Unemployment....

Society Business and Career
1

So i heard our department is getting downsized .. in 3 to 4 months because of budgetary constraints … most of the people have to go.. rest will be taken care in other departments … etc..etc.

I am not sure what is going to happen to me - the boss said, i will be taken care.. but i don’t want to take chances..

So…

What will be your suggestions & advise to those who are getting Pink Slip .. .in future?

2

Re: Unemployment....

1- start looking for other roles immediately and focus on internal roles, different groups, business units etc

2- start looking externally, think of this time as paid job search time in some ways. network while u still have a role, start talking to people about thinking about a move etc, rather than reaching out when unemployed

3- if the boss has said you will be taken care of, continue to show your value

I have not been in a situation where my boss has told me I would be okay and I was not, I have been in situations where future was uncertain due to larger things going on, or where my boss was impacted himself.

3

Re: Unemployment....

I'd say start looking for a new job

4

Re: Unemployment....

Yup , If the company has internal "at risk employee" policies, you should soon be contacted by the HR staff to help you move in some other part of the business. But if that doesnt happen , then start looking actively ... depends when the redundancy will go through exactly .. coz if you leave before then , they might not pay you the redundancy ... so find out what the company policy says , then find out the time frame you have , eg 3 -6 months and start looking for a role accordingly

5

Re: Unemployment…

  1. I am contacted by HR today for possible termination in next 3 to 6 months. They also send list of contacts in other dept’s for possible placement.

  2. I sent out email to majority of my contacts to look for any opening’s in their companies.

  3. Reviewed my financial’s last night - I can survive 10 to 14 months without job.

  4. Planning a one month gap period for traveling if my position is terminated.

  5. This is my first time experience, so i research about unemployment benefits & other stuff.

I can keep Medical Insurance for one and half year under COBRA
I will receive unemployment for 26 weeks from New York Government
My Company will pay in cash for all the remaining vacation leaves which as of today is 150 hours = one month pay.
I can cash out my 401K plan after paying penalty fees.

I think i am pretty much on strong footing … what ya say :hmmm: