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Back in the saddle again
 
masraum's Avatar
 
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I also work for a very large bank. There are often a ton of other positions in other groups around the bank. Do you have enough history, knowledge and good yearly reviews to move to a new position in the bank so you don't lose whatever seniority/history/benefits you already have?

I've known folks that moved to new positions that have done very well. I've known folks that gotten laid off, but were able to move to new positions and stay at the bank anyway.

Or you may try moving on entirely. I like some of the benefits where I work and don't really want to leave. I've got some pretty decent perks here that I've never had anywhere else.
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Old 03-27-2018, 05:15 AM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #21 (permalink)
Back in the saddle again
 
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Quote:
Originally Posted by HardDrive View Post
There would be no payout at the end. Only a pick slip. We typically are given a window to find employment internally before actually being laid off. I would leave before it got to that point.
really? Someone that I used to work with got laid off, and I think said he was given a month or two to find another internal job and then another month of pay after that, but since I haven't actually been laid off here, I can't say for sure.
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Steve
'08 Boxster RS60 Spyder #0099/1960
- never named a car before, but this is Charlotte.
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Old 03-27-2018, 05:22 AM
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Back in the saddle again
 
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Quote:
Originally Posted by jhynesrockmtn View Post
My future son in law is in IT and seems to have a new job every 18 months or so.
That's pretty much the norm, especially for young folks that are new and learning new stuff at a fast pace. You learn new skills, but don't get much of a raise unless you leave. Most of my career has been 1-4 years. I've now been where I am for 7, but that's mostly because I'm in a good spot and have lots of opportunity with my current employee and I've got enough time and experience that big jumps aren't as likely as they were when I was nearer the beginning of my career.
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- never named a car before, but this is Charlotte.
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Old 03-27-2018, 05:28 AM
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Start looking now...easier to find a job when you already have one. You don't want to be doing a job search under the stress of unemployment.
Old 03-27-2018, 05:33 AM
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People who are genuinely immersed in their work can extrapolate to a belief that their employers will do right by them just as the employee has done right by their work. This is generally magical thinking, especially if the employer is governed by a board of directors in which case the only thing that matters is money.
Old 03-27-2018, 05:34 AM
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Quote:
Originally Posted by HardDrive View Post
...that there is opportunity in the chaos.
I like that sentiment because there often is opportunity in chaos, a poorly run business or division within a company.

However, in order to survive there has to be a mechanism that allows you or the team to communicate the value of your efforts, why you should not be allowed to wither. You basically need to build an internal business plan that justifies the internal prduct you are working on.

Absent that, the is no harm in continuing doing the work that you like while searching for new opportunities.

Good luck!
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Old 03-27-2018, 05:59 AM
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I bet there is a competitor who is carrying a similar product forward that would love your insight.
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Old 03-27-2018, 06:01 AM
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All very good responses, good direction from the gallery.....
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Old 03-27-2018, 06:40 AM
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Quote:
Originally Posted by HardDrive View Post
Thanks for the input guys. Very helpful.

I'm going to stick around....and start looking for work.
Good call! And good luck in your search. Hopefully the right opportunity presents itself!
Old 03-27-2018, 07:08 AM
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Quote:
Originally Posted by lgb240 View Post
Start looking now...easier to find a job when you already have one. You don't want to be doing a job search under the stress of unemployment.
On the other hand you can always take a nice long (and probably overdue) vacation in between jobs.....and for many......that will certainly reduce stress, depending on where you go and what time of year it is....and who you go with....if anyone.
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Old 03-27-2018, 10:37 AM
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Quote:
Originally Posted by varmint View Post
Beware the furniture movers.
Quote:
Originally Posted by pavulon View Post
I'm dim so I'll ask if this is a reference to the deck chairs of the Titanic?
No, it's a reference to mean if workmen come in to move the furniture out, the place has been sold and your job is over.

The point is, most employees are the last to know, so if you see this happening, beware...
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Old 03-27-2018, 03:43 PM
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Quote:
Originally Posted by rattlsnak View Post
....

The point is, most employees are the last to know, so if you see this happening, beware...
...not if one is astute, and in IT for a mega-bank...btdt for two of them over the first half of my corporate career (4 gigs total). It's usually obvious in fact....jmho. Invariably it works out for the "good ones"...either way the wind blows
Old 03-28-2018, 01:54 AM
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Large financial services companies pay severance when “restructuring” based on my observation (13 years in the industry, last 10 as subsidiary of international bank). Company policy is 1 month severance pay +benefits for every year of service.
Old 03-28-2018, 03:22 AM
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And regarding “opportunity in chaos” - I am poster child for that statement. 1 month after joining my firm, it was announced we were being sold. People began jumping ship, including my boss. The senior folks were looking for who could take up slack, I raised my hand...5 years later, I’m the boss of the department.
Old 03-28-2018, 03:27 AM
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I too like the 'opportunity in chaos' idea. Sometimes all it takes to succeed is to stick around and be a steady, reliable guy.

that said I've always thought of banks as being about as disloyal an employer as one could have.
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Old 03-28-2018, 04:19 AM
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Quote:
Originally Posted by berettafan View Post
I too like the 'opportunity in chaos' idea. Sometimes all it takes to succeed is to stick around and be a steady, reliable guy.

that said I've always thought of banks as being about as disloyal an employer as one could have.
You'd be surprised. I've worked for one of the biggest for the past ~7 years. I've had a bunch of coworkers that are up over 10 years and many over 15 years. I have worked with a bunch that are or were approaching retirement age that have a lot of time it.

Generally, what I've seen is that most of what gets let go is the bottom of the barrel.

That's definitely not always the case, but it's been my experience. In my area, if folks voluntarily move on, those folks get added to the "laid off" roster, and a bunch of other folks that have been laid off needed to be let go for one reason or another.
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'08 Boxster RS60 Spyder #0099/1960
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Old 03-28-2018, 04:48 AM
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I like opportunity in chaos...and have done well in that situation several times...but, if you do it enough, eventually you will go down with the ship (so you must be prepared mentally and financially to do so (actually get the pink slip). There is almost always better reward to bigger risk.

If I recall, your wife has a great job. That mitigates some personal risk (to living under a bridge, hungry). If it were me, I would stay on (at least until there are more signs of the enterprise ending). At the same time I would work two angles.

The first would be to plan a soft landing and the second to try to promote the worth of what you are doing. Both are congruent. First, look at the product that you provide. Just how valuable is it (to the company and possibly to others)? Can you do something to add value or promote it?

Sit down and make a sales presentation that you would give to sell current product and any potential new product and/or improvements to the current ones. This is a valuable exercise whether you use it or not...as it will tell you if you really are providing value. Include a good analysis of costs, potential increases in value and risks. Determine if you can cut costs by reducing size of team and get the same results...or if expanding the team or changing direction might provide better return on investment. If your analysis is positive, you have just built a strong rationale to continue your efforts (that you can present to an ally who has influence/sales skills and might also gain by selling the idea to higher management)...or a good start to a business plan to launch your own business/product should you still be shut down.

Start to plan a potential new business using the parts of the team that you find most capable/valuable (as all will need work). Often an existing highly functioning team is more valuable/productive than the sum of its parts...and you would engender significant loyalty by bring the right folks on after a layoff. Since you would likely not have a lot of funding for a start up, you will have to look at marketing yourself as a team, or perhaps a partnership among employees. If you cannot see how this would work, you are probably overvaluing what you have and your current contribution to your current employer...and should look elsewhere.
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Old 03-28-2018, 04:53 AM
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