If you thought you were going to get laid off wwyd? [What would you do]

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Hillview
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If you thought you were going to get laid off wwyd? [What would you do]

Post by Hillview » Mon Mar 19, 2018 6:13 pm

I laid off people who work for me today. It is yet another wave of me laying people off. I feel like my number may be coming up soon. If you were thought losing your job was something that would happen soon what would you do? Aside from obviously update linked in and resume etc. Looking for more financial ideas. Thanks!

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Clever_Username
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Re: If you thought you were going to get laid off wwyd?

Post by Clever_Username » Mon Mar 19, 2018 6:18 pm

I'd immediately halt any taxable contributions to my portfolio and, if I were contributing to my IRA throughout the year instead of all at once, I'd stop that too. Those moneys would go to cash (or equivalent) instead. Distributions from taxable investments would be redirected to my bank or MM instead of reinvested, too.

I probably wouldn't change 401(k) contributions unless I can do so without alerting a human that I'm doing so.

I'd start looking into what I could cut in my budget if I didn't think I'd find new work right away.
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mpsz
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Re: If you thought you were going to get laid off wwyd?

Post by mpsz » Mon Mar 19, 2018 6:20 pm

Cut expenses and boost your emergency fund.

If you're positive that you will lose your job, start looking now. Even if you're less certain, it's easier if you start looking now.

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bottlecap
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Re: If you thought you were going to get laid off wwyd?

Post by bottlecap » Mon Mar 19, 2018 6:21 pm

mpsz wrote:
Mon Mar 19, 2018 6:20 pm
Cut expenses and boost your emergency fund.

If you're positive that you will lose your job, start looking now. Even if you're less certain, it's easier if you start looking now.
Yup. This is what I would do.

JT

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mhadden1
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Re: If you thought you were going to get laid off wwyd?

Post by mhadden1 » Mon Mar 19, 2018 6:22 pm

If you have a Flexible Spending Account, go ahead and use it all. Buy new glasses or whatever. And I don't consider that bad faith, just part of the deal. I did not make the rules.
Oh I can't, can I? That's what they said to Thomas Edison, mighty inventor, Thomas Lindberg, mighty flyer,and Thomas Shefsky, mighty like a rose.

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Re: If you thought you were going to get laid off wwyd?

Post by boglegirl » Mon Mar 19, 2018 6:33 pm

mhadden1 wrote:
Mon Mar 19, 2018 6:22 pm
If you have a Flexible Spending Account, go ahead and use it all. Buy new glasses or whatever. And I don't consider that bad faith, just part of the deal. I did not make the rules.
That's just what I was going to suggest! You want to use the money sooner rather than later, because you don't want to be in a panic (your dentist can't move your appointment up or whatever) to use it.

If I understand the rules correctly, as long as you incurred the expense and requested reimbursement before your last day, they can't take further contributions from you (like out of your last paycheck). But if you left any money in there that you want to use AFTER your termination date, you'd have to elect to continue sending $ under COBRA to access that money.

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Re: If you thought you were going to get laid off wwyd?

Post by KlangFool » Mon Mar 19, 2018 6:40 pm

OP,

1) Do your dental and medical checkup. Schedule any require surgery ASAP.

2) Ask for personal email and contact number for everyone that had left. They are your advanced scout.

3) Get any and all your credential. Make sure that you have your training cert and so on documented.

KlangFool

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Re: If you thought you were going to get laid off wwyd?

Post by nisiprius » Mon Mar 19, 2018 7:15 pm

Start looking at every regular monthly expense that seems small and consider cutting it. Because this is hard to do, you need to get started on it (and consult with other people affected by it). For example, right now we have Amazon Prime ($99.95/year) and Netflix $9.99/month, I think. Do we need both? Do we need either? I have electronic subscriptions to a local big-city newspaper and also the the Washington Post; they would go.

Start the networking process.
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alter
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Re: If you thought you were going to get laid off wwyd?

Post by alter » Mon Mar 19, 2018 7:33 pm

Maybe its just me but I would actually increase my pre-tax 401k contributions. Especially if you don't know how long you might be out of a job. Worst case you are out long enough to lower your tax bracket and then can rollover that pre-tax 401k balance to an ira then convert to your roth ira account and pay less taxes due to no income.

