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They called me into my manager's office and the HR lady was in there and they informed me that the position was being eliminated and they will not seek replacement. This happened at 1:40pm today. The HR lady then walked me over to my cubicle and waited for me to get my belongings and then helped carry some of my belongings out to my car, and that was it.
They gave me no severance. Just terminal pay and a vacation days payout.
I will start my new job search next week or the week after, depending on when my thoughts are collected and I'm ready to proceed with confidence.
With that said, the renting decision is a no brainer. I'm gong on MONTH TO MONTH!
And then I have to sign up for obamacare by the 15th...
I just hope to god that my current insurance will be valid for the remainder of the month of March.
This was inevitable. You should ask them if the insurance stays valid through month end. They should be getting you COBRA paperwork where they spell out when employer subsidized coverage ends.
This was inevitable. You should ask them if the insurance stays valid through month end. They should be getting you COBRA paperwork where they spell out when employer subsidized coverage ends.
When they laid me off, I wasn't shocked at all. In fact, I was smiling in agreement with them and conveyed that I fully understand their decision.
I just checked the paperwork they gave me and my insurance indeed will remain active through 3/31.
I am so sorry that this happened to you. You tried hard to stay positive and I admire that. Did you try to ask for extension to stay there so you could take care of your affairs? Sometimes they will keep you longer.
Anyway, I feel deeply sad that it happened. All the best to you!
When they laid me off, I wasn't shocked at all. In fact, I was smiling in agreement with them and conveyed that I fully understand their decision.
I just checked the paperwork they gave me and my insurance indeed will remain active through 3/31.
That last part is good, and it varies by employer. My NJ employer did not cut off mid-month, not to be generous, but to lighten workload on H/R. They added new employees solely on the 1st, cut off solely the end of the month, no matter the quit or termination date.
Even if it means taking refresher courses on other parts of accounting, you should do what is required to be able to take on accounting functions other than tax, to expand your employment options. That would reduce employment gaps, by presenting more opportunities you would have a shot at. Perhaps, failing that, look for a job that is say, part tax accounting, part general accounting. Expanding past this niche would be in your best interest.
Even if it means taking refresher courses on other parts of accounting, you should do what is required to be able to take on accounting functions other than tax, to expand your employment options. That would reduce employment gaps, by presenting more opportunities you would have a shot at. Perhaps, failing that, look for a job that is say, part tax accounting, part general accounting. Expanding past this niche would be in your best interest.
Well, fortunately, this job I had for the past year was about 40% general accounting duties. It has helped me a bit with getting more comfort and proficiency with general ledger functions, journal entries and general accounting concepts. I am going to put that on my resume for sure. But I am not going to bother applying to jobs that are general accounting jobs because (a) they pay substantially lower than tax accounting and (b) 95% of my career history is still tax. Every job title I ever had is tax. And literally 100% of the jobs that I receive email messages about via LinkedIn recruiters/employers are for tax jobs only. Never for general accounting. I mean, I will keep my mind, eyes and ears open for possibilities, but I'm going to focus on tax as usual. It's not like general accounting is more exciting or whatever anyway. And certainly not worth a 20% pay cut.
Well, fortunately, this job I had for the past year was about 40% general accounting duties. It has helped me a bit with getting more comfort and proficiency with general ledger functions, journal entries and general accounting concepts. I am going to put that on my resume for sure. But I am not going to bother applying to jobs that are general accounting jobs because (a) they pay substantially lower than tax accounting and (b) 95% of my career history is still tax. Every job title I ever had is tax. And literally 100% of the jobs that I receive email messages about via LinkedIn recruiters/employers are for tax jobs only. Never for general accounting. I mean, I will keep my mind, eyes and ears open for possibilities, but I'm going to focus on tax as usual. It's not like general accounting is more exciting or whatever anyway. And certainly not worth a 20% pay cut.
20% pay cut is false if the % of your future spent working is higher.
Do an analysis. Add up the gross pay you made the last 5 years, add in unemployment comp you collected. Sum it, divide by 5, then you know what the equivalent salary would be for the entire recent 5 years, had you one job the whole time.
Plus, if you stay employed in say, General Accounting, you will get raises every year, too, where as that isn't true when you lose jobs year after year. Stability builds income. A 3% annual raise for 10 years = 41% (law of 72 compounding..or 30/72 = 41%).
You keep a low personal budget-use that as a means to expand beyond focusing on starting pay.
A good friend, after 20 years in General Accounting, took a 25% pay cut to start in a new industry 12 years ago, and is now making 3x the salary she gave up when she made that move.
20% pay cut is false if the % of your future spent working is higher.
Do an analysis. Add up the gross pay you made the last 5 years, add in unemployment comp you collected. Sum it, divide by 5, then you know what the equivalent salary would be for the entire recent 5 years, had you one job the whole time.
Plus, if you stay employed in say, General Accounting, you will get raises every year, too, where as that isn't true when you lose jobs year after year. Stability builds income. A 3% annual raise for 10 years = 41% (law of 72 compounding..or 30/72 = 41%).
You keep a low personal budget-use that as a means to expand beyond focusing on starting pay.
A good friend, after 20 years in General Accounting, took a 25% pay cut to start in a new industry 12 years ago, and is now making 3x the salary she gave up when she made that move.
But it's not like general accounting is any more stable than being a tax analyst. It all depends on the financial health of the company, workload, etc. I've seen plenty of people in general accounting get laid, off, too, by the way.
But it's not like general accounting is any more stable than being a tax analyst. It all depends on the financial health of the company, workload, etc. I've seen plenty of people in general accounting get laid, off, too, by the way.
It is less a niche field, though, so it has far more openings.
20% pay cut is false if the % of your future spent working is higher.
Do an analysis. Add up the gross pay you made the last 5 years, add in unemployment comp you collected. Sum it, divide by 5, then you know what the equivalent salary would be for the entire recent 5 years, had you one job the whole time.
Plus, if you stay employed in say, General Accounting, you will get raises every year, too, where as that isn't true when you lose jobs year after year. Stability builds income. A 3% annual raise for 10 years = 41% (law of 72 compounding..or 30/72 = 41%).
You keep a low personal budget-use that as a means to expand beyond focusing on starting pay.
A good friend, after 20 years in General Accounting, took a 25% pay cut to start in a new industry 12 years ago, and is now making 3x the salary she gave up when she made that move.
Don't forget the cost of carrying COBRA insurance during unemployment gaps will close that pay gap quickly
Seriously though, sometimes giving up something short term will help you in the long run. I switched careers 18 months ago. I took an initial pay cut. However, I quickly became the top person on my team. Last year, my first full year with the company, I made almost triple my previous salary. This was in a job completely different from my old one. They trained me and I'm really good at it. I recently received a promotion. Out of about 600ish employees, only two of us qualified for it. I am one of them.
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