Author Topic: I'm getting laid off  (Read 16158 times)

frugalnacho

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I'm getting laid off
« on: April 04, 2019, 07:52:44 AM »
5 months ago I started a new job:  https://forum.mrmoneymustache.com/welcome-to-the-forum/got-a-new-job/

The main plant I work at is shut down now, and I am going to be laid off in the next week probably.  Kind of sucks that they recruited me away from a stable job of 12 years, only to shut the plant less than 5 months after my start date and eliminate my position. 

rantk81

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Re: I'm getting laid off
« Reply #1 on: April 04, 2019, 08:05:00 AM »
That sucks.  Did you leave the old place on good terms?  Maybe consider re-applying back?

ducky19

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Re: I'm getting laid off
« Reply #2 on: April 04, 2019, 08:06:13 AM »
That really sucks, sorry to hear that FN!

frugalnacho

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Re: I'm getting laid off
« Reply #3 on: April 04, 2019, 08:08:52 AM »
That sucks.  Did you leave the old place on good terms?  Maybe consider re-applying back?

I did but I hate that dumpster fire of a company and don't want to go back.

AlotToLearn

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Re: I'm getting laid off
« Reply #4 on: April 04, 2019, 09:31:52 AM »
That does suck, however consider this time as an opportunity to assess what you want to do professionally and what motivates you personally. We all get times in our life when we choose (or are forced to) reboot and reinvent ourselves.

Mike in NH

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Re: I'm getting laid off
« Reply #5 on: April 04, 2019, 09:59:37 AM »
Sorry to see this, I hope it leads to a new/better opportunity for you.

@ megacorp when my old office was shuttered, at the time of the announcement there was a woman who had been hired on from a solid/stable job at a competitor the week before. Nothing like knowingly doing that to someone for the benefit of not upsetting the herd and tipping your hand with some sort of respectable behavior like a hiring freeze.

Unforgivable. She got up in the meeting in front of some really important* senior leadership, said are you people effing kidding me, and walked out.


*Not important, just think they are

PDXTabs

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Re: I'm getting laid off
« Reply #6 on: April 04, 2019, 10:02:44 AM »
Unforgivable. She got up in the meeting in front of some really important* senior leadership, said are you people effing kidding me, and walked out.

Ha! I hope that she got a good hiring bonus and severance package. I've seen that in real life, in fact the person was pretty excited.

Prairie Stash

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Re: I'm getting laid off
« Reply #7 on: April 04, 2019, 10:37:01 AM »
Ouch, that's harsh.

Any chance of coasting till FIRE? Hang your shingle and do some consulting work? You have the skills, you can probably bring in some contracts. If I recall you just got your PE, it might not be bad to work for yourself or at least try it for a few months while job hunting.

I'm glad you remember why you left your former company, its a craptacular industry.

frugalnacho

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Re: I'm getting laid off
« Reply #8 on: April 04, 2019, 10:38:16 AM »
No hiring freeze, in fact they've been doing the opposite.  They had a an employee referral bonus system in place to recruit more people, and they have been hiring people like crazy.  Many people hired after me.  Some have left stable jobs and relocated (including purchasing a house) within the last 2 months.  It sounds like they are legally required to pay everyone for 60 days after your last day of employment.  I didn't really like what my old company of 12 years had become, and obviously was ready to move on, but if I had known I only had 5 months I would have instead stayed at the old job until I found something permanent.  Now I've gone through all the stress of quitting and starting a new job only to be laid off and have to find another job, but now the clock is ticking and I don't have the luxury of passing on something that isn't quite what I am looking for. 

Plus I'm still stuck at work right now until they tell me I'm officially done, so I can't quit or walk out without forfeiting whatever severance they are going to give me.

frugalnacho

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Re: I'm getting laid off
« Reply #9 on: April 04, 2019, 10:42:43 AM »
Ouch, that's harsh.

Any chance of coasting till FIRE? Hang your shingle and do some consulting work? You have the skills, you can probably bring in some contracts. If I recall you just got your PE, it might not be bad to work for yourself or at least try it for a few months while job hunting.

I'm glad you remember why you left your former company, its a craptacular industry.

