unemployment we have no work". Anyway you won't be able to take it knowing that while you are working i'm sitting there on the river laughing as i reel in big cat after big cat!!!!:smile2: