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Then young people are still gonna be moving here to try and get those jobs no?
I cannot state this for the whole bank, but in 2-3 groups / departments, they did not touch them. Look, they are cheap compare to us ..associates. then, there is another aspect of politics here- they were just hired...the bank will look bad if they let go someone who were told to be exeptional and started this job just 3 months ago..Make sense?? This is my personal opinion, but I guess it is kind of true.
I actually have a question about compensation...I see there are many HR people here so maybe you guys can help me to figure out my situation.
Basically, back in May when I was promoted to associate, I was told on that I will receive stubbonus at the end of the year. Basically, this is fixed amount that 1st year associates receive at IB for half of the year (July-Dec). There is no paperwork - the stubbonus is not mentioned in the contract. According to my notice, I will be an active employee for until February 2008. Can I argue that they have to pay the bonus to me???
I kind of doubt since there is no paperwork and I do not have the recorded phone conversation
It can't hurt to mention the bonus, but I doubt that they will comply. As you said, you do not have anything in writing. If it is not in writing, it's very hard to argue. Unless it is something that is in company literature about the position - not specific to you - but a general rule for associates. But it can't hurt to ask, the worst is they say no.
You seem to be thinking clearly and have a good head on your shoulders. This will help you a lot. One of the worst parts of a layoff and a long job search (yours has not been long yet...hopefully it will not be) is that it is demoralizing and depressing. After time, this is very detrimental to a job search. You seem to be thinking clearly - keep it going!
As others have said, it can not hurt to look now, but I would not expect too much aciton. At least not in December.
It can't hurt to mention the bonus, but I doubt that they will comply. As you said, you do not have anything in writing. If it is not in writing, it's very hard to argue. Unless it is something that is in company literature about the position - not specific to you - but a general rule for associates. But it can't hurt to ask, the worst is they say no.
You seem to be thinking clearly and have a good head on your shoulders. This will help you a lot. One of the worst parts of a layoff and a long job search (yours has not been long yet...hopefully it will not be) is that it is demoralizing and depressing. After time, this is very detrimental to a job search. You seem to be thinking clearly - keep it going!
As others have said, it can not hurt to look now, but I would not expect too much aciton. At least not in December.
I am def calling HR first thing tomorrow morning. Well, on Friday I was kind of shocked... even I prepared myself to that for the last 2 weeks. The thing is regardless of preparation this thing will hit you.. The second thing I thought " I have to keep up somehow since I am nursing #2 baby..Stress will end my milk - cannot afford it". 15 minutes after I was notified, I had to run to feed the baby since she was at corporate day care..etc etc.
I had a conversation with my husband and we decided hat we will continue to see friends, pay for kids' activities and the oldest child will continue to go to a day care. I will not be able to manage to do anything with two kids at home. It is not easy but crying and depression will not help. It sucks anyway, but I already wrote 5 email to people who are in the same area, started updating my resume and preparing the plan. I have to be calm and smiling for my kids and my family. They do not need depressed mom. I am sure I will have my ups and downs..will be crying, but this will only be for short period of time. Cannot afford it...Hopefully, I will keep doing what I just said here
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?
I don't know on the business side but on the technology side it's contract (consultants) who are typically the first to go. However, I know of people from both sides, management or staff, who have gotten let go. Some had years at a firm while others, say, had just finished a 6mos contract.
Networking is crucial... I'm sure EEE could chime in here but plenty of job openings get filled by a friend's reference or internally. Or you "share resources" meaning you do not hire a new person for a project and "borrow" from another manager's headcount. Sounds so impersonal I know. Having said this, I know of certain i-banks that are under hiring freezes... no new hiring. Therein lies the rub. You try to figure out which manager has "extra" in their budget. ;-)
I am def calling HR first thing tomorrow morning. Well, on Friday I was kind of shocked... even I prepared myself to that for the last 2 weeks. The thing is regardless of preparation this thing will hit you.. The second thing I thought " I have to keep up somehow since I am nursing #2 baby..Stress will end my milk - cannot afford it". 15 minutes after I was notified, I had to run to feed the baby since she was at corporate day care..etc etc.
I had a conversation with my husband and we decided hat we will continue to see friends, pay for kids' activities and the oldest child will continue to go to a day care. I will not be able to manage to do anything with two kids at home. It is not easy but crying and depression will not help. It sucks anyway, but I already wrote 5 email to people who are in the same area, started updating my resume and preparing the plan. I have to be calm and smiling for my kids and my family. They do not need depressed mom. I am sure I will have my ups and downs..will be crying, but this will only be for short period of time. Cannot afford it...Hopefully, I will keep doing what I just said here
My dh some years ago was let go from a pretty lucrative job. It had nothing to do with his performance... purely economics. Even though we knew more or less it was going to happen, as he was in management and having to trim his own budget, when I got his call telling me he'd been laid off as I was picking up my kid at the mum's day out, it still hit me hard. I can recall the sinking feeling even to this day. But keep your chin up! Use this time as you say to prepare for your resume updating, your interviewing, and get your references up to speed on your situ too (which I'm sure you are already doing). Sounds like you have a supportive spouse which will be of immense help.
