Survived (for now) a layoff - Page 1
Forum section: electronics / general

author: PwrElectronics
author_rank: Regular Contributor
timestamp: June 05, 2024, 05:43:56 pm
content: I am sure many here have been through layoffs at their employer.I was on vacation last week and checked my email Friday to find a memo from the top and a meeting notice from division manager for early Monday morning. Layoffs basically.About all the meeting had to say was our division would settle the dust by this Friday. Others could be ongoing for another couple of months it seemed. Local managers hit as blind as anyone. Got the email yesterday I still had a job. But, who knows until Friday what the shakeout and re-org of roles could be.... The winners and losers not sure who was picking as it did not seem that local managers had any input.At least in my group, seems little immediate impact on engineering staff but I heard other divisions not so much. What did seem apparent is many layoffs in project and program management and a person who was that role my last project was one to get hit. There was a re-org and layoffs 4yrs ago and a person in that role then who knew how to get stuff done in prototype builds with the plant was let go and things I have worked on since have suffered for it. Since then, they went on a hiring binge until this winter and now a round of layoffs.I work for a large multinational corp whose last earnings statement was profitable but there is a projected downturn and seems like layoffs are a ploy to bump up the stock price for the shareholders. Seems like a sugar hit to me. Current CEO is all about shareholder value where the prior CEO less so and more into growing the business, etc.

author: Sal Ammoniac
author_rank: Super Contributor
timestamp: June 05, 2024, 05:51:49 pm
content: Glad you survived the layoffs. You should see what other prospects are out there as oftentimes layoffs come in multiple waves (I was laid off by my company ten years ago in the 9th round of layoffs after the company was bought by another company). It can be easier to find a new job while you're still employed (you don't have to explain gaps in your employment history).

author: tggzzz
author_rank: Super Contributor
timestamp: June 05, 2024, 06:04:53 pm
content: Quote from: Sal Ammoniac on June 05, 2024, 05:51:49 pm... and you can afford to be more choosy.Probably doesn't make much difference in the US, but holding on for longer might increase the payout. There is lore, unattributed, uncheckable, that the third round of layoffs has the largest payouts. I don't understand US pensions, so I've no idea whether they should form part of a decision.In the past when that has happened to me, I have taken one job before the layoff hit, and on a different occasion delayed joining another company for a month until I received a payout. Didn't regret either decision, but then I've never been focussed on money.Good luck with your choices and the consequences.

author: Sal Ammoniac
author_rank: Super Contributor
timestamp: June 05, 2024, 06:11:51 pm
content: Quote from: tggzzz on June 05, 2024, 06:04:53 pmIt depends on why the company is going through layoffs. Here in the States, if it's because the company is in dire financial trouble, the company may give less (or no) severance money compared to earlier rounds because they don't have money to give. That's been my experience.In the U.S. a typical amount of severance is one week of salary for every year of employment.

author: PwrElectronics
author_rank: Regular Contributor
timestamp: June 05, 2024, 06:48:03 pm
content: QuoteI am in my late 50s now and if I had got the cut, possibly would just retire. I am probably likely to do that in the next few years anyway. Not too likely to get a job doing what I do in my immediate area and would be looking at a move; but, locale's for that are limited due to family reasons. Have elderly parent in a home, family property to look after, etc. Would not want to be more than a couple hours trip away.

author: Sal Ammoniac
author_rank: Super Contributor
timestamp: June 05, 2024, 06:56:11 pm
content: Quote from: PwrElectronics on June 05, 2024, 06:48:03 pmIs what you do not doable remotely? My entire team (embedded development) has been working at home since the pandemic and we have no plans to return to the office.

author: RJSV
author_rank: Super Contributor
timestamp: June 05, 2024, 10:26:53 pm
content: Sorry to hear the news. Thanks for sharing thoughts on the general atmosphere and goings on, in aftermath....reminds me.Places in transition can have the exploiters, who maybe have a grudge or pet-peeve, and are skilled in projecting a special image of themselves:"You know;...I'm going to get VP Bosco, to fire your buddy, there, Mike...".Instability, basically. with the Hallmark of sudden hirings as well. That reflects badly, on basic 'competance' issues.

author: PwrElectronics
author_rank: Regular Contributor
timestamp: June 06, 2024, 08:34:00 pm
content: QuoteSure, a lot of my work could be done remote. During the pandemic I was mostly WFH. Only went in if I had to use some stuff in the power lab that could not be done from a home lab. Brings up the thing that a couple months ago, top management suddenly spring RTO on everyone out of the blue.... Maybe that was a ploy to get some to quit in anticipation of these layoffs a couple months later...I had/have a lot of lab setup at that time. Returned some lab gear that was checked out. Other stuff I own. But, none of that stuff was so $$$$$ that I could not invest in my own assets if needed.

author: schmitt trigger
author_rank: Super Contributor
timestamp: June 06, 2024, 09:28:08 pm
content: Quote from: PwrElectronics on June 05, 2024, 05:43:56 pmBrilliant, simply brilliant strategy!Just look how well it has worked for Boeing. The stock price soared to the sky, while the planes plunged to the ground.Straight from the Jack Welch Management Institute. Not for nothing he was nicknamed Neutron-Jack.The following paragraph from Wikipedia shows his leadership style:“Each year, Welch would fire the bottom 10% of his managers, regardless of absolute performance.”

author: schmitt trigger
author_rank: Super Contributor
timestamp: June 06, 2024, 09:30:27 pm
content: For some reason my previous post became duplicated. Erased it.

author: EPAIII
author_rank: Super Contributor
timestamp: June 07, 2024, 09:50:21 am
content: I was worried when they let me go at age 67. But now I am oh so glad to be retired. My worst worry is when is my next doctor's appointment.And I work on whatever project I like. I hope to be making things until my last day.