How are you managing the recent layoffs?

As the title suggests how are you managing the layoffs and what’s been your strategy?

I was laid off in March and have approx 7 years of experience. Not seeing many roles at the mid senior level and do not want to accept something mediocre. Focusing on staying on top of the news cycle and reaching out to my network.

 

I was laid off around March as well and have similar years of experience. I just took a lesser role that is not too demanding to continue to save and focus on my own venture. I'm tired of how RE treats its employees. For better or worse, I'm content with just figuring it out on my own at this point. As far as the job market goes, good luck. Seems like unless your'e a perfect fit, it will be tough to land a great role. 

 

Did the lesser role have upside? I'm having trouble accepting the lesser roles. I can do something else and make more money than do grunt work. Really hoping something happens eventually. May break my 401K to get me across this time. Would rather end up somewhere I see a long term career trajectory.

I'm from Canada and worked for a US firm. I've sworn not work at another US company ever. The culture is very different compared to Canada and in tough times they cut very easily. In Canada however, companies usually don't pursue any growth hires and moreso replacement hires.

 
takeawalkk

Did the lesser role have upside? I'm having trouble accepting the lesser roles. I can do something else and make more money than do grunt work. Really hoping something happens eventually. May break my 401K to get me across this time. Would rather end up somewhere I see a long term career trajectory.

I'm from Canada and worked for a US firm. I've sworn not work at another US company ever. The culture is very different compared to Canada and in tough times they cut very easily. In Canada however, companies usually don't pursue any growth hires and moreso replacement hires.

The upside is flexibility and time off. I need that to focus on my own thing and family. I'm fortunate to be married to a woman that makes a decent amount and saved like a beast before getting laid off. Haven't touched saving at all during the time off. My generally distrust of working for people has always had me saving an obnoxious amount. Yes, the US company culture is absolute trash, so I don't blame for looking else where. It's just weird time despite what media and government are saying. Take something and keep looking. Nothing wrong with that either. Have to be nimble in these times. Good luck.  

 
Most Helpful

I got laid off before so I can help shed some light.

Ignore title, similar years of exp.

You have to reset your expectations and not let your ego get in the way. You have to take a lesser role if it comes down to it and build yourself back up afterwards.

I got laid off from a $250k job and took a pay cut to $150k when I got laid off. This was also to a much smaller shop with no brand recognition. Fast forward 3 years later, I’m still with the same shop but make close to $350k (took time to gain trust of founder and because I did everything, no one else knew what to do if I left). Keep in mind, the role was not glamorous. I had to move furniture, plan events, do acquisitions sometimes, asset management, property management.

The company I’m with is probably capped and won’t grow much but that’s ok with me. We will continue to be a small company and collect our AM fees and my pay is also capped. Benefit is that I almost never go into office and I have time to do whatever I want.

 

Its been super disappointing. We had two rounds of layoffs and the second one was really bad. Very sad to see so many coworkers and great friends over the years go all of whom were truly intelligent and hard workers. I guess it is what it is. I truly think the CRE golden years are well past us now and its sad to say as I am in the industry. Best to keep our heads down and just be thankful.

 

Layoff Strategy for Companies:
Companies typically approach layoffs with sensitivity and careful consideration, as they can have a significant impact on both the affected employees and the company's reputation. Some common strategies for managing layoffs include:
Transparency: Being open and honest about the reasons for the layoffs can help build trust with remaining employees and mitigate negative feelings.
Fairness: Ensuring that the layoff process is fair, unbiased, and based on objective criteria can minimize legal and employee morale issues.
Communication: Providing clear and compassionate communication to the affected employees, explaining the reasons for the layoffs, available support, and any severance packages or outplacement services.
Support Services: Offering support services, such as career counseling or job placement assistance, to help affected employees transition to new roles.
Retention of Talent: Retaining key talent can be critical for the company's success during challenging times. Decisions about who to retain should be strategic and based on future business needs.

 

At OP, all those things are good to do. Sucks being laid off, definitely makes you shift focus. 

I'd add, never be afraid to look into other areas, maybe something similar to real estate (or banking) like strategy or corporate finance. Not saying its what you want, but could be something that fits that you're not looking for. 

I'd say getting fired is like breaking up with someone, you're not building on what you had before. Meaning, if you just because say your last bf/gf was super organized and cooked food doesn't mean your next bf/gf should also be organized, cook food and handling the budgeting (maybe they do the organizing and budget) . 

 

Hic quibusdam amet fuga dolorem itaque mollitia eos et. Ipsam asperiores sed qui facilis qui incidunt ducimus iusto. Quia aliquid dolores sunt tempora nobis. Neque sint aliquam dolores. Minima sint ab est.

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Lazard Freres No 98.9%
  • Harris Williams & Co. 25 98.3%
  • Goldman Sachs 17 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.9%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 04 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.9%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (21) $373
  • Associates (91) $259
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (68) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
dosk17's picture
dosk17
98.9
6
GameTheory's picture
GameTheory
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
Kenny_Powers_CFA's picture
Kenny_Powers_CFA
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”