Author Topic: Layoff Question  (Read 6659 times)

oldtoyota

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Layoff Question
« on: July 17, 2014, 10:10:04 PM »
My company will probably have layoffs, and some good people have already left. When I see good people start to leave, I wonder what they see that I am not seeing. Would it be wise or dumb to volunteer to leave **at a specific point in the future** when not laid off? If I did this, I would want to say something like I'd be willing to volunteer to go and would like to stay until I find something else. Is this career suicide? I feel like this might be 100% dumb, but I thought I would ask you guys to make sure.

One reason I have for wanting to control when I leave is that I'll be vested in a couple of months. If I get laid off before that, I stand to "lose" the vested amount. That would hurt for multiple reasons, so I'd like to negotiate staying through a certain date.

Because I have a lot of money saved up, I don't plan to sign any documents they want me to sign to get severance. I would rather negotiate to have my vested $$.

It's a good job. If I did not feel an axe hanging over my head, I'd probably stay longer. I am looking now.
« Last Edit: July 17, 2014, 10:19:34 PM by oldtoyota »

surfhb

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Re: Layoff Question
« Reply #1 on: July 17, 2014, 10:16:06 PM »
Stay of course till you have a new gig.    If you quit you won't get unemployment too

Goldielocks

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Re: Layoff Question
« Reply #2 on: July 17, 2014, 10:20:46 PM »
It can take up to a whole year for a company to go under....  very depressing while it happens, but not imminent.  and some companies just need 25% less staff to recover strong.

Brush up your networks, so you know what is out there, be ready just in case.  Two months - stay for the vesting.  If you are let go before, you may get your vested portion paid out.

Is this a smaller private company?  If so, use your vacation $'s now, and some sick time too (to keep your performance up).  If the company goes bankrupt, you could lose vacation money owed, and be standing in line with all the other unpaid creditors waiting for what is owed you.


MDM

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Re: Layoff Question
« Reply #3 on: July 17, 2014, 10:28:10 PM »
Do you trust your immediate supervisor?  If not, it's probably a good idea to be looking elsewhere in any case.  If you do, ask the direct question: "Am I on the list to be laid off?"  Even if he or she "isn't allowed" to tell you, the true answer may be communicated anyway. 

Even though it is a dumb question, your boss may ask "Why do you want to know?" (or similar).  That gives you a perfect opening to say something such as "well, it would be bad faith on the company's part to fire me just short of my vesting time, wouldn't it?"  If they know you are prepared to fight they might just pick someone else.  Somewhat dog-eat-dog, but nobody else will care more about you than you yourself so you might as well be firm about it.  Nice, but firm.

Sometimes people have good instincts about being on the layoff list, and sometimes fear is much greater than reality justifies.  It's entirely possible that your boss could rightly reassure you that you are "safe" (at least for this round).  Good luck to you, no matter what transpires.

Daisy

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Re: Layoff Question
« Reply #4 on: July 17, 2014, 10:33:42 PM »
Someone at my company recently put himself on the list. He had another job lined up in another city and asked his manager to put him on the list for the next layoffs.

I am inches away from FIRE. I am just about ready to get rid of the biggest anchor holding me back from FIRE (selling a house). After that, I will reassess my finances to see what I need to do. I expect a large severance if I ever got laid off due to many years of service. So I'd hate to just say goodbye without a nice parting gift. ;-)

I have already put the feelers out there with some people I know that know the latest in the rumor mill to let me know if they hear of any future layoffs. Once I hear back on the next suspected date, I may then go to my boss and suggest my name be put on the list.

Two benefits - the package, and maybe I can spare someone else not ready for FIRE from losing their job.

But I wouldn't advertise this to my boss until I know a layoff is coming.
« Last Edit: July 17, 2014, 10:36:03 PM by Daisy »

Cheddar Stacker

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Re: Layoff Question
« Reply #5 on: July 17, 2014, 10:35:48 PM »
Damn OT that sucks. I would just keep doin what you do and see what happens. If the axe comes before the vesting just take the severance instead. And obviously get that resume ready if you aren't already FI or prepared for self-employment. Good luck.

oldtoyota

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Re: Layoff Question
« Reply #6 on: July 21, 2014, 10:56:45 AM »
Thank you, all!


frugaliknowit

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Re: Layoff Question
« Reply #7 on: July 21, 2014, 11:23:17 AM »
Spend your energy finding another job.  Assume you are being laid off.  You must protect yourself and your income.  No, do not volunteer to be laid off unless you have a written offer in hand.  Good luck!!

oldtoyota

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Re: Layoff Question
« Reply #8 on: July 23, 2014, 08:55:02 PM »
Do you trust your immediate supervisor?  If not, it's probably a good idea to be looking elsewhere in any case.  If you do, ask the direct question: "Am I on the list to be laid off?"  Even if he or she "isn't allowed" to tell you, the true answer may be communicated anyway. 


I took your advice and asked. I decided the direct route is sometimes the best. The answer came quickly and sounded definitive, so I have a feeling that it's true the answer is no.

However, I am still going to mentally prepare and maybe do some more financial preparation just in case this changes.


MDM

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Re: Layoff Question
« Reply #9 on: July 23, 2014, 09:39:58 PM »
Financial preparation is always worthwhile.

For how long do you need to keep lamb's blood sprinkled on the cubicle doors before the angel of layoffs goes away for good (this time)?

Good luck!

oldtoyota

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Re: Layoff Question
« Reply #10 on: July 24, 2014, 07:32:24 PM »
Financial preparation is always worthwhile.

For how long do you need to keep lamb's blood sprinkled on the cubicle doors before the angel of layoffs goes away for good (this time)?

Good luck!

Ever since the recession, I have wondered the same thing about lamb's blood. Also, can anyone on the board point me to a cheap source of it? I am trying to save $$ after all!


G-dog

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Re: Layoff Question
« Reply #11 on: July 24, 2014, 07:41:48 PM »
Sounds like you have gotten your answer. My company is going through this too, but the current severance package is keeping them on the books for 2months, so sometimes in the layoff you don't get severed immediately.  Which would be in your interest re: getting vested.

Sorry about this scenario, it can be very stressful, even you aren't likely to be one of those laid off.

Keep your resume up to date. I hope this all works out for you.

oldtoyota

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Re: Layoff Question
« Reply #12 on: July 26, 2014, 01:25:24 PM »
Sounds like you have gotten your answer. My company is going through this too, but the current severance package is keeping them on the books for 2months, so sometimes in the layoff you don't get severed immediately.  Which would be in your interest re: getting vested.

Sorry about this scenario, it can be very stressful, even you aren't likely to be one of those laid off.

Keep your resume up to date. I hope this all works out for you.

Thank you, G-dog!