Recently a client called to talk through if they would volunteer for the retrenchment program in their workplace.
The money on offer can be very tempting – goals you can accelerate and debt you can repay.
Yet it takes courage to volunteer for redundancy during a recession when job prospects are more uncertain.
I’m a believer in meaning over money. So for me, it’s not really a question of the redundancy package being too good to refuse.
For me, it’s more a question of timing for someone who already knows that they want to and can move on from their employer.
Volunteering for redundancy can be a gamble where you only know if you’re a winner some time down the track, depending on when you get a new job.
Criteria for considering volunteering for redundancy:
- You don’t love your job enough to definitely want to stay
- You are confident you can get another role elsewhere:
- That provides you with meaning and work-life harmony at a reasonable rate;
- And you can get that role sooner than the redundancy money runs out (and any other savings you’re willing to use)
If those criteria don’t apply to you then perhaps volunteering is not right for you.
If your role may be retrenched
Whether you volunteer or not put the odds in your favour that your money will last long enough for you to get your next job. Take action to control your spending with these 7 steps to money control in uncertain times.
That way when you do start your next role you’ll have some money left over you can then use to accelerate your goals.