Seeing Co-Workers Get Laid Off
Im a second year in NYC, my firm had layoffs last week. Feels gut wrenching, even though I wasn’t afflicted.
I think the most disgusting part was watching other co-workers vulture around for the layoffees unneeded stuff.
How do you guys go about after? Do you just stay happy the bonus pool is larger? Are you sad that you lost co-workers you’ve known for years? Do you ignore it? I get they need to happen, but some of these people weren’t bad.
Navigating the aftermath of layoffs within your firm can indeed be a challenging and emotional experience, especially in a high-pressure environment like NYC's financial sector. Here are some thoughts and strategies based on insights from the Wall Street Oasis community:
Acknowledge Your Feelings: It's natural to feel a mix of relief, guilt, and sadness after witnessing layoffs, especially if you had close relationships with those who were let go. Acknowledging these feelings is the first step towards processing them.
Stay Professional: The behavior you described, such as co-workers scavenging through the belongings of those laid off, can indeed seem distasteful. It's important to maintain professionalism and empathy during these times. If you're uncomfortable with such actions, it's best to distance yourself from them and not participate.
Focus on What You Can Control: In the wake of layoffs, it's crucial to concentrate on your work and responsibilities. Taking on additional projects or responsibilities left by those who were laid off can not only help the team but also secure your position further.
Support Your Laid-off Colleagues: If you're in a position to do so, offering support to your laid-off colleagues can be invaluable. Whether it's providing references, networking opportunities, or simply lending an ear, these gestures can make a significant difference in their transition.
Reflect on Your Career Path: Layoffs can also serve as a reminder of the volatile nature of the industry. Use this time to reflect on your career goals, the stability of your current position, and whether you're on the path you want to be. It might also be a good time to update your resume and LinkedIn profile, just in case.
Networking Within the Firm: Strengthening your connections within the firm can provide a sense of security and open up new opportunities. Engage more with your team and other departments to increase your visibility and value within the company.
Seek Support: If you're struggling with the emotional impact, consider seeking support from mentors, peers, or even professional counseling. Discussing your feelings in a safe environment can help you navigate through this challenging time.
Remember, it's okay to feel a range of emotions during such times. Focusing on your professional development and supporting those around you can help you navigate the aftermath of layoffs more effectively.
Sources: Staying Alive: 4 Tips for Surviving Corporate Layoffs, Staying Alive: 4 Tips for Surviving Corporate Layoffs, https://www.wallstreetoasis.com/forum/investment-banking/lay-offs-soon?customgpt=1, https://www.wallstreetoasis.com/forum/investment-banking/just-got-laid-off-now-what?customgpt=1
Reach out to the ones affected and give your condolences. Not much else you can do aside from providing support / a reference if applicable.
As far as the looters go, looters are going to loot. Would make sure the people let go don’t actually expect / want that stuff back first though. Call people out if they are blatantly ransacking others’ shit before asking or making sure.
It's stressful and really humbling to see how quickly you can go from useful to expendable and have no control over it.
It's a mixed bag of sadness for people who lost their jobs and being grateful you're not on that list. Do reach out to those of your team you're close with, it's a tough position to be in.
Check out the movie, "The Company Men" with Ben Affleck (and a bunch of other big names), as it gives a good view into the situation and what everyone will go through in the aftermath.
Never an easy situation, especially as people are likely trying to keep up appearances, and struggling to find something (anything) else, and the often-disconnected corporate side of it.
It's a good business/corporate-related film that I think helps to understand the situation from all sides involved.
I have seen people laid off. I have seen people fired in spectacular fashion. I have even seen people arrested for financial crimes and walked out (not my firm, but I saw it happen at another firm, while in the building for an unrelated meeting).
It's never a good feeling, especially when a layoff could have been you, or if you know the person. It's also a sad moment to see the person walking out with a banker box of belongings, and the look of shock or utter defeat/destruction. It's never an easy situation.
How to deal with it?
Well, it's important not to make a layoff seem like death/gloom (by actually offering "condolences"), as people are often already in a very bad mindset at that time.
If you know the person, shake their hand, tell them it's been a pleasure, wish them luck, perhaps say something encouraging ("...with your experience, they'll be fighting over you..."), or perhaps mention that you hope to work together (again) at some point down the road.
If you know them on a personal level, you might want to reach out a few days later (after they had time to mentally process the situation, and calm a bit from panic, See "The Company Men" for insight), and see how they are doing. Make them feel like they haven't been forgotten, and not feel banished from society. Be understanding if they seem to be in a bit of panic, and let them rant; they likely want to express a lot, and now have nobody to listen. In general, just be supportive, and kind.
In the office, the feeling is often a mix of being happy it wasn't you, but also worried that it might be you before long. I remember a few friends who were almost in constant anxiety each day that layoffs might be coming, and then they might end up in depression for a while, especially if involving an early retirement, etc.
In general, layoffs (and firing) happen more than people might expect, and is very likely to happen at some point in a career.
Be supportive, understanding; and do your best to be seen as providing value to the firm, as to hopefully avoid being yourself in that situation.
I hope that helps.
Well said. I've seen countless situations where good coworkers are not necessarily great friends. It might seem like it but at work you're tied to the hip. Once someone leaves or is laid off, very few will remain good friends out of work.
Very true. The work friendship (even those who might socialize together as a group, away from the office) are usually just "work friends" in that they are colleagues who are on friendly terms. Rarely does that extend beyond the central connection of a workplace.
After someone leaves, that person is often left without a social circle; and those remaining at the office will quickly modify to an adjusted dynamic without the person.
When I hear people insisting that their work friends are real friends, beyond colleagues, I am reminded of how rare that friendship actually lasts beyond that specific workplace. Very rare.
Really good movie. Would have been a really interesting mini-series. Gives great perception though on those who get laid off. Also it's important to never think you're better than peers who offer to help (this will make sense to those who have seen the movie already).
I also think this movie gives perspective to live within your means. I feel nowadays, I see many people I know growing up who are making great money are living well above their means.
In summary, OP - reach out and try to support them. Offer to be a referral or even do a phone call with them. Generally speaking, people take layoffs differently but offering support as an outsider is the best you can do for them.
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