Layoffs

[mxt0133]

Today was my last full day at work before I start a new job on Monday.  We had happy hour scheduled and for the past few days I was just catching up with a few old co-workers and informing them that it would be my last week there.

Before giving my notice, there were rumors that we were going to have a re-org because our main initiative was a cluster fuck.  We spent two years and pulled a lot of people from existing groups to get this project rolling and when we did show it to our customers it flopped.  So 4 months ago we had a informal re-org where everyone was reshuffled to realign focus.  All it did was confuse the teams even more, create more dependencies and delay the project even more.  Nothing was accomplished in the past 4 months.  On top of that our company was acquired so moral and productivity went from 20% to about -30%. 

When I accepted the offer from a new company I seriously considered asking to be put on the "list" if there was one and volunteer to fall on the sword.  The only reason I did not follow through on making the request was due to timing.  The new company wanted me to start right away and I couldn't even give a full two weeks notice so I decided against it as I felt the timing was to short and that somehow I was being too greedy.  I was already in a good position and didn't want to complicate matters.

Well today, which was really yesterday morning, my friend walks by and I noticed a meeting was canceled and I asked her why.  She then responds that it was canceled indefinitely and said I'm outta here, with a tone of permanence in her voice.  I then walk her out and she informed me that there were layoff going on and a list of positions were eliminated.  As I looked at the list, I couldn't help think that one of the positions could have been me if I would have just asked or event waited a week to give my notice.  But then the sense of greed started to creep in.  I tried to dismiss my disappointment and hide it out of respect for my friend.  I then learn more of my old co-workers being let go and the day basically went down hill from there.  I was expecting the day to be bitter sweet as I said good by to my old co-workers but this was just to much of an emotional roller coaster.

A lot of good friends were let go and some people with 10, 15, even 24 years at the company were let go.  They all got pretty generous severance packages, but one is a new dad, another hasa kid in private school and even though they make good money her income is still needed to maintain their lifestyle.

So happy hour wasn't so happy as a lot more people were there saying good byes as beers turned into shots.  I have been through my share of layoffs, never actually being part of one and always fantasizing about what I would do if I were given a package.  This one felt different as if I was actually part of one.  All I know is I do not want to be dependent on a job and motivation for FIRE has just been reignited, not that it wasn't on medium before, it's just on Really HIGH right now.

When I got home I told my wife all about it and the emotional toll I was going through.  That's when I looked her in the eye and said, "this is why we save the way we do, I never want to be put in that position."  No matter how much I try to manage my career and keep my skills in demand there are just thing outside of my control.  The stash is big enough for FU status but not enough to FIRE.  Time to review my spread sheets and make some tweaks to bring my FIRE date from 7-8 years out to something much closer.

How close is your date?

[2Birds1Stone]

Time to review my spread sheets and make some tweaks to bring my FIRE date from 7-8 years out to something much closer.

How close is your date?

I have 12 years and 2 months to go if everything goes to plan. I work in sales for a company that is notorious for large scale layoffs. Being in the very early stages of accumulation I do get nervous sometimes about what could happen if I was out of work for a long period of time. Motivates me that much more to do my best job at work and avoid lifestyle creep.

[EscapeVelocity2020]

I live in Houston.  So far, two neighbors have lost their jobs and one is very nervous.  We also know several people that have lost their jobs, in the greater community.  No-one is necessarily struggling yet, but all agree that a good-paying job would be nice. 

I really don't understand how this can be such a strong 'economy' when cities are struggling to keep people fully employed.  Post-2009, Houston was a boom town, but I have family up North (Indiana, Ohio) and most of those towns were not booming.  Nowadays, even Houston is in a slump.  So why are the stock markets at all time highs (not that I'm complaining)?

[mxt0133]

There are many factors that correlate the stock market to the general economy.  There are also many players in the general economy.  In my companies case this was not market risk but company specific risk.  The company bet big on a new initiative but failed on the execution so the company had to "right size".  It realized that they did not have the right people and talent so they had to scale back and start to hire the right people.  In software this is just part of the 2% unemployment rate which is just natural turnover, there is greater demand for people than there are to fill the spots.

I am going to assume in oil and gas it's due to the oil prices crashing and companies scaling back capital investments.  I think everyone here knows that the energy sector took a dump starting late last year, the layoff have really just begun and will continue if oil prices stay low.

The overall market is up because expectation are high and overall employment is strong with new jobs higher than expected, so the headlines tell us.  Everyone will be buying an iWatch right?

[Rika Non]

Why do people think that they will never be get let go? 

The company I work for is RIF-ing.  Some of my deparment and co-workers have recently been let go.  One was so possive over "her job".  I just have never been able to understand that.  As worker for a private company (not owners or gov) you are just a bit working at the will of a company.  There is no assumtion of continious employement.  Why do so few people every plan on that?

I'm oilfield and yes I always assumed from day one that someday I'd get a pink-slip, and planned for it.
I'm not too sure how to express it, but there is a difference in attitude of working "for" a company not that the company "owes" you a job.  This seems to be the minority case.

[gooki]

3 years if we don't buy a bigger house. 5 years if we do.

I just went through my first ever round of redundancies. 20% of our team was let go. I still have my job, but I'm pissed management didn't even say thank you to those that we're let go.

[tmoney]

We are about 10 years away. We are waiting for our house to hit a certain # and think that will be 5 years or less then sell and downsize out if state. It also lines up with kids graduation years. I was laid off last year out of the blue along with about 20% of the co. They have since laid off more and it seems to be the ones with the higher salaries and EXPERIENCE they let go and then they are bringing in inexperienced $12 hr workers and I am told it's not working out well for them.  Vendors are irritated, things are getting dropped etc, upset customers etc. Worst this is you are told your job is so so secure then bam you have no job. I have not found anything else that is local but instead have moved to working on something I love full time instead of a part time hobby type thing it once was. It delayed us a bit but in the long run it will work out much better.