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When I was laid off several years ago, my last day was in mid-November. Based on the calendar and the economy (just after 9/11), I decided that after giving 21 years of service to that company (and with the severance package I received), I was due a little time off to get my plans together for the future.
I elected not to actively job hunt over the holidays (or should I say anymore than what I had to do in order to meet unemployment rules), and I'd hit the ground running in January.
It worked out okay, as I rejoined the work force in March and then got called to start a wonderful job in April. I hated to leave the one job after just one month, but they understood that a better fit option came my way.
The only hard part through this whole ordeal was the head games unemployment can do to you. It really bothered me to be out of work through no fault of my own. My layoff (like so many others) came via a slash and burn cut through the ranks of our company, not based on performance. The second thing was after the holidays were over, everyone I knew went back to work or school, and I was home looking for a job. That was hard to deal with.
I guess what I'm saying is enjoy your gap in employment, use the time to improve yourself and your resume, and let your friends and family be your support group if needed. You must have a lot to offer a new employer if you've already had a good position. Maybe you can find a better situation for your new job! Be positive and don't let yourself get bummed out over things beyond your control.
Sorry to hear about your lay off. It has to be very stressful.
I also used to be in HR and I agree with EEE. HR people are very aware of the market. In good economic times theirs no reason to hire someone with an unexplained gap in employment because everyone is working. However when unemployment goes up the market becomes flooded with those that are laid off.
Now, I will say that you should look for a job every day. Even now. Yes, few employers look now but they do still look. Also, fewer job seekers look now because they don't think anything is out there. In which case your competition for anything that may be available is reduced and makes you look like an aggressive candidate.
I also recently read an article that said finance/accounting jobs may be more readily available then other sectors and we are going into tax season.
I only mentioned the gap in the resume because others were talking about it. Between the layoff and having the excuse of a newborn, I agree that you shouldn't be concerned about explaining any gap in employment (even if you decide to wait a while before embarking on a job search).
My employer went out of business about a month after 9/11. Although I didn't not expect to find anything before the holidays, I kept up the job searching. By the end of January, I was starting at a new job; I actually made the initial contact in mid-December (found a new job listing online and sent in my resume) so keep searching, even if things don't materialize until after the holidays, the effort you put in now may pay off in the New Year.
So sorry about your job loss... it's getting beyond rough and into that super ugly territory... but if you work in finance I'm wondering if you have your MBA? If you didn't mention having young children I'd say perhaps this would be an opportunity to return to school but that may not be possible presently. Even though the i-banks are laying off massively there are other areas in finance that just may be hiring... think about it... people are worried about their financial future so what about Personal Finance (aka Financial Consultant)? There are people who are getting let go, like yourself, and probably have some financial investments they have to preserve if nothing else? Lots of people are looking for advice to that end. Or get out of the financial industry all together and transfer your skills to another company in another industry? Industries like health care, energy, pharm, aren't going away anytime soon. Even though Real Estate is crashing that's actually an opportunity I would think for that industry because lots of folks need help (look at this forum!). There are folks who see the decline as a buying op, while others are forced to sell. Anyway... good luck and I'd say use the time to the end of the year to update the resume (cuz no one hires end of year) then come running out of the blocks after the first of the year. :-)
So sorry about your job loss... it's getting beyond rough and into that super ugly territory... but if you work in finance I'm wondering if you have your MBA? If you didn't mention having young children I'd say perhaps this would be an opportunity to return to school but that may not be possible presently. Even though the i-banks are laying off massively there are other areas in finance that just may be hiring... think about it... people are worried about their financial future so what about Personal Finance (aka Financial Consultant)? There are people who are getting let go, like yourself, and probably have some financial investments they have to preserve if nothing else? Lots of people are looking for advice to that end. Or get out of the financial industry all together and transfer your skills to another company in another industry? Industries like health care, energy, pharm, aren't going away anytime soon. Even though Real Estate is crashing that's actually an opportunity I would think for that industry because lots of folks need help (look at this forum!). There are folks who see the decline as a buying op, while others are forced to sell. Anyway... good luck and I'd say use the time to the end of the year to update the resume (cuz no one hires end of year) then come running out of the blocks after the first of the year. :-)
I do not have MBA, but have CFA. Some people really think that this is very comparative. So funny, but my former boss (not the one who fired me, but before him) does not worry about me at all - you are the last person I worry about - you will be fine. Many friends say the same I know I am very driven person, but still hard to believe smth is available now.
Well, I will def start the process tomorrow..resume, interview preparation etc. Smth will def come up..At least I try to believe...
Well I am pretty sure you have a large network from working in the Investment Banking industry
Try to work that angle
Who knows, maybe some of your old colleagues have moved onto something else that has not been hurt by the wallstreet crash
But if you want to stay in Finance try some of the temp agencies like ajilon, or acountemps, they are very good at selling people, even better than those people themselves, and they have connections
May I also ask: what demographic is getting cut at the Financial firms?
Is the the older ones who have been there for a few years, or is it the new guys who have been there for like one or two?
Also are they hiring recent grads to replace people, but at a much lower pay rate at the moment, or are they looking for recent lay-offs at a much lower pay rate?
The reason I ask is because I work in a certain industry, and it is useful info for me
A good friend of mine was laid off after 15 years from a large NY area bank. She was told in August, her last day was in September. She took a couple of weeks off to get her head together, and then went and took a course at H&R block tax school. she is now gearing up to help a friend of hers who is an accountant, and is looking to potentially take over her business. It's good for her - she's over 60, and really does not want to go back to corporate america if she can help it. And she is also lucky that her severance will carry her through until June.
Well I am pretty sure you have a large network from working in the Investment Banking industry
Try to work that angle
Who knows, maybe some of your old colleagues have moved onto something else that has not been hurt by the wallstreet crash
But if you want to stay in Finance try some of the temp agencies like ajilon, or acountemps, they are very good at selling people, even better than those people themselves, and they have connections
May I also ask: what demographic is getting cut at the Financial firms?
Is the the older ones who have been there for a few years, or is it the new guys who have been there for like one or two?
Also are they hiring recent grads to replace people, but at a much lower pay rate at the moment, or are they looking for recent lay-offs at a much lower pay rate?
The reason I ask is because I work in a certain industry, and it is useful info for me
Thank you very much
Well, I was in NYC. Cutting..really depends..You know that MDs are the first target. I am not MD, otherwise I would just retire They cut accross the board: MDs, EDs, VPs, associates...Most of them are up to bonuses in early december - obviously, they will not get them.Every group is different. In mine, they cut one senior VP and two associates (we were up to stub bonus in 2 weeks). Not sure about replacement. They do not touch first year analysts...
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I know I am very driven person, but still hard to believe smth is available now. 