We are still pretty far away from FIRE.  NW is just above $500k including the house, so we need several $100k more.  I passed the FE exam in 2018, but I haven't taken my PE exam yet.  I've been planning to take it, but I thought I would be overloading myself to study for the PE while also getting into the groove of a new job. 

Prairie Stash

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Re: I'm getting laid off
« Reply #10 on: April 04, 2019, 11:00:06 AM »

Plus I'm still stuck at work right now until they tell me I'm officially done, so I can't quit or walk out without forfeiting whatever severance they are going to give me.
Fuck that, if you find something you walk out on the spot. Bail on that sinking ship on the first lifeboat you find, let the captain go down with the ship. If you get a new job you'll get paychecks, how is that worse than severance? Yesterday you had every intention of working all year, all that's changed is the employer.

They just told you that they don't need you, you don't owe them another minute. You are 100% free to show up at a new job on monday. Just be kind enough to go in and collect your personal items over the weekend.

If you don't find something, stick around for the severance. Ranting aside, lets be practical.

frugalnacho

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Re: I'm getting laid off
« Reply #11 on: April 04, 2019, 11:20:58 AM »

Plus I'm still stuck at work right now until they tell me I'm officially done, so I can't quit or walk out without forfeiting whatever severance they are going to give me.
Fuck that, if you find something you walk out on the spot. Bail on that sinking ship on the first lifeboat you find, let the captain go down with the ship. If you get a new job you'll get paychecks, how is that worse than severance? Yesterday you had every intention of working all year, all that's changed is the employer.

They just told you that they don't need you, you don't owe them another minute. You are 100% free to show up at a new job on monday. Just be kind enough to go in and collect your personal items over the weekend.

If you don't find something, stick around for the severance. Ranting aside, lets be practical.

I would prefer to still get that severance pay though.  60 days will be almost $16k.  That's a big chunk of free money to just walk away from.  I don't want to stick around in limbo indefinitely just for that, but it sure would suck to up and quit and leave $16k + 2 months of benefits on the table.  Depending on how the union negotiations go it might end up being more than 60 days (I'm not union, but I've been told ours will be comparable to what the union negotiates, 60 days is the legal minimum).

GuitarStv

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Re: I'm getting laid off
« Reply #12 on: April 04, 2019, 11:50:09 AM »
Wow, that's a super duper asshole move by the company that hired you.

NorthernMonkey

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Re: I'm getting laid off
« Reply #13 on: April 04, 2019, 11:50:41 AM »
I'd be holding out for 2 months severence as well. You'll also be getting paid for all the time you're waiting. That could end up nearer 24 or 25k by the time the negotiations drag on

PDXTabs

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Re: I'm getting laid off
« Reply #14 on: April 04, 2019, 12:10:25 PM »
Do you have to do anything while waiting for your final severance? Could you be studying for the PE while you wait?

Prairie Stash

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Re: I'm getting laid off
« Reply #15 on: April 04, 2019, 12:18:58 PM »
One of the clauses I've heard is severace can be 6 mos, less anything you earn at a new job. Its common to offer a severance with a clawback if you get a new job, the theory being you aren't out anything. If you were expecting to earn $100k this year, you'll earn $100k and not $116k. That's how my company works them.

Yours might be different, but I generally think big companies are jerks. It'll generally just work out as a longer vacation with no job on the back end.

In my view all you're walking from is a 60 day holiday; you'll either get paid from the old or new company. It's something to watch for when you get the details.

arebelspy

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Re: I'm getting laid off
« Reply #16 on: April 04, 2019, 12:21:40 PM »
That sucks. Sorry to hear it, man.

Hope you find something better.
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Laserjet3051

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Re: I'm getting laid off
« Reply #17 on: April 04, 2019, 12:32:33 PM »
FN:

The same EXACT thing happened to me back in 2003, except that I moved 500 miles away to the new job, so was in a new city with a new mortgage when that bombshell hit. By some miracle or stroke of luck, I found new and comparable employment in, no joke, 2 weeks time. I'm not so sure the current employment landscape is so favorable. Good luck and stay determined/persistent!

Mike in NH

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Re: I'm getting laid off
« Reply #18 on: April 04, 2019, 12:38:15 PM »
Unforgivable. She got up in the meeting in front of some really important* senior leadership, said are you people effing kidding me, and walked out.

