Most of my coworkers are already trying to find alternatives they could jump to immediately if they're laid off but all I can think about is taking at least a month off to relax and de-stress. Working here has been taxing on my health and I would like to be able to recover at least a bit before starting a new job. It saddens me to see how many people in the same position are not even considering taking a week off, not to mention a month or more.
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If you don't have a unique skill (direct AV/EV experience, etc.), count on about 1 year to find a new job. This timeline will vary depending on how far -/+ you are from 50 years old. Also, the general job market for your skill set.
I won't be able to afford to take any time off. We do have savings that might let us stretch, frugally, a couple of years, but I don't want to dip into them. However many months of severance they give us may actually not be enough to land a different job, especially not one that pays as well as my current role. Being out of work doesn't look awesome on a resume, either.
I am not sure what to do yet. On one hand, being laid off gives me the chance to visit Europe for a couple of months, and have possibly one of the best experiences of my life. I have enough money stashed away for a couple of years of expenses. Did I mention the house is already paid off?
On the other hand, I am still years away from retirement and my nest egg is not that big. Inflation is increasing our daily expenses, and would make more expensive the trip. At the same time, my wife and I are going through some health issues now. Which means some doctor appointments here and there in the short term.
So maybe waiting for the recession (or whatever it is that comes after inflation) is the smart play to go on an extended vacation, since I am hoping I won't be touched in this wave (not in the FF plan). I am expecting these lay offs to continue cyclically, as we were told during the SRD in 2019. Sooner or later it will be my turn. Hopefully, by then, we'll be going to Europe.
Would like to but the severance is cr-p and looking for a job November-January is no fun.
Yes, if laid off, I will be in Florida with my camper for January and February.
When you are laid off, finding a new job becomes your full time job. Unless you can retire. I unfortunately am I few years away and have under 10 years with the company (so little severance). I fully expect that I will land on my feet. Already have multiple feelers out. Would prefer to stay but if I get cut, I will be fine.
You’ll end up with time off between jobs as the hiring process can take a while unless you take an agency position. You apply, go through several rounds of interviews, references and background checks before getting your start date. And that’s if you immediately find a company that is interested in you. I wouldn’t wait too long to start the job search as there will be hundreds, maybe thousands, of other people also looking for a position.
In my 35 years in the automotive business (surface design consultant), I only had two weeks without work, when my customer, Fisker Automotive, filed for bankruptcy. So that day (a Friday), I tuned off my phone, hopped on my motorcycle, headed west (from Detroit), and spent the most relaxing 14 days of my life. Didn't know what time, or day it was, and sometime what state I was in. Being single, I had that option, but my advice is, "yes" definitely take time off, if even slightly feasible in you unique situation. You life is about to change, and most probably for the better. My mistake was turning my phone back on, and discovering I had work galore.
I'd probably take a week or two max to decompress. Even if you can swing a few days in between jobs, it's a good chance to shake off any of the remaining stress from your prior company. Any time I've changed companies, I always try to buffer a few days where I can prepare for the new one and enjoy some time with the family.
Personally, I wouldn't. I would spend a similar amount of time working to find a job as I spent at work. It will keep you sharper for any interviews. In addition, there may be a number of people vying for the same open positions and you might lose out. Also, you can get on their benefits plan which will probably be better than what you have when you are unemployed.
Yes, like the rest of my life! Add some severance pay to the 34 year pension and I would be happy to retire.
After part of the 2019 SRD, it (unfortunately) took 6 months to find another job. I plan for layoffs and live frugally but only had 2 months of mortgage payments left in my accounts. I settled on a 6 figure out of state job so was able to keep my home in MI. The job seemed to be in my wheelhouse. I thought I was lucky at that salary. Not at all. After 4 months I realized why the job paid so much - they couldn't get anyone to fill the role and I was desperate.
Why 4 months? It took 3 months for the company to get me access to everything I needed to do my job so I sat around and got paid for reading documentation and (trying to do) job shadowing - the place was run like a Chinese fire drill so no one had any time to show you the ropes. The 4th month was the epiphany. The job was 12 hour days, all on-call as primary or secondary, including weekends and holidays. After 2 months of this I knew I wasn't going to stay past my 1 year contract. The job destroyed my physical and mental health.
Knowing I wasn't going to stay, I squirreled away $40k. When I left, I knew I could comfortably take 4-6 months off to recover my health. I managed to get a new job at the 4th month mark without much effort. So, yes, sometimes I plan to take off time between jobs and sometimes I don't.
Yeah OP - It would be cool to line something up with a start date far enough out to actually 'chill' for a month knowing you have a new 'journey' to start. Imagine the nice naps, etc.. So yeah - good topic and a good plan if you can swing it. I'm trying to upskill some and hope to get the boot with some severance and take TWO months off !
C'mon OP - you know you want to go for two months - It could be the only time on our lives we had that much time off . . . I remember this ritual thing called 'watching a movie'. I want to do that and read some non-work related books again too . . .