Company’s threat to leave due to tax changes puts career decision into focus
You have a meeting scheduled, with no formal topic listed. You arrive a little early, and are met by your manager/owner and human resources. No smiles; just news. You are told that the office is downsizing (or shutting down), you still have a job, but only if you are willing to relocate. What should you do?
The Illinois area population has either frozen or declined over the past few years. Just like in other Midwestern states, people are leaving Illinois and heading south and east. This phenomenon is no longer limited to senior citizens. Middle age and middle class families are heading up the interstate as well. It is also not limited to just people, businesses are seeking to leave as well.
Jimmy John’s, the famous sandwich makers, are threatening to move their corporate headquarters from Illinois to Florida due to increasing Illinois taxes. The founder hopes to present a move strategy to the company’s board of directors soon. If the headquarters moves, employees may be faced with the choice of relocating or being out of work.
If you are faced with this decision, what factors should you consider when making your decision?
Severance and savings. If you are offered a severance package, how long could it and your savings account sustain you? If it is not longer than a year, you may want to give strong consideration to relocating.
Location Location Location. What is the unemployment rate in your state? Are job openings plenteous? If they are, you may consider staying.
Your mate. Does your spouse or significant other work? How hard would it be for him or her to find another position in another state? If they work in a niche type position (e.g. a family owned business), you may not want to risk leaving.
The children. High school aged children make moving a huge challenge. However, staying in a state with few jobs and fewer opportunities will not do you, or your kids, any good.
The cost of hidden costs. Leaving a location where you have a strong support system, and going to one where you have no support system will lead to additional expenses. After school care and babysitters both represent new costs to a family with a good support system. Even finding a good and trusted doctor or dentist will take some time and cost money.
Most employees unfortunately may face such a decision at some point in their careers. Knowing what you should consider will go a long way towards insuring that the right decision is made