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Old 02-22-2018, 08:22 AM
 
Location: Connecticut
1,227 posts, read 1,154,063 times
Reputation: 1316

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God......reading this makes me soooo glad to be an airline pilot, where they can ONLY lay you off (furlough) in seniority order.....which is highly unlikely once past bottom 30% of the list. And even then, you are entitled to recall, again in seniority order, before they can rehire off the street.

And once past probation as an airline pilot (1st year) it almost takes an act of God to fire you for anything other than attendance, stealing, or something egregious like flying drunk or other willful and intentional violation of the FAA rules.

Its stunning how so many in the industry complain about being away from home 13-15 days a month, but then have the balance of the month totally OFF as is no work to take home, etc.
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Old 02-22-2018, 08:23 AM
 
1,984 posts, read 1,187,432 times
Reputation: 1845
Is about to get more often.
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Old 02-23-2018, 01:15 PM
 
7,892 posts, read 6,804,879 times
Reputation: 17032
My daughter worked for a large company, the only one in that business in the country. She was head of IT.

Some Eastern money people bought up a bunch of stock, and got proxies, and took over the company. They in one day, laid off 44 top management employees. All managers including the CEO. All were very high paid. Cut back replacing equipment, etc. and other money savings. This made the profits higher, and then sold the company of overseas for a big profit. Company still running, but not as well as before.
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Old 02-23-2018, 01:50 PM
 
Location: Dallas, TX
880 posts, read 1,261,523 times
Reputation: 1389
Quote:
Originally Posted by spencgr View Post
Layoffs are easier than managing poor performers out. Larger companies have the volume of staff to be able to better adjust to a lost position.
^^^^^ THIS.

Most companies I've worked for have a "layoff" twice a year. Even though it's usually a reason to get rid of those who "aren't performing" (or aren't liked by management).
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Old 02-23-2018, 10:00 PM
 
831 posts, read 1,107,024 times
Reputation: 488
Quote:
Originally Posted by Namogel View Post
I've only been at one company since graduating, so I'm not sure what it's like for other companies, but I work for a big company with over 50,000 employees all over the world. It seems every quarter there are handful of layoffs, that is, if there were 200 people on your floor, you can bet that 6 would be let go. It doesn't matter if the company is doing well (we have been doing pretty well last few years) or we're expanding our business, but this quarterly layoff happens almost religiously. Usually people over 50 are the first to go, or people who have been there for a long time. A good chunk of would be middle managers, but I've seen many cases where it's individual team members that simply get the boot because they are the oldest there. the last round of layoffs has really screwed a lot of people up because some of the people that got let go were the most knowledgeable or they had a good rapport with some of the clients....No one is truly safe..

On the news, I often see major companies announce layoffs, but they do it for only a year...for us, it seems to be every quarter for the past several years.

So...how common is this? (note that I am in the finance industry)
very common especially for 50+ group

-Many companies have a mandatory retirement age.
-Politics aka the younger manger feels threatened
-Why pay 1 person $150K + bonus for doing the same work cheaper 2nd year analyst do?

Basically, the older you get the more connections and bonds matter. If someone is not promoted to Executive Director or Head manager by the time he or she is 45-49 and still a VP or worse Senior Analyst expendable and costs too much. You could have all the knowledge in the world, but if your tasks are the same as xyz entry level analyst 1-2, your role gets reduced...yeah door says high.

You forget that over the years older employees with seniority have accumulated numerous raises, health plan, bonuses, retirement package benefits (for example at some firms once you reach a certain age the company will start contributing more to your retirement account beyond the match aka an additional $10-25K+ on top of your salary + bonus not unheard of). Employees in that age bracket need leverage to keep their jobs and Managers get judged on budget so put the two together:

Zero leverage + high salary = Early retirement.

With millennials still starving for jobs and willing to do it for less money, sometimes 60% less compared to its a no brainier. This is why it is important to prepare for retirement because everyone thinks loyalty will shield them from being laid off until it happens to them.

Once the deal flow gets affected, new employees will show up (what you are noticing can lead to lower bottom line) and yes you will be the one to train them. Because the salary is low they will leave or transfer in 1-2 years and cycle repeats. That is the new work environment of 2018. No one settles anymore.
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Old 02-23-2018, 10:10 PM
 
420 posts, read 154,272 times
Reputation: 657
Quote:
Originally Posted by MilksFavoriteCookie View Post
very common especially for 50+ group

-Many companies have a mandatory retirement age.
-Politics aka the younger manger feels threatened
-Why pay 1 person $150K + bonus for doing the same work cheaper 2nd year analyst do?

Basically, the older you get the more connections and bonds matter. If someone is not promoted to Executive Director or Head manager by the time he or she is 45-49 and still a VP or worse Senior Analyst expendable and costs too much. You could have all the knowledge in the world, but if your tasks are the same as xyz entry level analyst 1-2, your role gets reduced...yeah door says high.

You forget that over the years older employees with seniority have accumulated numerous raises, health plan, bonuses, retirement package benefits (for example at some firms once you reach a certain age the company will start contributing more to your retirement account beyond the match aka an additional $10-25K+ on top of your salary + bonus not unheard of). Employees in that age bracket need leverage to keep their jobs and Managers get judged on budget so put the two together:

Zero leverage + high salary = Early retirement.

With millennials still starving for jobs and willing to do it for less money, sometimes 60% less compared to its a no brainier. This is why it is important to prepare for retirement because everyone thinks loyalty will shield them from being laid off until it happens to them.

Once the deal flow gets affected, new employees will show up (what you are noticing can lead to lower bottom line) and yes you will be the one to train them. Because the salary is low they will leave or transfer in 1-2 years and cycle repeats. That is the new work environment of 2018. No one settles anymore.
The only good thing is I see salaries are now going up a bit lately in the professional job market, due to inflation and 15/hr min wages being passed in some places. What used to be a 60k salary job, now companies have to pay 70k and so on. More people seem to be jumping ship from their company lately
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