Ever survive a layoff?

[fisher83]

So since late 2021 the bank I work for has been in the process of being bought out by another bank. They finally received regulatory approval to complete the sale a couple of months ago and we are currently in the integration phase of merging all of our systems and figuring out where there is overlap in staffing. I've been anxiously waiting to find out my fate for a very long time. My strategy all along was to just save money, keep my resume updated, and take every opportunity to learn a new skill or help out wherever it was needed. I learned today that they are keeping me but about 70% of our department is being eliminated. It's kind of an odd feeling. I thought I'd be excited to hear the good news and maybe even take my family out to dinner to celebrate having this weight off my shoulders but instead I honestly have what I can only describe as survivor's guilt knowing that a great deal of my friends and co-workers are receiving much different news this week.

 

[CKN]

So since late 2021 the bank I work for has been in the process of being bought out by another bank. They finally received regulatory approval to complete the sale a couple of months ago and we are currently in the integration phase of merging all of our systems and figuring out where there is overlap in staffing. I've been anxiously waiting to find out my fate for a very long time. My strategy all along was to just save money, keep my resume updated, and take every opportunity to learn a new skill or help out wherever it was needed. I learned today that they are keeping me but about 70% of our department is being eliminated. It's kind of an odd feeling. I thought I'd be excited to hear the good news and maybe even take my family out to dinner to celebrate having this weight off my shoulders but instead I honestly have what I can only describe as survivor's guilt knowing that a great deal of my friends and co-workers are receiving much different news this week.

Any of your friends that are competent will find a new job. You made your self stand out-you can reap the rewards.

 

[JeffKeryk]

If losing one's job is the worst thing that ever happens you are leading a pretty charmed life. Layoffs are part of the boom and bust Silicon Valley career path.
Saving money, learning, generally improving your skills and watching out for politics are about the best you can do. Hold out for "the package". Build your network; that's the best way to stay employed. And help your co-workers that do lose their position.

It is normal to go through a period of depression after a layoff. Keep busy and go outside. Get back in the saddle!

 

[Passport1]

I got laid off once. It feels bad but I had a nice cushion so the landing was soft. Wife worked full time, nurse at a hospital. I got a few jobs walking dogs for people while they were at work. Pretty soon I had more pooches than I could handle and it got too much. I quit and got another medical job that lasted until I retired eleven years later.

I did find that the dogs were more fun to be around than my former co-workers.

 

[miden851]

its a cycle of the life, meaning someone always smiles somewhere out there while others are not that happy; however, it's a harsh reality of people's lives, so there is not much you can do about it; on the other hand, you did everything you thought out it was going to help you in the long run, and you did it good;

In the end, life works in mysterious ways; so stay the course, stay positive, and GL

 

[Fla]

Don't feel safe yet. I've been through several mergers and even after the first round of layoffs, things very often get worse for the remaining employees. My wife's company merged a few years ago and they wanted everyone (the workers anyway) to take a 40% pay cut or they would lay them off. Many people took the pay cut but I would say that 90% of them were laid off anyway within the next couple of years. She worked for one of the old land line telephone companies and they are DYING. Her former company has been selling all of their assets and barely exists anymore. I think that the banks are going through the same kind of massive reductions in size.

If I were you, I would be VERY ACTIVELY trying to find another job.

 

[Variant_S]

I understand survivor's guilt. I survived many rounds of layoffs in the 2000s. I decided early on to start looking for another job, hone my resume and cover letter skills, and start submitting applications.

Kudos to you, fisher83, for making it through this one. My humble advice would be to be ready for the next one.

 

[BHopkins]

So since late 2021 the bank I work for has been in the process of being bought out by another bank. They finally received regulatory approval to complete the sale a couple of months ago and we are currently in the integration phase of merging all of our systems and figuring out where there is overlap in staffing. I've been anxiously waiting to find out my fate for a very long time. My strategy all along was to just save money, keep my resume updated, and take every opportunity to learn a new skill or help out wherever it was needed. I learned today that they are keeping me but about 70% of our department is being eliminated. It's kind of an odd feeling. I thought I'd be excited to hear the good news and maybe even take my family out to dinner to celebrate having this weight off my shoulders but instead I honestly have what I can only describe as survivor's guilt knowing that a great deal of my friends and co-workers are receiving much different news this week.

No one survives a RIF. Well, almost no one. The only ones that do well in a RIF are those that read the signs, and left early. They tend to pick up the best opportunities, typically getting a nice increase in wages, and often moving up in position. And they did so before having to deal with a job market that is flooded with all those that were hit by the RIF.

All those that get laid off now face the stress of looking for jobs. CKN is right, in that those that are competent will land on their feet. But it is still a hassle, and there is the worries of covering life's expenses during the transition period, and the uncertainty of how long it will take to find a new job.

Then there are those unfortunate people that were left behind. It is not unusual that their management makes those that survived the RIF, think that they should feel lucky, and that they are now indebted to the company that was kind enough to keep them around. Expect work load to increase, because someone has to do all the tasks that were being done by those that got hit by the RIF. And no one wants to be that person that isn't carrying their share of the burden. After all, the company just demonstrated a willingness to let a bunch of your co-workers go, without feeling the least bit of remorse. It will be stressful for quite a while.