Helo80
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Re: If you thought you were going to get laid off wwyd?

Post by Helo80 » Mon Mar 19, 2018 7:36 pm

1. Cut expenses
2. Polish the resume and start checking the jobs boards or your professional network
3. Don't take PTO (assuming you get paid out) -- Also, get a copy of your PTO policy prior to departure

dknightd
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Re: If you thought you were going to get laid off wwyd?

Post by dknightd » Mon Mar 19, 2018 7:38 pm

Hillview wrote:
Mon Mar 19, 2018 6:13 pm
I laid off people who work for me today. It is yet another wave of me laying people off. I feel like my number may be coming up soon. If you were thought losing your job was something that would happen soon what would you do? Aside from obviously update linked in and resume etc. Looking for more financial ideas. Thanks!
This is part of the reason you need an emergency fund. I'd put as much as you can in it - now. If you think you might be laid off, offer to resign. It is quick way to find out if they want you or not.

NextMil
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Re: If you thought you were going to get laid off wwyd?

Post by NextMil » Mon Mar 19, 2018 7:40 pm

Find a way to prevent it. Everything else is preparing for a problem you don’t have yet. I think the book is called linchpin.

JBTX
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Re: If you thought you were going to get laid off wwyd?

Post by JBTX » Mon Mar 19, 2018 7:44 pm

Years ago I was compiling information on who would be laid off the our divisions operations folks. I was then surprised that I was laid off, and so was my boss, and several of my colleagues.

What I should have been doing is networking and looking for a job. But I hate job search and am lazy about it and instead have done contract work.

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Re: If you thought you were going to get laid off wwyd?

Post by Grt2bOutdoors » Mon Mar 19, 2018 7:52 pm

Spend only on necessities, save all else. Stope investing except for retirement plan. Network like crazy. Stay positive, maybe nothing will come of those thoughts immediately, in the meantime explore other opportunities when they appear.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Re: If you thought you were going to get laid off wwyd?

Post by Grt2bOutdoors » Mon Mar 19, 2018 8:00 pm

dknightd wrote:
Mon Mar 19, 2018 7:38 pm
Hillview wrote:
Mon Mar 19, 2018 6:13 pm
I laid off people who work for me today. It is yet another wave of me laying people off. I feel like my number may be coming up soon. If you were thought losing your job was something that would happen soon what would you do? Aside from obviously update linked in and resume etc. Looking for more financial ideas. Thanks!
This is part of the reason you need an emergency fund. I'd put as much as you can in it - now. If you think you might be laid off, offer to resign. It is quick way to find out if they want you or not.
No way, OP should take severance if offered, offering to resign may lead to no severance. I would not do that.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Watty
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Re: If you thought you were going to get laid off wwyd?

Post by Watty » Mon Mar 19, 2018 8:05 pm

Get the personal contact information of your coworkers for possible networking if you are laid off.

Apply for any loans that you might want.

Download copies of any things like online HR policy manuals that you might not have access to if you are laid off.

Print off your recent paystubs if you only see those on the company web site.

If you have a work provided cellphone then get any needed information like contacts off of it.

Assume that you will not be laid off and consider what critical information you should get from people that might be laid off.
Last edited by Watty on Mon Mar 19, 2018 8:08 pm, edited 1 time in total.

TravelforFun
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Re: If you thought you were going to get laid off wwyd?

Post by TravelforFun » Mon Mar 19, 2018 8:06 pm

Hopefully at a time when unemployment rate is 4.2%, it wouldn't take long for someone who needs a job to find a job. Make minimum payments on all loans, stop putting money into tax-deferred accounts, cut back on expenses, pile up cash, and start making phone calls. Would you be allowed to make electronic copies of your work in this company? This could lead you to better opportunities. Good luck!

TravelforFun

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Watty
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Re: If you thought you were going to get laid off wwyd?

Post by Watty » Mon Mar 19, 2018 8:07 pm

Grt2bOutdoors wrote:
Mon Mar 19, 2018 8:00 pm
dknightd wrote:
Mon Mar 19, 2018 7:38 pm
Hillview wrote:
Mon Mar 19, 2018 6:13 pm
I laid off people who work for me today. It is yet another wave of me laying people off. I feel like my number may be coming up soon. If you were thought losing your job was something that would happen soon what would you do? Aside from obviously update linked in and resume etc. Looking for more financial ideas. Thanks!
This is part of the reason you need an emergency fund. I'd put as much as you can in it - now. If you think you might be laid off, offer to resign. It is quick way to find out if they want you or not.
No way, OP should take severance if offered, offering to resign may lead to no severance. I would not do that.
+1, or I guess a -1

The OP may not be on the layoff list but if he or she offers to resign then they could be toast.

