I’ve been offered a buyout and was wondering what experiences have been like for people who have taken them.
I work part-time as newspaper section editor. I also teach communications part time at a local college.
The paper is outsourcing my job and I’ve been offered six months salary to go away. I’ve been at the paper eight years and find the work pretty repetitive but the pay is at the top of the industry.
As a university instructor, the most I could take home (for the foreseeable future) is about half the pay. That said, the work is more enjoyable.
I’m assuming this editing position is the last job I will ever have in the newspaper industry. (I’d have to sign a non-comp). That said, teaching communications isn't exactly a growth industry.
Thoughts?
Non-comp sounds a bit harsh but printed news is on the way out looking at what Murdoch is doing in australia.
They can't enforce non-comp really as its restraint of trade.
Lots of online editing jobs coming up.
6 months, take the cash and ensure you use it to pay off debts/monthly costs
I missed redundaancy deals twice in my career, ie, I left before or I'd have whipped their arm off.
Both times within 1 year the places closed down & everyone went, probably on worse terms as there was no money left.
I'd take the money & set something up, you'll never look back.
Offer online editing service to the world so why restrict yourself?
Take the money and run!
As above 🙂
Also offer your services to University(s) nearby ... you will be surprised the amount of work you get. Many overseas students required someone to proof read their work etc.
You'll be going one way or another I'm afraid,
Unless you think you have a good case for unfair dismissal, I'd seriously consider the offer
Take the money. Six months pay will give you a year or so to find something new. If you find something quicker then you are ahead. Great opportunity, grab it
If they have offered 6 mths then why not ask for 9?
I'd do a rough calculation to see what they would offer you based on redundancy. If you've been there 20 years and are on 6 months notice then the offer doesn't seem as good as if you've been there 4 and have 2 months notice.
I'd also be doing some investigating into the no-competition clause... They're not automatically illegal (as some folks seem to think) but a great many are.
may or not be that good
1 week per year worked or 1. 5 after 41
Add in your notice period + any owed holidays and it may not be that generous
haggle them but accept you are going tbh
I would insist on it being classed as redundancy too. That 6-months then bumps to tax free so probably 8-10 months depending on your tax rate. Also more of a safety net if things go wrong.
I had this from a previous company and as Junkyard said, I haggled. I was going to be due a bonus so I had them throw that in and also said I wanted paying for the holiday I'd accrue in the 6 month payoff period. They may be operating on an agreed framework so sometimes you need to give them ways to give you more money.
Take the cash , take advice from a lawyer you have paid about the non competition clause the starting point is that they are void unless reasonable ( my source is a twenty year old memory of a case about the inventor of the maxim machine gun) .
Re the cash as others have said experience suggest it's go on good terms now or statutory minimum latter. No harm in negotiating for more though .
Great advice.
The non-comp clause is weak, as they run the only paper in town.
I got them to include all accrued vacation, days owed, etc.
Cash will be tax-free as it is now going into a retirement fund.
Only niggling question is: Will I regret leaving?
And, according to the general consensus, the answer seems to be a resounding: Not in this lifetime.
Can't see the non-comp clause being enforceable, or that a newspaper group would have the funds or interest to enforce it. As you say, if they're the only show in town, what's the point?
You seem to be making the choice based on the best criteria - do you want to stay?
Go quick before they change their minds. Not many people get paid to leave the newspaper industry these days (I didn't anyway).
Get the impression you're not in the UK though?
Go, go now !!