So, yea. The only people that do well in a RIF are those that bailed early. Keep that in mind if you ever see another RIF coming. You want to be one of them.

Good luck. I hope it works out well for you.

 

[fisher83]

It does seem like the days of working at the same place for 30 years are over. At least for large publicly traded companies anyway.

 

[fisher83]

On the bright side, they are offering a pretty fair severance package to those that are being let go and they are getting pretty advanced notice.

 

[BHopkins]

Don't feel safe yet. I've been through several mergers and even after the first round of layoffs, things very often get worse for the remaining employees. My wife's company merged a few years ago and they wanted everyone (the workers anyway) to take a 40% pay cut or they would lay them off. Many people took the pay cut but I would say that 90% of them were laid off anyway within the next couple of years. She worked for one of the old land line telephone companies and they are DYING. Her former company has been selling all of their assets and barely exists anymore. I think that the banks are going through the same kind of massive reductions in size.

If I were you, I would be VERY ACTIVELY trying to find another job.

I understand survivor's guilt. I survived many rounds of layoffs in the 2000s. I decided early on to start looking for another job, hone my resume and cover letter skills, and start submitting applications.

Kudos to you, fisher83, for making it through this one. My humble advice would be to be ready for the next one.

Great advice. Give the job market some time, to absorb all your co-workers that got hit by the RIF. Once you feel that there are good opportunities again, start networking with your old co-workers, and see what opportunities there are where they ended up at. Then start planning your escape.

 

[SaberOne]

Feeling guilty because you’re in the 30% that was retained, only exemplifies why you are in that group. Personal integrity, humility, and competence is nothing to feel guilty about. I know, it’s easier said than done, but hopefully you get over it.

 

[SC Maintenance]

First company I worked for out of college - very large company - I survived many. Each one created a mess and left more work for the competent ones. I finally left on my own out of frustration.

Second company I worked for 6 years. Management change - eliminated my entire level as first move - took 6 month severance and went to work elsewhere 3 weeks later.

All things considered, in my case being first out was better.

 

[fisher83]

Great advice. Give the job market some time, to absorb all your co-workers that got hit by the RIF. Once you feel that there are good opportunities again, start networking with your old co-workers, and see what opportunities there are where they ended up at. Then start planning your escape.

That is a good idea. My current role was sourced in a similar fashion. A co-worker from my old job left for an opportunity at this bank and recruited me. I waited until she was there for about a year before I came over because I wanted to see how she liked it longer term before making any moves myself.

 

[doitmyself]

Interesting. Kudos to you for having these troubling thoughts. I think it shows you have some good moral standards, integrity, etc..
EDIT: Dang! SaberOne beat me by a couple minute! Great minds think alike.

This blurb I pirated from the first article I Googled has some good advice"

• Allow yourself to feel your feelings. Don’t just bottle up your feelings and avoid them – try to work through them and process them.
• Exercise mindfulness. Take time to get grounded, focusing on positive truths about yourself rather than being consumed with regret.
• Don’t isolate from others. Instead of avoiding others who you think might blame you for what happened, stay connected with people. Having this support will help you through your struggle.
• Do something good. Oftentimes, putting good out into the world will help remove the burden of guilt. Give your time to a local organization that helps people in your community, and you will feel better about yourself while making a difference in the lives of others.
• Seek professional help. A professionally trained therapist can help you through your mental health challenges. They will take it upon themselves to work and help you process your trauma however they can.

Yep, life certainly is a bunch of curve balls thrown at our well laid out plans. People sometimes wonder why my upcoming retirement plans are so loose.

 

[Dave Sherman]

Been there. My last company went through a couple rounds of layoffs. I guess they figured since I had absorbed a lot of knowledge of products over the years and how to keep them going they didn't want to lose that knowledge. Yes, it's a strange feeling when you're still standing after the axe has fallen.

 

[Slick3914]

Been through bank mergers three times on the acquired side. Was able to survive each time and better my position. I thought of every meeting with the acquirer as a job interview. In one merger there were more layoffs of staff at the acquiring bank as they made a decision to keep the best talent.

I can tell you survivors guilt is a real thing.

 

[PWMDMD]

If losing one's job is the worst thing that ever happens you are leading a pretty charmed life. Layoffs are part of the boom and bust Silicon Valley career path.
Saving money, learning, generally improving your skills and watching out for politics are about the best you can do. Hold out for "the package". Build your network; that's the best way to stay employed. And help your co-workers that do lose their position.

It is normal to go through a period of depression after a layoff. Keep busy and go outside. Get back in the saddle!

Yup...reminds me of the old saying, "Don't sweat the small stuff." Not that the lack of ability to generate income wouldn't be stressful.

 

[RazorsEdge]

One of the reasons I have money in reserve for things like this because you never know what is going to happen in your life's journey.

 

[fisher83]

Great advice. Give the job market some time, to absorb all your co-workers that got hit by the RIF. Once you feel that there are good opportunities again, start networking with your old co-workers, and see what opportunities there are where they ended up at. Then start planning your escape.

That is a good idea. My current role was sourced in a similar fashion. A co-worker from my old job left for an opportunity at this bank and recruited me. I waited until she was there for about a year before I came over because I wanted to see how she liked it longer term before making any moves.