They Got Me This Time!!!!

[Marker]

Couldn't dodge the bullet forever I guess. They got me this time Severance until November, hopefully I'll find something by then.

[merlinmagic4]

Oh, wow. That stinks. I am so sorry. 8 months severance is pretty good, though. Maybe you'll find something right away and you can use the severance package for a trip to Disney :mickey: Good luck to you.

[faline]

I'm sorry. Best of luck in your job search!

[murphy1]

Oh, no, Marker! I know you were kind of always waiting for the hammer to drop, but that stinks. I just feel for so many right now, it's tough out there. Hope you find another one soon

[Jeff]

Tough break Marker.
I hope you find something soon.

[laprana]

I'm so sorry, Marker! Sending some :pixie: your way so that you find something very soon!

[WishingStar2006]

So sorry to hear you news!!! Best of luck in your job search...I hope you find something even better than you had before!!! :pixie::pixie::pixie:

[PirateLover]

Sorry Marker. I know you've been bracing yourself for this and that you already made it through a few rounds of layoffs. Hopefully you've been networking and keeping your eyes out for another job. Best of luck to you.

[crazypoohbear]

I'm really sorry to hear that. I hope you are able to find something quickly.
Keeping fingers crossed for you.
It's really tough out there right now :(

[Patricia]

Sorry to hear that Marker.

I wish you the best of luck in your job search. :mickey:

[RedSoxFan]

Sorry to hear Marker. I hope you find something soon. Good Luck.

[PhilHarHarMagic]

Best of luck from here, too!

[adoptionislove]

Oh that is a big bummer! Thank god for severence packages! Good luck in your new job search!:cloud9:

[badkitty]

Ugh, so sorry. I hope you find something soon!

[Mousefever]

I'm so sorry about the layoff, Marker. Many wishes that you will find a great job by November. Keep us updated.

Amy

[Melanie]

I'm very sorry to hear that Marker. :(

[vizsla]

So Sorry. Good luck on your job search.

[Ian]

Sorry, Marker. As you may or may not remember, I went through a very similar experience to yours with my last company (a company who's name may or may not have started with a "GM" and ended with an "AC"). Round after round after round of layoffs and I kept skating through, until ... I didn't ...

It's very painful, but you are very fortunate to have received 8 months worth of severance. I had been with my previous company for 6 years and I received about 3 months severance, so your package is very generous.

My advice is, first and foremost, go apply for unemployment immediately. You've been paying into it. It's yours. Collect it while you can.

Secondly, if you really think you may be out of work for the long term, start looking now for ways to trim expenses. Maybe cut back on the cable T.V. or downgrade your cell plan or things like that.

Also, if your severance is paid out in a lump sum, make sure you take into account that they're going to tax the bejeesus out of it. Your 8 months severance will turn into 5 months faster than you can say "Uncle Sam." Plan accordingly and, if it's going to be a large amount of cash you're getting, you should probably talk to a financial advisor to see how best to stretch it out.

Don't just dump it in your checking account ... at a minimum put it in a high interest savings account (maybe with ING or someone like that) and then "pay" yourself from that account every two weeks. It helps enforce fiscal responsibility.

Lastly, do not wait to get going on the job search. I think sometimes the tendancy is to think about "taking some time off", but in this market that's the kiss of death. Realistically speaking, even if you are very lucky, it's going to take you 3 or 4 months to find work. The longer you put it off, the longer it's going to take and the more of your severance you're going to burn through.

Best case for you is you could walk away pocketing a nice chunk of change if you can get back to work quickly. That's the one silver lining to what is otherwise a very dark cloud.

If there's anything I can do to help, just PM me. Sadly, I have more experience with this kind of thing than I'd like to admit.

[Nascfan]

Aw, I'm sorry Marker. I've been following your story with each post of rounds of layoffs and I was hoping you'd make it through. Still though, your severance will help, and I'm confident you'll find something soon. Good luck to you!

[DisneyWhirled]

Marker, I'm sorry about your job. I wish you the best. I know 8 months isn't a lot, but I have to tell you that the company I work for is closing June 1 and I have been with them almost 7 years and am only getting 8 WEEKS. Further, people who have been there for only a year are getting the SAME THING. And I am a manager.



My advice is, first and foremost, go apply for unemployment immediately. You've been paying into it. It's yours. Collect it while you can.

Secondly, if you really think you may be out of work for the long term, start looking now for ways to trim expenses. Maybe cut back on the cable T.V. or downgrade your cell plan or things like that.

Also, if your severance is paid out in a lump sum, make sure you take into account that they're going to tax the bejeesus out of it. Your 8 months severance will turn into 5 months faster than you can say "Uncle Sam." Plan accordingly and, if it's going to be a large amount of cash you're getting, you should probably talk to a financial advisor to see how best to stretch it out.

Don't just dump it in your checking account ... at a minimum put it in a high interest savings account (maybe with ING or someone like that) and then "pay" yourself from that account every two weeks. It helps enforce fiscal responsibility.