Ha! I hope that she got a good hiring bonus and severance package. I've seen that in real life, in fact the person was pretty excited.

@PDXTabs sadly she was a frontline worker. I would bet my 'stache she got no hiring bonus, and the black/white company line of you get two weeks severance per every year of employment...1 x 2 = 2. They'd probably try to spin it that they did her a favor by rounding her tenure up to a year haha. Only caveat is if she lawyered up.

therethere

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Re: I'm getting laid off
« Reply #19 on: April 04, 2019, 12:56:12 PM »
Potential 60days severance and unemployment? Take some time off and destress! Apply for jobs while your at your current job.

protostache

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Re: I'm getting laid off
« Reply #20 on: April 04, 2019, 01:01:02 PM »
Hey me too! Welcome to the club. I got some severance and we have a partial FIRE runway so I'm not super worried. It's just a huge slog interviewing for jobs. Good luck with the search!

mm1970

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Re: I'm getting laid off
« Reply #21 on: April 04, 2019, 01:31:53 PM »
Wow, that's a super duper asshole move by the company that hired you.
Yes, but... a lot of companies are fucking clueless and don't do it on purpose?

It sounds like your old place was a shit show anyway.  I'm pretty confident you'll find something soon - and something good too.

Cgbg

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Re: I'm getting laid off
« Reply #22 on: April 04, 2019, 01:58:38 PM »

We are still pretty far away from FIRE.  NW is just above $500k including the house, so we need several $100k more.  I passed the FE exam in 2018, but I haven't taken my PE exam yet.  I've been planning to take it, but I thought I would be overloading myself to study for the PE while also getting into the groove of a new job.

So.... not sure how it works in your state, but my state required me to get a couple of PEs to vouch for me in writing. They had to be familiar with my work. If you are also required to do that in your application for the PE exam, you might want to find a couple of coworkers to keep in touch with that’d be willing to vouch for you when you’re ready.


v8rx7guy

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Re: I'm getting laid off
« Reply #23 on: April 04, 2019, 02:08:00 PM »

We are still pretty far away from FIRE.  NW is just above $500k including the house, so we need several $100k more.  I passed the FE exam in 2018, but I haven't taken my PE exam yet.  I've been planning to take it, but I thought I would be overloading myself to study for the PE while also getting into the groove of a new job.

So.... not sure how it works in your state, but my state required me to get a couple of PEs to vouch for me in writing. They had to be familiar with my work. If you are also required to do that in your application for the PE exam, you might want to find a couple of coworkers to keep in touch with that’d be willing to vouch for you when you’re ready.

Yes, this was true for me in WA as well.  Also, there was a minimum of 4 years working directly for a P.E. required (technically 8 years, but university study can count for the first 4).

frugalnacho

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Re: I'm getting laid off
« Reply #24 on: April 04, 2019, 09:02:40 PM »
Do you have to do anything while waiting for your final severance? Could you be studying for the PE while you wait?

I still have a few reports needing to be done, and coordinating a few environmental related things, but my daily work load was slashed in half over night.  I think it's likely they will hire a consultant to take over.  My plan is to complete a couple of the reports just to gain the experience of working through them in case it's useful for a future job.  Other than that i'm hoping to spend my time updating my resume and applying to jobs.  And probably studying up to take the PE exam.

One of the clauses I've heard is severace can be 6 mos, less anything you earn at a new job. Its common to offer a severance with a clawback if you get a new job, the theory being you aren't out anything. If you were expecting to earn $100k this year, you'll earn $100k and not $116k. That's how my company works them.

Yours might be different, but I generally think big companies are jerks. It'll generally just work out as a longer vacation with no job on the back end.

In my view all you're walking from is a 60 day holiday; you'll either get paid from the old or new company. It's something to watch for when you get the details.

Is that more of a canadian thing?  I don't have the details yet but I was under the impression the severance was given after termination and is irrespective of my employment status with another company.  That's on my list of questions to get sorted out.


Hey me too! Welcome to the club. I got some severance and we have a partial FIRE runway so I'm not super worried. It's just a huge slog interviewing for jobs. Good luck with the search!

