Would you take a buyout?

[micropolitan guy]

Your newspaper is looking to cut expenses; you're uncertain about the long-term prospects of newspapers. Your paper offers you one month's pay for every year you worked there. No non-competition clause, so you can freelance if you want to.

Do you take the buyout or not?

I'd be tempted.

 

[Riddick]

Depends on how long I was at the paper. If I was there a minimum of five years, then hell yeah.

 

[KJIM]

I'm leaving the business in the fall anyway, so hell yeah.

 

[EE94]

I did, though didn't get a month for every year. That's a pretty rich deal for voluntary buyouts. You're probably looking at something more like two weeks, three if lucky.
I'd been there 20 years, so I did okay. Has allowed me to look for other opportunities, as well as take some time to smell the roses, be around for my kids. Almost like a sabbatical with no obligations.
One of the reasons I did it is because, though I'd been there 20 years, I'm still in early 40s, and the writing on the wall was they would dump me anyway when I was closer to 50 - which is what they seemed to do to some others - and the prospects for reemployment are much more dim at that age.
Decided to go out when I wanted to go out.

 

[Write-brained]

I definitely would. If they don't want me there to the point they'll pay me to leave then I'd take the money and run to somewhere else (and maybe get another buyout offer in five years). Why would I stay?

 

[expendable]

I'd take the buyout and spend the next two weeks catching up on missed rounds of golf.

 

[zagoshe]

A month for every year and no non-competition clause?

Where do I sign up?

Unfortunately that is way above the buy-out offers I have heard about in recent years

 

[EStreetJoe]

I was offered a buyout last year of about a year's salary and I passed.
The buyout was offered to me 2 months before my wedding. My job has the better health insurance and prescription plan.
I didn't want to be looking for a job and worrying about health insurance when I'm supposed to be focused on getting married. Plus, after being at the same paper since Sept. 1989, trying to find something else was a little scary given the job market.

 

[shotglass]

Presented with what we have here, I'd first look around at the 5-6 papers nearby and see if anybody would want me as a fairly regular stringer.

If one would, I might consider it ... at that price. But my main motivation wouldn't be financial. It would be that I think I miss writing a little more than I used to.

Having said that, understand that you're not going to take that buyout money and live the rest of your days on it. It's going to melt away quicker than you ever would imagine.

 

[EE94]

Presented with what we have here, I'd first look around at the 5-6 papers nearby and see if anybody would want me as a fairly regular stringer.

If one would, I might consider it ... at that price. But my main motivation wouldn't be financial. It would be that I think I miss writing a little more than I used to.

Having said that, understand that you're not going to take that buyout money and live the rest of your days on it. It's going to melt away quicker than you ever would imagine.

I looked at it this way.Wasn't too happy where I was - had a good job, don't get me wrong, SE of a large, well-respected section, but had spent the previous 18 months dealing with layoffs, budget cuts and other disheartening news from our owners. My job had descended into crisis meetings with my boss and it was affecting my well-being.
I figured, as I lay on my death bed, the one thing I'll wish I had is more time when I was young enough to enjoy it.
Yes, the money won't last forever, but I realize now I needed exactly what I have - time to re-energize and time to reprioritize my life.
So far, taking the buyout has been a worthwhile investment in myself

 

[Moland Spring]

and then what? What other jobs have people taken?

 

[Shaggy]

I've been at my job five years. If they offered two weeks per year or higher, I'd take it.

 

[SixToe]

Definitely.

 

[TwoGloves]

Nope. That's not nearly enough at my age. Based on that formula, what I'd settle for is about what I could make working another two years and I'd be giving up another potential 15-18 years of income. Triple it and maybe we'll talk.

 

[Tom Petty]

Presented with what we have here, I'd first look around at the 5-6 papers nearby and see if anybody would want me as a fairly regular stringer.

If one would, I might consider it ... at that price. But my main motivation wouldn't be financial. It would be that I think I miss writing a little more than I used to.

Having said that, understand that you're not going to take that buyout money and live the rest of your days on it. It's going to melt away quicker than you ever would imagine.

I looked at it this way.Wasn't too happy where I was - had a good job, don't get me wrong, SE of a large, well-respected section, but had spent the previous 18 months dealing with layoffs, budget cuts and other disheartening news from our owners. My job had descended into crisis meetings with my boss and it was affecting my well-being.
I figured, as I lay on my death bed, the one thing I'll wish I had is more time when I was young enough to enjoy it.
Yes, the money won't last forever, but I realize now I needed exactly what I have - time to re-energize and time to reprioritize my life.
So far, taking the buyout has been a worthwhile investment in myself

good for you EE. i hope everything works out well for you. please keep us, or me at least, updated how things work out. i mean that.

 

[MTM]

I've thought about it, but I've only been at this paper for three years. At 47, six weeks salary wouldn't entice me, but six months would. I'd send the wife back to work, apply for unemployment and become a stay-at-home dad who strings as much as possible.

 

[Mystery_Meat]

It'd be three months for me, and that wouldn't be enough, because if it was that easy for me to get another job, I'd already have it. All the professions in which I'm allegedly talented have few openings or much better people than me in the running.

On the other hand, if they're offering, maybe that means in two months they come to me and say "your services are no longer needed; we've taken the liberty of packing your personal effects, so please leave the premises immediately. and thank you for your service to our company." At which point I wish I had the three months of pay.

So I dunno.