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corn18
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Re: If you thought you were going to get laid off wwyd?

Post by corn18 » Mon Mar 19, 2018 9:06 pm

File an ethics complaint.

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Cyclesafe
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Re: If you thought you were going to get laid off wwyd?

Post by Cyclesafe » Mon Mar 19, 2018 9:51 pm

I'd re-establish control by starting my job search. If your job is uncertain now, there's no reason to think it might also be uncertain in a month, or in a year etc. Why would you work for a company that is threatening the livelihood of its employees? Bail now while you don't need to rationalize to a new potential employer why you lost your job while others kept theirs. If you time it right, you'll get severance AND a better job.

jminv
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Re: If you thought you were going to get laid off wwyd?

Post by jminv » Mon Mar 19, 2018 10:01 pm

Start looking for a new and better job. Update and polish your CV and put it out to recruiters and through your network.

Stop caring so much about your current job and whether it'll be you. I've seen this occur many times before where the person who has to lay everyone off then gets laid off themselves. If you think it'll be you, it probably will be. Backup whatever work files you want to keep, if you can. Save your contacts.

Use your medical and dental for anything you want/need to be done before you're laid off.

I would max out the retirement contributions now assuming you have an emergency fund. If you don't, then you should probably stop that now.

Pessimist55
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Re: If you thought you were going to get laid off wwyd?

Post by Pessimist55 » Mon Mar 19, 2018 11:59 pm

Look for new job. Max out 401k contributions if they match. Use up FSA. plan your next vacation. I went on a couple trips around the world in first class w miles during my time off. Cuz you never know when you will have this much free time. I regret not taking more trips!

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Re: If you thought you were going to get laid off wwyd?

Post by animarising » Tue Mar 20, 2018 12:24 am

And don't forget that when you separate from service at 55, you can access 401(k) fund distributions without paying a penalty. If you need this money, do NOT roll over to IRA where you'll pay a penalty if under 59-1/2.

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Pajamas
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Re: If you thought you were going to get laid off wwyd?

Post by Pajamas » Tue Mar 20, 2018 12:53 am

Agree that the best thing would be to go ahead and get a new job now, before the flood.

Also might want to bump up your retirement account contributions to max out your 401(k) or whatever for the year ASAP.

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Re: If you thought you were going to get laid off wwyd?

Post by gotester2000 » Tue Mar 20, 2018 2:18 am

Hillview wrote:
Mon Mar 19, 2018 6:13 pm
I laid off people who work for me today. It is yet another wave of me laying people off. I feel like my number may be coming up soon. If you were thought losing your job was something that would happen soon what would you do? Aside from obviously update linked in and resume etc. Looking for more financial ideas. Thanks!
If you are a boglehead - i.e. follow a method in living life then you need to do nothing now. Do things one at a time as events occur. Most of our lives are stressful because of the way we react to events - many a time before they occur or even occur at all !

Read this - How to stop worrying and start living - Dale Carnegie

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Watty
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Re: If you thought you were going to get laid off wwyd?

Post by Watty » Tue Mar 20, 2018 4:50 am

One consideration with starting to look for a new job right away is that even if you are not laid off your work environment will likely be worse with the remaining people having to do the work of the people that were laid off.

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whodidntante
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Re: If you thought you were going to get laid off wwyd?

Post by whodidntante » Tue Mar 20, 2018 5:09 am

It depends on the likelihood. If it's imminent and certain, max draw my HELOC and spend most of my free time on a job search. Abandon their sinking ship.

Txsman
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Re: If you thought you were going to get laid off wwyd?

Post by Txsman » Tue Mar 20, 2018 5:24 am

Don't burn your bridges. They might hire you back on a consulting bases. As soon as you are laid off, apply for unemployment weather you get a severance package or not.

I was laid off at 60. Took my severance package and unemployment and lived off it for 2 1/2 years. My old boss called me back and asked if I wanted to come back on contract. I am now 65 and enjoying stick.....oops. working hourly as a contractor.