Yea I'm not super worried.  The severance should be able to last us 4-5 months, and I have another 4 months of expenses in savings.  We also have about  1.5 years of expenses in our taxable account.  Plus we have another 4-5 months of expenses in the HSA and roths if we get desperate.  We also don't have a mortgage. It's good to be mustachian, my situation could be a lot worse!  Still sucks to have to go through the interviews and deal with all the change.  Good luck to you as well.

frugalnacho

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Re: I'm getting laid off
« Reply #25 on: April 04, 2019, 09:13:02 PM »

We are still pretty far away from FIRE.  NW is just above $500k including the house, so we need several $100k more.  I passed the FE exam in 2018, but I haven't taken my PE exam yet.  I've been planning to take it, but I thought I would be overloading myself to study for the PE while also getting into the groove of a new job.

So.... not sure how it works in your state, but my state required me to get a couple of PEs to vouch for me in writing. They had to be familiar with my work. If you are also required to do that in your application for the PE exam, you might want to find a couple of coworkers to keep in touch with that’d be willing to vouch for you when you’re ready.

I'm in michigan.  Michigan doesn't require anything to take the PE exam other than to pay the fee.  To obtain a license requires:

https://www.michigan.gov/documents/lara/engineers_licensing_guide_511839_7.pdf

Quote
Possess at least 4 years of acceptable engineering work experience obtained
after having received an acceptable bachelor’s degree.
        -Experience must be verified by 5 individuals familiar with the nature of
work performed of which 3 of the 5 individuals must be licensed
professional engineers.


I've not worked under the direct supervision of any PEs, but I've worked with multiple PEs.  I think my main hurdle to licensure is going to be passing the PE exam.

ForeverPoor

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Re: I'm getting laid off
« Reply #26 on: April 04, 2019, 09:50:48 PM »
Good luck. Start going after recruiters or have them come to you again.

Gone_Hiking

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Re: I'm getting laid off
« Reply #27 on: April 04, 2019, 10:33:56 PM »
This sucks.  I'm so sorry.

fuzzy math

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Re: I'm getting laid off
« Reply #28 on: April 10, 2019, 10:13:59 AM »
This happened to me in a job I'd been at for 10 weeks (!!!) back in 2016. You will get through it and I hope find something that suits you much better. Until then feel free to dream of stabbing people

arebelspy

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Re: I'm getting laid off
« Reply #29 on: April 10, 2019, 12:22:58 PM »
Until then feel free to dream of stabbing people

Smart.

Carrying on with his normal routine is good advice.
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frugalnacho

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Re: I'm getting laid off
« Reply #30 on: April 11, 2019, 08:25:52 PM »
Still no word on me getting laid off.   Hardly anyone is left.  I anticipate I will get my slip tomorrow, but it might be next week.  Details on anything are sparse, and even less has actually been put in writing, so I don't know the details of severance or benefits. I guess I'll just have to wait until they give me my paperwork to know exactly what's going to happen.

How does 401k vesting typically work in a situation like this?  I'm 0% vested, but given the situation it would be a real asshole move for them to take that back IMO. 

ilsy

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Re: I'm getting laid off
« Reply #31 on: April 11, 2019, 09:11:37 PM »
Man, I wish my current job tells me that they no longer need my assistance. It would take off the pressure of me doing it, because I doubt I will go back to 9-5. I wish I had the confidence MMM is talking about to just jump into a life with no job.

frugalnacho

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Re: I'm getting laid off
« Reply #32 on: April 12, 2019, 10:12:25 AM »
No pink slip today.  Apparently I'm needed for another week at least. 

The company is fucking vendors over and not paying them for services already rendered.  The crazy thing is they still need these companies to perform more services through the decommissioning process! Apparently they are under the impression you can just fuck those vendors over and then hire different ones (and I can only assume they have no intention of paying those vendors either because they are going to file bankruptcy).  I cannot in good conscious request any vendors to come perform work here without getting paid in full up front, and I won't. 

arebelspy

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Re: I'm getting laid off
« Reply #33 on: April 12, 2019, 10:26:29 AM »
That's pretty terrible.

How goes the job search?
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frugalnacho

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Re: I'm getting laid off
« Reply #34 on: April 12, 2019, 10:53:22 AM »
That's pretty terrible.

How goes the job search?

