I've been through a number of VR schemes and the basic factors will be the same for the majority of other industries as well, they are generally based on:
• Big payouts for longer serving members.
• People will take VR if they have a good fall back plan. Such as retirement and money in the bank or assets.
• People will also take the VR if they can also be employed in another like-for-like job.
• Generally people who are low skilled and less likely to find another role then won’t take VR.
At a business perspective; VR hurts the company more because it doesn't necessarily control who actually leaves the company. Whereas forced redundancy is better for the company because they can control the loss but affects moral. It’s a balancing act between morale and company survival.