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burt
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Re: If you thought you were going to get laid off wwyd?

Post by burt » Tue Mar 20, 2018 5:35 am

Start looking now. Build up a good size cash reserve.
When I was in a similar situation I thought ... look for a job now or wait for the bag of money (severance) and look for a job.
I found it to be stressful being unemployed and looking for a job. The clock is ticking. Savings are being spent.
I certainly did not want to be in a position where I would take any crappy job because funds were running low.
Best to look for a job, when you have a job.

burt

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Re: If you thought you were going to get laid off wwyd?

Post by samsoes » Tue Mar 20, 2018 6:04 am

I would seriously rejoice.
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Re: If you thought you were going to get laid off wwyd?

Post by caffeinefree » Tue Mar 20, 2018 6:46 am

In January 2016, I was unexpectedly laid off, but was given a 3-month "grace period" to look for a new job while I still received my paycheck (and before my 3 months of severance kicked in). Here's what I did:

1) Didn't panic.
2) E-mailed myself any personal documents that were on my work computer, as well a list of any work contacts I thought I might want after I left. Keep in mind that IT may monitor this kind of activity, and you should have good reasoning for why the data you sent yourself was not proprietary to the company.
3) Did some soul searching. I hated my job and had already been working on switching to a different career path within the company. Now that I wasn't sticking with my company, I suddenly had a lot more options to consider. I was pretty sure the problem for me was a combination of the work and the company. My easiest next step would have been to get another job in the same field, which I was an expert in and was highly sought after, but I ended up deciding that I would rather use this opportunity to make a complete career switch.
4) Polished up my resume, updated my LinkedIn profile, and got my resume out on sites like Indeed.com, Monster.com, and CareerBuilder.com. I found that the best leads came from Indeed.com, so if I were to do it over again, I don't think I would bother with Monster or CareerBuilder, but that might depend on your field.
5) Researched individual companies that might be of interest to me, visited their sites, and applied directly to jobs that I was interested in.
6) Took a solo vacation to Iceland for 2.5 weeks. :D Who knows what your new job's vacation package will look like and when you will get to take your next one?

Eventually I found a job that suited my interests and my background and my desired career switch. I took about a 10% paycut, which I expected when switching from a field where I was an expert to something I had zero experience in. Even if I hadn't had the 3 months to look for a job before the official layoff date, I don't think I would have changed what I did. I already live pretty frugally and have a large emergency fund, so I wouldn't have changed how I was saving leading up to the layoff or skipped the vacation. (It would have been a different story if it had been 2008, but the economy is pretty healthy right now, and I was/am confident in my ability to find a job.)

One thing I will note: I was forced to collect unemployment in order to receive my severance checks. I made the mistake for applying to a job that I was overqualified for and not asking what they expected to pay before they made an offer. Once they made the offer (well below what I was willing to accept), the unemployment checks ended, as did my severance checks. I did eventually get the balance of the rest of my severance, but it wasn't until 12 months after my layoff date. So don't make that stupid mistake if you're in the same boat.

If I got laid off today, I'd probably try to do 3-4 months of backpacking around Asia before finding a new job. :)

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Re: If you thought you were going to get laid off wwyd?

Post by Olemiss540 » Tue Mar 20, 2018 6:52 am

dknightd wrote:
Mon Mar 19, 2018 7:38 pm
Hillview wrote:
Mon Mar 19, 2018 6:13 pm
I laid off people who work for me today. It is yet another wave of me laying people off. I feel like my number may be coming up soon. If you were thought losing your job was something that would happen soon what would you do? Aside from obviously update linked in and resume etc. Looking for more financial ideas. Thanks!
This is part of the reason you need an emergency fund. I'd put as much as you can in it - now. If you think you might be laid off, offer to resign. It is quick way to find out if they want you or not.
What is the logic behind this? Isn't it like offering your spouse a divorce to find out off they want you or not?

If the job didn't want you there tomorrow, you would have been fired today.
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.

raisinsaregrapes
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Re: If you thought you were going to get laid off wwyd?

Post by raisinsaregrapes » Tue Mar 20, 2018 7:11 am

Plus if you resign that may affect severance/unemployment. Seems like a bad idea.

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