Lastly, do not wait to get going on the job search. I think sometimes the tendancy is to think about "taking some time off", but in this market that's the kiss of death. Realistically speaking, even if you are very lucky, it's going to take you 3 or 4 months to find work. The longer you put it off, the longer it's going to take and the more of your severance you're going to burn through.

Best case for you is you could walk away pocketing a nice chunk of change if you can get back to work quickly. That's the one silver lining to what is otherwise a very dark cloud.

If there's anything I can do to help, just PM me. Sadly, I have more experience with this kind of thing than I'd like to admit.

Ian-thanks for posting this. My company is paying us in a lump sum :(. This enables them not to have to pay our insurance during the severance period (there will be some Cobra subsidy) and I have not experienced this type of severance before.

(Un)lucky for me, the last company that laid me off, paid us for 10 week severance, over the 10 week period, so it was much easier to budget.

I had an interview with the company that is taking over the work this past week, and if I get the job, I don't get the severance package, but I tell you, I'd rather have the job!!

Thanks again!!

[Marker]

If there's anything I can do to help

Have a spare bedroom? Need a highly paid gardener? jk

Actually, thank Ian, and everyone for that matter. Good information.

I am indeed lucky they are still honoring the full severance package. 8 weeks plus 2 week per year of service. So 13 years did me ok. And it's with full benefits, health insurance, phone service discounts, etc paid out every 2 weeks just as though I was still working there. And a deal with on outplacement company to assist in the job search.

There is also a very real possiblity of returning once they get the "ship turned around". However, I'm not sure I'd even want to return. Especially, in light of the $2 Billion service contract with Ericsson that hit the news yesteday. There's going to be a lot of out-sourced labor coming. And likely a lot of those will end up laid off from Ericsson w/o the generous severance package.

The people who dodged this lay-off yesterday were definitely NOT breathing easy. I really think we may be the lucky ones.

Down side is, I'm losing my laptop, losing 5 weeks of vacation every year, losing the ability to work from home a couple days each week, losing the very flexible work schedule.

Next step, figure out what I want to do. I've been in the IT/software game since 1981, that's a long time. Wouldn't mind at all exploring other options, although it's tough to maintain the salary if you change fields. It hard to even know what other options may pay. But we'll see.

It's not a panic situation, but it's definitely not a time to sit back and think I'm on a long vacation either.

It was a very stressful situation for a long time. And no longer an enjoyable place to work for a long time either. But there's still a void inside. I've been a Sprint employee for a long time, ant that piece of my identity will exist no more. But something will fill that void and a whole new chapter will begin.

[Ian]

Down side is, I'm losing my laptop, losing 5 weeks of vacation every year, losing the ability to work from home a couple days each week, losing the very flexible work schedule.That is exactly the situation I was in, Marker. I had unbelieveably flexible hours (which is so great with kids), a relatively short commute, I worked from home a day or two every week, and the year I left I had 7 weeks of paid time off!

I ended up at a job where I had to take a 10% pay cut, my commute went from 22 miles round trip to 96 miles round trip, I only get 18 vacation days a year (although to be fair we get 16 paid holidays on top of that), and my schedule isn't nearly as flexible (although again, in fairness, I am able to work from home every Friday).

But you know what? I am like 10,000 time happier! I love my new job, I love going there, I love the people I work with, I love being energized and engaged again.

I was so ground down at the last place and everything was just so routine ... I forgot how much I missed actually being challenged at work!

Listen, I know it's hard but I would not be at all surprised if your situation turns out a lot like mine. I have never been laid off from a job where I didn't end up some place better in the end.

Also, I'm not sure what kind of IT work you do, but if you can give me an idea I might have some suggestions on places to look. There are still some companies that are active and hiring.

[Jeff G]

Best of luck to you Marker.

It sounds like you have a very optimistic outlook heading into the unknown and with the years of experience I'm sure it be just a matter of time before something new comes along.

I just left a company I had been with for 16 years. I was in a similar situation as you with many weeks of vacation, a very flexible schedule, a salary (in the mortgage industry is unheard of) and a large book of past clients. I was also the most senior person at the firm so jumping to a new company and becoming the rookie in the office was a step back wards. The good news is after three months at the new company I am very happy with my decision and would do it again in a heartbeat. I now look back and wish I had made this move sooner. Hopefully you end up in a similar situation.

Again, good luck with your search!

[pianobabe]

Sorry you are going through this. I hope you get on your feet soon. It does sound like you have a good head on your shoulders. "Chin up".

[SBETigg]

Sorry they got you this time, Marker. Ian was on the spot with great advice. Severance until November has got to help, and I'm optimistic for you. I know there are some places hiring in your field in CT, so fingers crossed there are jobs in your area that would make you happy, too.

[tjstrike]

Good luck to you in your journey, I think there are alot of us just weathering the storm right now. I myself have seen 2 layoffs at my company, plus several hour and pay cuts just to keep a job.