So you've been offered a buyout. HR experts share top tips and the questions to ask before deciding to take it.
Employees deciding on a buyout should weigh up the payout, benefits, job search timeline, and what staying could mean, two HR experts say.
Microsoft has offered approximately 60,000 employees the chance to take a buyout at the end of 2021. HR professionals suggest that employees look beyond the initial payout amount when deciding whether to accept the offer. Marjo Miles, founder of The Ember Effect, advises considering stock, paid time off, health coverage, and any bonuses or commissions that may continue after the employee leaves.
Deborah Saneman, CEO of Würk, recommends pricing out alternative health insurance and determining how long the benefits will cover pre-tax income. She also advises double-checking the details in writing to avoid surprises later. Both experts recommend preparing for a more extended job search and exploring options before making a final decision.
Miles suggests contacting contacts in the network and applying for roles to get a better sense of job prospects. Saneman warns that leaving may not guarantee job security, and companies may have alternative strategies to meet their cost-cutting goals. She emphasizes the importance of aligning the decision with long-term career and personal goals.
Business Insider spoke to Miles and Saneman to gather their top questions to ask before accepting a buyout. They advise inquiring about eligibility for rehiring, whether the payout will be a lump sum or continued salary, what will happen to bonuses or commissions after leaving, and what assistance will be provided for finding a new job.
Written by urgent.news from Business Insider's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
