Threats of a layoff

#1
volfanhill

volfanhill

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#1
So my boss told me that they are going to eliminate 20% of the people who have my job over the next two months. The kicker is that it's not based on performance but rather the ability to eliminate the role and it be absorbed by someone near by. I have been with the company 14 years and it's truly the only company I have worked for. Curious of anyone else has been thru something like this. I am thinking of trying to find another job before I potentially get the ax. The whole easier to find a job when you got a job rationale. Just curious what other peoples thoughts are. My area would be one I consider easily absorbed based on the locations I oversee
 
#2
#2
If there's a severance package involved, wait to see if your job is spared. If no severance, then jump ship as soon as you can.
 
#3
#3
I would definitely look at other options. If you find an alternative then seek clarity from your boss about 1) the likelihood you are gone; 2) the odds that further reductions will follow - find out why this elimination is occurring (e.g. strategic change in the company or response to company performance)
 
#5
#5
volinbham said:
I would definitely look at other options. If you find an alternative then seek clarity from your boss about 1) the likelihood you are gone; 2) the odds that further reductions will follow - find out why this elimination is occurring (e.g. strategic change in the company or response to company performance)
Click to expand...

New board of directors. The entire board got thrown out a few weeks ago. Looking to increase span of control to reduce costs. He has no clue or input on redrawing the map.
 
#6
#6
volfanhill said:
Yep there is a severance. 14 weeks plus the six weeks vacation I am sitting on.
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That's pretty nice and gives you time if you get axed.

Still I'd start looking at options and considering what you want to do going forward.

I'd also try to figure out if this signals more change to come at your current company.
 
#7
#7
If the company is public you might look to analyst reports or financial news about the new direction of the company.

If your job is safe pay attention to the future of the company to see if it will continue to fit you.

There may be new advancement potential
 
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#8
#8
Well, there is the straddle the fence method. Try to find out what day the layoffs will be announced. My prior employer (retired now) announced that well in advance for this type of consolidation layoff. Then try to find another job to start just after that date. When its announced, if you get the boot then you start your new job with 14 weeks of free pay in your pocket. If you don't get the boot you can still quit and take the new job or "cancel" your acceptance of the new job. We had folks at our company experts in this kind of thing.
 
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#10
#10
I hate to hear this. My partner just went through something very similar two months back. He had been with the company 14 years and a consistent very high performer, but was a victim of NA cost reductions. Typically the company gives 3+ months notice but he only got 1 month due to proximity of FY-end. I know this is different from your situation as you don't know if you will be impacted, but I would strongly encourage you start making preparations ASAP. Get your resume/CV up to date, create/update LinkedIn profile and start reaching out to friends/acquaintances about potential employment opportunities.

Since you have not been actively looking for employment for 14 years, it is important to understand how a job search has changed over the years. There are certain formats of a resume/CV that are more effective than others, and it was shocking how valuable LinkedIn can be in a job search. Some companies will only accept applications through LinkedIn. Also, make sure and leverage any contacts you have in your desired field(s); this is far and away the best way to get your foot in the door in terms of getting interviews and ultimately hired.

My partner actually found another role in the same company, which is huge (300K global employees).
 
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#13
#13
I went through this with my previous company. I had been with them over 25 yrs and didn't want to be unemployed for a long period so I started looking immediately. It took me 18 months to find a comparable position and definitely think my age was a negative factor.

My suggestion would be to update your resume and form some external contacts. A coach for me suggested I have a list of over 40 external contacts who knew I was looking while still in my job.

Good luck and hope things work out for you.
 
#14
#14
volfanhill said:
So my boss told me that they are going to eliminate 20% of the people who have my job over the next two months. The kicker is that it's not based on performance but rather the ability to eliminate the role and it be absorbed by someone near by. I have been with the company 14 years and it's truly the only company I have worked for. Curious of anyone else has been thru something like this. I am thinking of trying to find another job before I potentially get the ax. The whole easier to find a job when you got a job rationale. Just curious what other peoples thoughts are. My area would be one I consider easily absorbed based on the locations I oversee
Click to expand...

I thought you lost the severance if you leave prior.
 
#15
#15
If you lose the severance and accrued vacation time, I'd definitely wait it out. But I'd also be looking for potential new jobs. 20 weeks sounds like a long time, but it goes by quickly.
 
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