Nine Months Pay To Leave on 3AW 693 AM Radio Melbourne with Shane McInnes
Topic: Nine Months Pay To Leave
Date: 3 April 2024
Media Outlet: 3AW 693AM Melbourne https://www.3aw.com.au
Broadcaster / Interviewer: Shane McInnes
Producer: Joseph Campbell
Duration: 00:05:07
Time of show: 13:38
Audio Recording:
YouTube Video: https://www.youtube.com/watch?v=fZY75MjVq3s
Transcript
I found this fascinating uh a top US consulting firm McKinsey you may be familiar with it, is offering employees nine months pay to leave. Nine months pay to see you later. Go. Quit.
Under the deal, staff can look for new employment opportunities uh they don’t have to contribute any more to client projects and during that time they will continue to receive their full-time salary over a nine month period. McKinsey uh they say their actions are part of an ongoing effort to ensure their Performance Management and development approach is as effective as possible in an effort to help people learn and grow into leaders.
The issue is if you take the nine months’ salary and go see ya later I’m quitting and at the end of the nine months you don’t have a job or anywhere to go McKinsey aren’t taking you back. You’re off the books. So would you do this? Would you quit your job for nine months pay I wonder? 133693 Sue Ellson is a career expert. Sue good afternoon.
Hi Shane.
Is it smart to take nine month’s salary and go?
Well it really depends at what stage you’re at in your career and I’d suggest if you’re one of these top level people that they’re looking at doing this with one of the engagement Partners or associate Partners there could actually be a lot more at stake that we’re not aware of. They may be in some profit sharing arrangement they may have uh bonuses that would disappear you know you’d really have to look at the fine detail and the research I’ve tried to find on it you know there there’s a few details missing. I’m not sure that it’s it’s all clear at this point.
So then let’s just strip it back and take it right to the base level say nine months’ pay, quit your job, see you later we need to strip back numbers we’ll give you nine months pay but you got to get out of here. Is it a smart idea given that at the end of nine months you don’t know if you’re necessarily going to be able to find a job in the field or a job that you’re interested in.
Mmm, well it basically means that you have to have really good job search skills. Now one of the things they have included in this offer is career services and anybody who gets access to outplacement services I always recommend that they take it up. If they are in a senior level position most of those outplacement services can go anywhere from 12 months to two years because if you’re at a very senior level position it can take a lot longer to find a job than if you’re an entry level looking for a job in a local cafe.
So sorry Sue, outplacement services, what are they exactly?
That’s if you lose your job you go to an advisor paid for by the company to help you find another job.
Okay.
So that’ll help you update your resume, do some personality assessments, update your LinkedIn profile hopefully network and shop you around. So it really, this focuses on your job search skills and one of the interesting things about Melbourne which is quite unique if you were offered this nine months now and you waited until the end of the footy season to start looking for work you’re bumping right up to the Melbourne Cup and Christmas and New Year and that’s a terrible time to enter the job market, because there a lot of jobs just not happening at that time. So, if you were going to be offered that nine months pay, I’d suggest you start looking on day one of that nine month period for something else.
It does seem uh that the lure would be more there that if you are getting the nine month’s salary
Mmm
And you are being assisted as well to find a job that’s all that becomes a little bit more lucrative because if you do take the nine months’ salary, find another job within a month uh you’re getting a eight-month bonus and you’re kind of able to break even from there.
Yeah, potentially, absolutely and I think that one of the things that McKinsey needs to do they are one of the consulting firms which is one of the largest alumni networks in the world so all the ex-McKinsey people are are part of this alumni network and they’ve got one of the biggest groups on LinkedIn for that as well with over 6,000 members so I imagine a lot of the work that comes into McKinsey comes in from ex McKinsey employees so anything that sweetens the deal if they have to let them go is probably makes good business sense to keep the business coming in again in the future.
So in other words, if you’re going to take the nine months and run make sure you’ve got a big alumni group on LinkedIn?
[Laugh] Well, no, make sure you’ve got an amazing network and I believe everyone should have a network not just one that’s associated with a previous employer I’d say make sure you’ve got your fingers in lots of pies and and you can ask all your friends look this is what’s happening can you give me a referral because they’re the best types of jobs to get you don’t have to compete against 300 other applicants and you know it’s a much better way about finding a new role.
Sue, appreciate your time this afternoon. Sue Ellson career expert nine months pay to quit your job tell you what in this industry in the media you would be a very brave person to quit the job for nine months pay uh they don’t come around all that often. We’ll take a break. Other side of it we’re going to talk cruising on the
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NINE MONTHS PAY TO LEAVE // Would you consider leaving your job with nine months pay up front? Shane McInnes and I discussed this topic on Nine‘s 3AW 693AM Radio Melbourne today as a result of an article in the Australian Financial Review by Matthew Boyle 📻
✅ be aware of what you may be missing
✅ start the job search on day one of the nine months
✅ make use of career or outplacement services
✅ update your resume and LinkedIn Profile
✅ build your network and join alumni networks
✅ ask for referrals
Enjoy the show online at https://sueellson.com/blog/nine-months-pay-to-leave-on-3aw-693-am-radio-melbourne-with-shane-mcinnes
This link also includes information you may find helpful.
Thanks to Producer Joseph Campbell for reaching out!
➡️ Would you consider accepting nine months pay to leave?
I would love to continue this discussion and hear your perspectives.
#3awmelbourne #paytoleave #careers #sueellson #shanemcinnes
Further information
McKinsey offers staff nine months’ pay to leave
https://www.afr.com/world/europe/mckinsey-offers-staff-nine-months-pay-to-leave-20240402-p5fgnr
Fair Work Ombudsman Notice and Redundancy Calculator
https://calculate.fairwork.gov.au/EndingEmployment
Podcast Recording of the Show – starts at 01:06:13- 01:11:17
https://omny.fm/shows/3aw-afternoons/full-show-3aw-afternoons-with-shane-mcinnes-3-apri
Apple Podcast Full Show
https://podcasts.apple.com/ro/podcast/full-show-3aw-afternoons-with-shane-mcinnes-3-april-2024/id1514340495?i=1000651263117
Spotify Full Show
https://open.spotify.com/episode/2wN93fQBe8X6J5SQOjrVeG
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