Slow.  I have asked a few people I know, and contacted the recruiter that found me this job (haven't heard back yet).  I've done a few searches, but haven't found anything that pays near what I want.  Lots of entry level positions open if I want to take a 50% pay cut though.  In the process of updating my resume, should have it finalized today and  I will start sending it off to additional recruiters.


BicycleB

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Re: I'm getting laid off
« Reply #35 on: April 12, 2019, 12:10:00 PM »
Good luck.

I'm no expert, but I read (What Color Is Your Parachute, random articles) that proactively searching companies rather than jobs is helpful. As in, somewhere there's a person who wants to hire a person exactly like you, but there's a 75% chance they haven't posted a job posting yet. If you research your field and contact a lot of people, you can find that person before they post and be first in line to get hired at full pay.

Responding to recruiters occasionally despite FIRE makes me think it's true. Recruiters are the blunt end of the spear. The sharp end is found proactively, because the funnel of who's looking is shaped differently. Not fast or magic, but excellent for your situation since you have months to search. Best wishes!!

PS. I always love your avatar. Very tasteful and stylish.
« Last Edit: April 12, 2019, 12:12:24 PM by BicycleB »

Hargrove

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Re: I'm getting laid off
« Reply #36 on: April 12, 2019, 11:35:58 PM »
At the point they stop paying the bills, you may want to assume there could be no severance package at all.

0% 401k vesting is 0%. No doubt about it. If you want to keep it, get it in writing yesterday that they're vesting you.

As the last one on the boat, your only leverage is that they still think they need you. You only have that until you show up and the door's locked.

I doubt it's likely they vest the 401k, but if you want terms of your severance, you should get them immediately. Every day you don't do this, you're actually putting faith in them to do the right thing. Why?
« Last Edit: April 12, 2019, 11:38:36 PM by Hargrove »

margep

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Re: I'm getting laid off
« Reply #37 on: April 13, 2019, 04:00:55 AM »
So sorry about this, frugalnacho. I know you said you are not too worried but I hope anxiety isn't too high speculating when they'd give you the slip.

scottish

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Re: I'm getting laid off
« Reply #38 on: April 13, 2019, 07:54:23 PM »
At the point they stop paying the bills, you may want to assume there could be no severance package at all.

0% 401k vesting is 0%. No doubt about it. If you want to keep it, get it in writing yesterday that they're vesting you.

As the last one on the boat, your only leverage is that they still think they need you. You only have that until you show up and the door's locked.

I doubt it's likely they vest the 401k, but if you want terms of your severance, you should get them immediately. Every day you don't do this, you're actually putting faith in them to do the right thing. Why?

Yeah, I went through this with a company once.   Once they completed the bankruptcy filing, terminated employees became just another creditor.   I think most of them wound up with about 60 cents on the dollar of their severance pay.

frugalnacho

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Re: I'm getting laid off
« Reply #39 on: April 18, 2019, 10:17:54 PM »
Got confirmation that I will not be vested and will be forfeiting my 401k company match.  The unvested portion is only a little over $1k, but it really cheeses me just on the principle.

Also they apparently underestimated the need for the environmental department moving forward, so I may be around another month or longer.  They don't want to keep anyone from taking another job though, so if anyone finds another job they've said they will lay them off at their request so they still get their 60 days of severance. 

It's not really severance, they are just keeping you on payroll for 60 days after your last day.  Last check will also include payout for unused vacation and sick time, so I have approximately 3 months of pay coming after my last day.  Benefits will continue for the entire 60 day period, then terminate at the end of that month.  If they keep me until May 1 I will have insurance through the end of July.

They said they might have additional severance on top of the 60 days pay, but I don't know if I believe them.  If they do it will be based on how long you've worked there, so only being there 6 months means I likely won't get much, if anything, even if they do follow through on it.

BicycleB

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Re: I'm getting laid off
« Reply #40 on: April 19, 2019, 12:39:05 AM »
To me that sounds like a really good severance deal.

BookLoverL

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Re: I'm getting laid off
« Reply #41 on: April 19, 2019, 02:18:17 AM »
It's always kind of sad to have to leave a job, even the places you were planning to leave in advance and thought you hated, I've found.

