A Round of Layoff - Safe but for how long?
WSO,
This is a throwaway account but the firm recently had a round of layoff that I was spared from. I know a few people who were not so fortunate. This severely affected everyone's mood and looking to get some perspective on what should my next course of action be?
There is no official communication yet, just a thumbs up and thumbs down from your respective deal team leader. Job is FO.
Congrats ! Pack up your boxes, you're good to go
A guy on my team much more experienced than I am got let go yesterday as well. Back-office here though, experienced hires in the $120-150k/yr range. The rest of us were told "we're okay".
Get your resume in order and start looking for other jobs. Even if you think you are safe, theres no telling what will happen. Theres already been one round of layoffs, who knows if and when there will be another. Protect yourself, dont get the axe.
Protect yourself, update resume, start looking at other jobs......yes. Leave before getting laid off? HELL NO. Severance packages can be pretty lucrative. The people laid off at Target got full pay and benefits for 3 additional months, and then a severance bonus based on tenure on TOP of that. You get the pay even if you start working somewhere else before the 3 months were up; if you left before when the rumors were swirling, you got nothing.
Fair enough. But that is only once instance. What about when people get fucked over, ruin career prospects, turn to alcoholism, etc.? Doesnt make for a very good story.
At my firm I've been told the severance package is usually just one months pay for each year of service. Thats just $10-30k for someone in the $100-150k range whose been there a couple of years. I do have my old job at the same salary level as current though as I left on good terms and they matched my current salary if I wouldn't have left. So I have some leverage.
Might be a good idea to just reconnect over a drink with your previous managers just to keep that avenue open this quarter, as a hedge.
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