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Today my company did another lay off. Probably they laid of 50-100 people today. They have been having regular lay off almost every 3-4 months for last 2 years it seems. I think so far they have laid off 500-1000 people total.
They are having announcement from management tomorrow to keep people reassured. But I don't know what to think, I have feeling in another 3-4 months there will be another round.
To say truth, I am young guy at work they usually tend target older workers who cost more. I probably have less worry than other people at work. However, I am almost 100% convinced hanging around the same company till retirement will be impossible. I talked with one guy who has been with company for 30 years who was let go today
I am trying to figure out what sort of backup plan I need to come up with. I am already trying to increase my emergency funds to last 6 months. Any other suggestions?
Last edited by unseengundam; 03-24-2011 at 08:32 PM..
What field are you in? Make sure your skills are up to date with the latest in that field. If you get laid off, you will be able to hop into a position, with maybe even better pay!
Yeah, companies are revolving doors now. It is a joke.
What field are you in? Make sure your skills are up to date with the latest in that field. If you get laid off, you will be able to hop into a position, with maybe even better pay!
Yeah, companies are revolving doors now. It is a joke.
I am Software Engineer. I am actually currently taking Executive Graduate program in System Management which is reimbursed by my employer. I though about moving companies but then I would pay back thousands of dollars worth of tuition to my employer...
Just keep saving. You should have a decent emergency fund even if you weren't worried. Honestly, you could switch companies and they could have lay offs a week later.
My advice is to continue to take those courses. If they lay you off I don't think you'll have to pay them back.
As an engineer you will always have a job. You may have to relocate but you will always have a job.
After you earn that executive degree leverage it to find another job for a big increase in salary. If you are under 40 or 45, consider changing companies every 5 to 10 years for bigger pay increases. If you stay with the same company you'll get 3%-5% increases (if you're lucky); if you change jobs you're talking 20%.
My advice is to continue to take those courses. If they lay you off I don't think you'll have to pay them back.
As an engineer you will always have a job. You may have to relocate but you will always have a job.
After you earn that executive degree leverage it to find another job for a big increase in salary. If you are under 40 or 45, consider changing companies every 5 to 10 years for bigger pay increases. If you stay with the same company you'll get 3%-5% increases (if you're lucky); if you change jobs you're talking 20%.
You know I think you are right about changing companies for pay increase. My company of course always says people can move up/earn more by staying in company. However, I think it that takes forever and the pay increase isn't good. I might seriously consider moving companies after I finish my degree. Moving companies seems like way to go these days.
I talked with one guy who has been with company for 30 years who was let go today
Same old, same old. They are continuing to lay off workers nearing retirement age who are at the top of the pay scale and present increased risk for their group health insurance.
Loyalty to a company used to actually mean something other than risk and dollars and cents. Not anymore.
Some body had very correctly said, "Never love your employer, you never know when it stops loving you". So right now you need not have any thing to worry about since things are looking promising for you since your employer is paying for your further education.
Everyone is an independent contractor or consultant. You should have a set of skills that is good for a wide variety of organizations, not just the place you are currently working.
I had a year of living expenses and 93 weeks of unemployment. It still wasn't enough. I can only find a part time job and I've run out of money.
Put every dime in the bank that you can. I hope you don't have debt. If you do, get rid of it ASAP. Make sure your resume is updated and keep your eyes open for good opportunities.
Good luck!
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