I'd stick around for the severance pay, but between now and then do everything possible to prepare you to find your next source of income. Though, depending on how you feel, you probably have the FU money to take a short sabbatical after you get the severance if you prefer.

Caroline PF

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Re: I'm getting laid off
« Reply #42 on: April 19, 2019, 10:32:52 AM »
Got confirmation that I will not be vested and will be forfeiting my 401k company match.  The unvested portion is only a little over $1k, but it really cheeses me just on the principle.

I totally agree. As I understand it, the purpose of not vesting right away is to encourage people to stay and not leave, as it is more expensive to hire and train new people, than it is to keep your original people there.

So to my logical brain, if you are laid off, they should still pay it, since you're not leaving of your own volition. Unfortunately, I don't know of any company that operates on logic. Instead they operate on money, and won't pay any money that they don't legally have to.

Sorry for your situation.


Also, from your other post when you got the job:
I just got my first paycheck, and I thought it was a bit odd how they calculated the pay.  They do paychecks every 2 weeks, and each pay period runs from a sunday to a saturday.  I assumed since I was salaried and I worked one full week, that I would receive half of my fornightly income.  They apparently calculate it on a per day basis, so I got paid for all days after my start date, which means I got paid for 6/14 days (Mon-Sat).

File this knowledge away for the future. When you eventually quit, if your last day is a Friday, you'll lose another day's worth of pay. But if you make your last day a Monday, you'll be paid for an extra day.

frugalnacho

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Re: I'm getting laid off
« Reply #43 on: April 19, 2019, 12:04:09 PM »
I likely won't have a choice when my last day is.  If I find another job and ask to be laid off, I will just extend it as far as possible, and if that puts my last day as a Friday then so be it.

Laura33

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Re: I'm getting laid off
« Reply #44 on: April 22, 2019, 08:54:44 AM »
Sorry for the bad luck and asshole company.  One thing to keep in mind:  the 60 days "severance" isn't really severance per se.  There is a federal law called the WARN Act (it's an acronym for something) that requires companies to provide 60 days' notice of a major employment action, like a mass layoff or plant shutdown.  IIRC, since they didn't provide 60 days' notice here, they are legally obligated to pay the affected employees for the full 60 days (a/k/a pay in lieu of notice).

Of course there are limitations and exceptions and such.  But that's probably why they are stiffing the contractors instead of the employees right now -- because they could be in big trouble with the feds if they don't pay their workers for the full 60 days.  They may still file bankruptcy, and inability to pay is one possible exemption; but that usually comes into play when the company files bankruptcy before shutting down, not after.

Tl;dr:  I wouldn't say the severance is "safe," but it is probably safer than severance that is required only by company policy.

mm1970

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Re: I'm getting laid off
« Reply #45 on: April 22, 2019, 10:44:34 AM »
Sorry for the bad luck and asshole company.  One thing to keep in mind:  the 60 days "severance" isn't really severance per se.  There is a federal law called the WARN Act (it's an acronym for something) that requires companies to provide 60 days' notice of a major employment action, like a mass layoff or plant shutdown.  IIRC, since they didn't provide 60 days' notice here, they are legally obligated to pay the affected employees for the full 60 days (a/k/a pay in lieu of notice).

Of course there are limitations and exceptions and such.  But that's probably why they are stiffing the contractors instead of the employees right now -- because they could be in big trouble with the feds if they don't pay their workers for the full 60 days.  They may still file bankruptcy, and inability to pay is one possible exemption; but that usually comes into play when the company files bankruptcy before shutting down, not after.

Tl;dr:  I wouldn't say the severance is "safe," but it is probably safer than severance that is required only by company policy.
Yeah, this happened to me a couple of decades ago, WARN act and all.

I didn't get paid.

There was a class action lawsuit.

The company settled.

I got $75 worth of stock in the "new" company.  I wonder where that is?  Huh.

Dicey

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Re: I'm getting laid off
« Reply #46 on: April 22, 2019, 12:05:00 PM »
Late to the party. I hope this story has a happy ending.

frugalnacho

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Re: I'm getting laid off
« Reply #47 on: April 23, 2019, 08:45:58 AM »
Sorry for the bad luck and asshole company.  One thing to keep in mind:  the 60 days "severance" isn't really severance per se.  There is a federal law called the WARN Act (it's an acronym for something) that requires companies to provide 60 days' notice of a major employment action, like a mass layoff or plant shutdown.  IIRC, since they didn't provide 60 days' notice here, they are legally obligated to pay the affected employees for the full 60 days (a/k/a pay in lieu of notice).

