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Layoff Advice

Archie Moses

Archie Moses

Well-Known Member
On Sunday morning, I received an email from my company. The email directed me to attend a mandatory conference call on Monday morning. During the conference call, which was scripted, 250 employees got laid-off out of no where. I don't want to go into much details other than that cause it's not going to change things. What I would like though is advice. Has this happened to you before? What did you do? What would you have done differently?

The last few days I've been submitted my resume like crazy (only heard back from one company and it was a, "position is filled" email.) I'm going to get paid by my company until the 18th of July and they'll give me a small severance package then too.

I'm kinda stressed out. I have bills, a mortgage, responsibilities, a car payment, and nothing in savings to get me by for a a few months (I'm not a crazy spender, just didn't make bank.) Does this pretty much mean I'm screwed and gonna lose everything? lol
 
Archie Moses said:
...Does this pretty much mean I'm screwed and gonna lose everything? lol
Click to expand...

not quite, you'll always have us

:-)

my daughter-in-law got riffed out of another teaching position and my other son's girlfriend got laid-off recently...

at least the one who was laid-off gets 2 month's pay plus a small severance from her company - my d-i-l, the teacher at a charter school, gets paid through mid-July and then nothing...

good luck
 
As a Norwegian, I obviously have no advice. But, I am curious as to what your alternatives are? Here in communist Norway - as you Americans would call it - we get 12 months of 100% salary - when we`re laid off. Do you just stop getting your salary in July?
 
Apply for unemployment immediately to begin after you are officially terminated. It will pay up to $450 a week. Not a lot, but it helps. See if you can qualify for food stamps, etc. I don't know what your career path is in, but talk to recruiters, check out simplyhired, indeed, etc. And if you are Mormon, tell your bishop you need help.

I got laid off in early 2013. Had to sell my house and move to BFE.Luckily I recently found a good job elsewhere.

Outside of all of that, the one thing I can recommend to you (as hard as it may be) is take advantage of the time you have off from work. Work hard to find another job, but have fun too. Take a vacation (something that obviously doesn't cost a lot like backpacking, whatever). Eventually, you will land on your feet.

What percentage of employees were laid off? If it was 20% or more of your workforce it could cause you to become 100% vested in any retirement plan you have (google partial termination to see the requirements). There is a 10% early withdrawal penalty, but if you have retirement savings they can float you for a while.

PM me if you want to discuss anything. Having gone through it (and the added stress of having a wife and daughter to support) I know what it is like. Good luck on your search.

Edit: One other thing. Having seen others go through this, one important point: even if you are super desperate to find another job, realize you are fine. If you are desperate it will show through in interviews. A friend of mine (#1 in our graduating class) got laid off earlier this year. She got tons of interviews, but it took her forever to get an offer. I guarantee it was her desperation. Only have love for your former company. Tell prospective employers how disappointed you are that you can't continue working for them, but they have had an economic downturn and your entire department was laid off etc. Be positive.
 
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Oh damn Archie that sucks. First thing I'd do is apply for unemployment. Something coming in is better than nothing. Also consider a job that is not ideal or even in your field while you continue to look for something better.

As for your creditors, call them and talk to them. Many of the will work with you. Maybe defer a months payment or set up a payment plan. Especially of you've been good in your payments. They may want proof that you're being laid off.
 
Don't wait to apply for unemployment/food stamps/etc. Do it now.

I had no day job for 6 months in 2008. We still kept the house by filing for bankruptcy after it was over (it took us five years to finish the bankruptcy). Be pro-active with your mortgage company; they don't want to foreclose (it costs them money).

See if there are classes available. The Uncredible Hallq discusses App Academy, a programming class that got him highly demanded job skills in nine weeks:
https://www.patheos.com/blogs/hallq/2014/06/so-youre-thinking-of-applying-to-app-academy/
 
Agreed with what people are saying here. F your pride in the A and apply for some assistance -- that's what it's for, and you've been paying into it your entire working career.
 
JAZZGASM said:
Apply for unemployment immediately to begin after you are officially terminated. It will pay up to $450 a week. Not a lot, but it helps. See if you can qualify for food stamps, etc. I don't know what your career path is in, but talk to recruiters, check out simplyhired, indeed, etc. And if you are Mormon, tell your bishop you need help.

I got laid off in early 2013. Had to sell my house and move to South freakin' Dakota. Luckily I recently found a good job in Portland.

Outside of all of that, the one thing I can recommend to you (as hard as it may be) is take advantage of the time you have off from work. Work hard to find another job, but have fun too. Take a vacation (something that obviously doesn't cost a lot like backpacking, whatever). Eventually, you will land on your feet.

What percentage of employees were laid off? If it was 20% or more of your workforce it could cause you to become 100% vested in any retirement plan you have (google partial termination to see the requirements). There is a 10% early withdrawal penalty, but if you have retirement savings they can float you for a while.

PM me if you want to discuss anything. Having gone through it (and the added stress of having a wife and daughter to support) I know what it is like. Good luck on your search.

Edit: One other thing. Having seen others go through this, one important point: even if you are super desperate to find another job, realize you are fine. If you are desperate it will show through in interviews. A friend of mine (#1 in our graduating class) got laid off earlier this year. She got tons of interviews, but it took her forever to get an offer. I guarantee it was her desperation. Only have love for your former company. Tell prospective employers how disappointed you are that you can't continue working for them, but they have had an economic downturn and your entire department was laid off etc. Be positive.
Click to expand...

There's 26,000 employees that work for my previous company. lol
 
E.J. Wells said:
Agreed with what people are saying here. F your pride in the A and apply for some assistance -- that's what it's for, and you've been paying into it your entire working career.
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Very much this. Things like this are why you are taxed. You paid for this.
 
Hedda Gambler said:
As a Norwegian, I obviously have no advice. But, I am curious as to what your alternatives are? Here in communist Norway - as you Americans would call it - we get 12 months of 100% salary - when we`re laid off. Do you just stop getting your salary in July?
Click to expand...

Commie ********! We tried to build it for 45 years, and all we got to (still) be Russia's bitches. I hate you because I want to be a Norwegian but I am not. :) (just like all your Scandinavian neighbors)....

* EDIT: I guess I shouldn't say "we", but the place I grew up in
 
Unemployment insurance is a must, and you don't pay taxes on it (IIRC). Keep in mind that it kicks in after your severance expires. If your financial situation is tight, look for any opportunity that will allow you to survive the job search. You can always keep looking and quit when you find a better match
 
Apply at dannon if ya want
Work with gameface and me
 
dodo said:
Unemployment insurance is a must, and you don't pay taxes on it (IIRC). Keep in mind that it kicks in after your severance expires. If your financial situation is tight, look for any opportunity that will allow you to survive the job search. You can always keep looking and quit when you find a better match
Click to expand...

Most states do not tax unemployment compensation (not sure about Utah), but the federal government DOES tax unemployment income. You will have the option to withhold when you fill out the paperwork. Generally you should be able to get unemployment while receiving severance. I received a month as a lump-sump severance and I still received unemployment for that month. As long as you are on the payroll you cannot collect unemployment.

I never actually checked on food stamps to see if I qualified, and luckily it only took me a few months to find work, but do what you can to stay afloat.
 
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