If you are open to relocating, that may also speed up your job hunt.
I had a conversation with my husband and we decided hat we will continue to see friends, pay for kids' activities and the oldest child will continue to go to a day care. I will not be able to manage to do anything with two kids at home. It is not easy but crying and depression will not help. It sucks anyway, but I already wrote 5 email to people who are in the same area, started updating my resume and preparing the plan. I have to be calm and smiling for my kids and my family. They do not need depressed mom. I am sure I will have my ups and downs..will be crying, but this will only be for short period of time....
I'm sorry you have to deal with this after having just gone back to work from a maternity break... I too was laid off just two weeks ago and know exactly how you feel.
It was so surreal hearing it from my boss but there were others who were laid off on the same day so I didn't take it personally. The important lesson to learn from the experience was that being let go is not indicative of your performance or character as a professional. It's the sign of the times we're living in.
If it's any consolation, alot of people are going through this right now. We are just 2 in about 500k being laid off in the past month.
Right now most companies will not be hiring so try to enjoy the holidays and take time to work out a temporary budget on one income - your husband's. Try to find ways to cut corners with your everyday expenses so you're not so stressed out about where the money is going...
I am def calling HR first thing tomorrow morning. Well, on Friday I was kind of shocked... even I prepared myself to that for the last 2 weeks. The thing is regardless of preparation this thing will hit you.. The second thing I thought " I have to keep up somehow since I am nursing #2 baby..Stress will end my milk - cannot afford it". 15 minutes after I was notified, I had to run to feed the baby since she was at corporate day care..etc etc.
I had a conversation with my husband and we decided hat we will continue to see friends, pay for kids' activities and the oldest child will continue to go to a day care. I will not be able to manage to do anything with two kids at home. It is not easy but crying and depression will not help. It sucks anyway, but I already wrote 5 email to people who are in the same area, started updating my resume and preparing the plan. I have to be calm and smiling for my kids and my family. They do not need depressed mom. I am sure I will have my ups and downs..will be crying, but this will only be for short period of time. Cannot afford it...Hopefully, I will keep doing what I just said here
First if all I am really sorry to hear about your job. Give yourself a little time to decompress. But we had a smilar situation right after 9/11 and we took different steps to keep our house in order. It is a really tough market out there. You may not find a job for quite some time. Would you consider seriously cutting costs like daycare, kids activities, 401K contributions/college savings (just temporarily), holiday gifts except for the kids and family, anything at all that is optional for a while and conserving as much cash as possible? When we did this we found out we were able to survive on one income and eventually even stash away a good amount of savings for the future. It was not easy, especially for me who had never been a stay at home Mom. But it was temporary and that got me thorugh the day. Also I was able to really focus on cutting costs across the board. You can always hire a babysitter on an as needed basis to work on your resume and interviews? We had to sacrifice our lifestyle for a while but we came out of it with a really different perspective on what we actually needed versus what we wanted. Years later we are still better off. It for us was a good wake up call and we rode out the storm with a few bumps but we made it.
My dh some years ago was let go from a pretty lucrative job. It had nothing to do with his performance... purely economics. Even though we knew more or less it was going to happen, as he was in management and having to trim his own budget, when I got his call telling me he'd been laid off as I was picking up my kid at the mum's day out, it still hit me hard. I can recall the sinking feeling even to this day. But keep your chin up! Use this time as you say to prepare for your resume updating, your interviewing, and get your references up to speed on your situ too (which I'm sure you are already doing). Sounds like you have a supportive spouse which will be of immense help.
If you are open to relocating, that may also speed up your job hunt.
Best to you. :-)
Thank you very much for your support. It is hard for everybody unless you did not want the job and was just waiting for them to let you go. Not easy to stay calm..But somehow I compare this to the situation we were exactly 3 years ago..we lost the baby..long story..I descrided it early on this forum..but we decided right away that it is horrible, but we have to move on and now we have two healthy kids..Life goes on. I will never forget that little one, but I moved on..it is in the past which I will never forget. You cannot compare losing the human being with losing the job, but you can compare the situations and how to deal with them. A lot of friends are supportive and that helps. Plus, important to be occupied all the time. Smth will come up - I am sure..early or later
I'm sorry you have to deal with this after having just gone back to work from a maternity break... I too was laid off just two weeks ago and know exactly how you feel.
It was so surreal hearing it from my boss but there were others who were laid off on the same day so I didn't take it personally. The important lesson to learn from the experience was that being let go is not indicative of your performance or character as a professional. It's the sign of the times we're living in.
If it's any consolation, alot of people are going through this right now. We are just 2 in about 500k being laid off in the past month.
Right now most companies will not be hiring so try to enjoy the holidays and take time to work out a temporary budget on one income - your husband's. Try to find ways to cut corners with your everyday expenses so you're not so stressed out about where the money is going...
Good luck with your jobhunt!
Thanks again for support. What's good for us I guess that we have never lived on $$ we earned. We always saved, stayed in cheap hotels when we travel, or even campgrounds etc. We basically have no place where we can cut expenses Maybe food a little bit - that's all. We do not go out etc...Plus, we were smart enought not to put everything into the house, but save so we can survive if we both let go..
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