Of course there are limitations and exceptions and such.  But that's probably why they are stiffing the contractors instead of the employees right now -- because they could be in big trouble with the feds if they don't pay their workers for the full 60 days.  They may still file bankruptcy, and inability to pay is one possible exemption; but that usually comes into play when the company files bankruptcy before shutting down, not after.

Tl;dr:  I wouldn't say the severance is "safe," but it is probably safer than severance that is required only by company policy.

Yes that's what it is.  However they gave everyone notice at the end of March.  The company has stated everyone will get 60 days of pay after their last day of work to be fair though.  Its not quite fair to lay one guy off immediately and still pay him for 60 days, but require me to continue working for 60 days then lay me off with no additional pay, so they are supposedly giving everyone the full 60 days after their last day to motivate us to continue working.  Some people may be around for up to a year after the closure.

EDIT:

I just spoke with my boss and it sounds like we both might be getting the boot soon.  He said it might be Friday for me.  I asked if he could extend it until May 1 for me, and he thinks he can.  Insurance will continue for 60 days, and since the insurance is paid for in whole month units, the insurance will expire at the end of the month of your 60th day.* So if I work May 1 I will continue to have insurance until July 31. I don't know if management is going to catch on to that and insist I be laid off by the end of the month to avoid providing me with an additional month of insurance, or if they will just let it slide.

*Yes I realize if you check the math that if I work May 1, and May 2 is my first of 60 days pay that my 60th day is actually June 30, and thus my insurance should end on that day and not go into July.  However, we all received letters from HR and it specifically states that if you work at a least a full day in the month that the coverage extends to the 3rd month, and they provide specific examples for the next 3 months (ie they explicitly state if you work May 1 your coverage extends until July 31).  You would think they would be on top of their shit and realize that statement is inconsistent with the rules they just laid out, but after seeing the way they run this company and the decisions they have been making I think it's equally, or maybe even more likely that it's a mistake and they forgot that some months have 31 days.  Either way I have it in writing so hopefully they can't renege on it.
« Last Edit: April 23, 2019, 09:01:06 AM by frugalnacho »

tryingtosave

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Re: I'm getting laid off
« Reply #48 on: April 24, 2019, 08:50:54 AM »
Sorry to hear this. I actually got laid off twice in 3 years by 2 different companies so i know how you feel. 1st time i was offered a severance of 6 months pay but I didn't take it cause I actually found a better opportunity and they needed me to start right away. So instead of officially getting laid off, i had to quit. I wasn't happy to have to miss out on 6 months pay but I had no choice.

2nd time, the company went bankrupt. Same as you, they were required to pay us for 60 more days. Some people's job functions were not needed anymore so they got to go home and collect the 60 days pay without working. My function was needed although it really wasn't. I had to be in the office everyday to get my 60 days pay. This time i found another job and they were able to "wait" for me while i finish my 60 days. And there was no severance this time for anyone since they were bankrupted.

Yes the process sucks. I hate interviewing because it involves months of studying. With what I do, interviews are typically 1 round of HR, then 3 rounds of technical interviews of people drilling you for hours. But in the end, I am happy with the outcome and ended up in a much better position then if I didn't get laid off. So things happen for a reason, try to make the most out of it and come out ahead.

frugalnacho

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Re: I'm getting laid off
« Reply #49 on: April 26, 2019, 08:23:53 PM »
The saga continues.  My boss told me today that he is pushing to keep me around until the end of May. 

I haven't had a formal job offer, or even an interview yet, but I've been contacted by multiple people that are interested.  My first interview for an engineering position is next week, and I anticipate I'll have several more lined up shortly after that.  It's actually looking like I might bail on the company and take a new job before they lay me off.  I should still receive my 3 months of pay even if I leave voluntarily.  Now I'm bummed that I may not get any time off between jobs.  I was looking forward to the "summer of nacho", but I suppose I will settle for gainful employment as well.  Time to get a hair cut I guess.