Voluntary layoffs--experience?

[cats]

My employer has confirmed that at some point in the next few weeks, they will be offering voluntary layoff packages.  At this point it's very unclear if I'm in a department that might be targeted so this is all extreme speculation on my part :)  I could see it going either way.  DH and I hit our FIRE number a few years ago and at this point I am working because the pandemic has made my job much more enjoyable (we are still fully remote no commute, annoying co-workers are much less annoying over phone/email, I do actually enjoy the core work, just hated the grind of being in an office all day every day).  I've also definitely had a serious case of "shit, what will I do with myself once retired" which has probably kept me working (it's easier than figuring out retirement!).  So this announcement feels a bit like a sign that maybe it's time to jump--even if I am not in a group targeted for layoffs, being at a company that is shedding workforce and looking to make major cost cuts could definitely change the mood of my job.

All of that leads up to--anyone been through this (either as the one taking or the one deciding who to offer to) and have insight?  I guess basically, if layoff packages are being offered, I would like one.  So...how do I put myself out there?  Supposedly more details on the program will be coming in the next week or so.  Should I wait for the details or give my boss a call ASAP?  I am 40yo so I'm not sure I would be on his radar as looking to retire.

Then if I get an offer, how do I evaluate it or what should I ask for to sweeten it?  Some stuff I'm thinking of is that it would be nice to have health insurance through the end of the calendar year, and if there is a payout I'd also like it done in a way that doesn't create a massive tax headache.  But I'm sure there is other stuff I'm missing.  If I'm pretty set on leaving anyway I don't necessarily care about getting a massive payout but I would like to make sure I don't screw myself over or leave a potential big asset on the table.

[iluvzbeach]

Posting as I want to see what others have to suggest. Who knows, I could potentially find myself in this spot and I’m sure the collective wisdom of this group will be worthwhile.

[lost_in_the_endless_aisle]

I signed buyout paperwork after a merger for $20K + 26 weeks base salary + lifetime employee discount (those over 50 got $40K and up to 26 weeks salary, so some people I know walked away with ~$100K). My boss ended asking me to voluntarily sign multiple extensions over a 9 month span, which I did. I ultimately did not do the buyout, and instead, stayed on with the merged company with a modest pay raise and $20K for relocation. In this case, the first buyout offer was the best one and anyone let go after the initial buyout offer got a much worse deal. No one I know who took the buyout tried to negotiate anything exotic. I'm not sure if it's common to have much leverage in this sort of situation to negotiate something meaningfully better, though I could be wrong--but at least maybe this gives you one set of data points to compare.

[jim555]

My company would do periodic layoffs.  I let Management know I would be alright with being let go.  Eventually another round happened and I was escorted out be security.  They moved my job to another state.  Per company policy 2 weeks severance for every year, up to 52 week max.  They advised i apply for UI, which I did.

[cool7hand]

Former employment law professional here.

If your company is offering packages to a group of employees, it's extremely rare to have any negotiating leverage. Layoffs like this usually target employees who are poor performers: people who for one reason or another aren't producing what they're being paid. Because the company must provide demographic information to some or all affected employees (depends on the jurisdiction), the company might choose to include some higher performers with arguable warts if the demographic results create risk without including those higher performers. If you let your supervisor (less preferable) or HR liaison (more preferable but still risky) know that you're interested, just understand that you're days at the company are probably numbered if you don't get picked because you've demonstrated a lack of ongoing loyalty/interest.

What will happen at most companies is that you'll receive notice that you've been selected for the package, you'll be told what the package is, and you'll have 45 days to decide whether to accept. It won't hurt to ask for more, but it's really unlikely you'll receive anything.

DM me if I can be of further assistance.

[cats]

Thanks all for sharing.  We got some more info about the program and I am (sadly) too young to qualify.  So that was a nice daydream while it lasted, now back to my usual FIRE plan!

[cool7hand]

What state? "Too young to qualify" might be a problem in some jurisdictions like NJ that do not limit age-based discrimination to over 40.

[TheAnonOne]

I've never been in that situation but financially, it's almost always in your favor to take it(at least conceptually). Assuming you can get employed again in a similar role somewhat quickly.