Have you ever been let go?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
ahmadcpa
Posts: 139
Joined: Sun Sep 23, 2012 5:58 pm

Have you ever been let go?

Post by ahmadcpa » Tue Dec 09, 2014 12:08 am

Have you ever been let go from your job, either through termination or through mass layoffs? If yes, how long did it take to get back into the game and how hard was it relative to your age?

User avatar
Leif
Posts: 2498
Joined: Wed Sep 19, 2007 4:15 pm

Re: Have you ever been let go?

Post by Leif » Tue Dec 09, 2014 12:15 am

Yes, our whole department, IT, was outsourced. I left on a Friday. I was back on Monday as a contractor.

User avatar
GerryL
Posts: 1947
Joined: Fri Sep 20, 2013 11:40 pm

Re: Have you ever been let go?

Post by GerryL » Tue Dec 09, 2014 1:57 am

I was in my 40s when I was let go from my job of 15 months. It was the first time it had ever happened to me. I probably saw the writing on the wall but, in keeping with my profession at the time, I tried to edit it. A limping economy (early 1990s) combined with my age made for a long, discouraging job search. Thought I would lose my new house (with its 10% mortgage). Worked hard to keep a positive attitude as I networked, interviewed, and looked for short-term projects. The positive attitude was difficult to maintain after the first full year of being out of work.

After 18 months I finally landed a job that paid as much as the job I lost. 21 years later: House paid off and recently (and comfortably) retired from that company.

User avatar
rpike
Posts: 476
Joined: Mon Mar 19, 2007 10:14 pm
Contact:

Re: Have you ever been let go?

Post by rpike » Tue Dec 09, 2014 5:46 am

4 times in my 40s:
  • The 1st time I was at a job paying ~6% more at a startup in 1 month. It lasted for 1 year before the company went into a death spiral with job cuts every quarter until the company was eventually sold for the technology. Some people were kept around for 1 year to transition the work overseas.
  • The 2nd time it took ~2 years to find a job that paid 15% less (another startup that then gave no raises during my tenure). That job lasted 3 years until an acquisition and new manager eliminated every pre-existing US-based member of the group who had not already fled. A manager of another group wanted to take me, but was blocked by a hiring freeze. The entire group (both domestic and off-shore) was eventually eliminated although its work was not.
  • The 3rd time I was at a another startup within 3 months at a job that paid ~15% more and was in the 1st year of what was supposed to be a 2 year funding commitment from its backers, but the entire company ceased operations 1 week before Christmas after I was there for 4 months.
  • The 4th time I went back to work for the manager at the previous company (no longer a startup) who had been blocked by the hiring freeze, but it took 3 months to get my hiring through the corporate red tape. I have been there now for 6+ years through multiple corporate transitions (a split, a manager change, an acqusition, another split, and another acquisition).

ny_rn
Posts: 415
Joined: Sun May 11, 2014 7:09 am

Re: Have you ever been let go?

Post by ny_rn » Tue Dec 09, 2014 6:37 am

Never. I worked at an ad agency and saw a lot of layoffs ~ 2008/2009. I vowed at that point to do everything possible to be prepared for that if it happens to me later in life.

lululu
Posts: 1378
Joined: Thu Apr 10, 2014 4:23 pm

Re: Have you ever been let go?

Post by lululu » Tue Dec 09, 2014 7:15 am

I was laid off several times when the company was going down the tubes. I was hired by another group in the company each time before the last, and then a year or so later that group was laid off. I never did find a decent job after that final one, and finally retired. I was in my fifties.

User avatar
packet
Posts: 796
Joined: Sun Nov 23, 2014 11:23 am
Location: The pub

Re: Have you ever been let go?

Post by packet » Tue Dec 09, 2014 7:31 am

Kinda.

I work in IT. I was at a manufacturing plant for a very large company. This individual plant was sold... that's when i started my emergency fund! before the plant closed, i got another position in the company. A year later our company was taken over by a bigger one... 2 years after that i was just about to be let go (they were very transparent about it the entire time) but i found another job and jumped. They were good enough to let me go the 3 weeks prior to termination while still giving me a generous severance. Left on a Friday, started on Monday.

Now with the emergency fund, a severance, and a new job i was able to max out my new 403b and IRAs for the next several years, plus develop some good financial habits. Not to mention rolling my old 401k into a Vanguard IRA and beginning my adventure towards Boglehead-dom.

You could say the bouncing around for a couple years was the best thing, financially, that ever happened to me!

Good luck,
Cheers,
Packet
First round’s on me.

User avatar
obgyn65
Posts: 770
Joined: Sun May 06, 2012 9:11 am

Re: Have you ever been let go?

Post by obgyn65 » Tue Dec 09, 2014 7:49 am

My answer to the OP's question is no.
"The two most important days in someone's life are the day that they are born and the day they discover why." -John Maxwell

User avatar
nisiprius
Advisory Board
Posts: 37048
Joined: Thu Jul 26, 2007 9:33 am
Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

Re: Have you ever been let go?

Post by nisiprius » Tue Dec 09, 2014 8:02 am

Twice. It felt awful, the shock to my self-esteem was very difficult.

The stupidest remark, and one that always made me angry, was whenever someone would say that there was "no longer any stigma to being laid off." It wasn't about stigma, it was about money. Try telling your daughter that you've been laid off when she is in her senior year of high school. "Oh, don't feel bad, there's no stigma to it." And she's wondering if your being laid off means she isn't going to college.

The first time, I was in my mid-forties. It was a mass layoff of about 40% of all of R&D from a then-Fortune-500 company, which proceeded to collapse with stunning speed. I felt somewhat better about myself when I saw who else was in the outplacement center. Technically there was no severance package, but pursuant to law the company gave 60 days notice of the layoff--and instructed everyone affected that they did not need to report for work after receiving notice. (Actually it would have been hard since we were escorted out of the building with our personal belongings in cardboard boxes). (You could always tell the day before a layoff because there would be stacks of flat cardboard boxes on pallets in the hallway adjacent to the elevators). (On the day of a layoff, riding the elevators you could always tell which floors were being hit because when the doors opened you could smell armpit odor coming from the entire floor).

At that time, I regularly got calls from headhunters and the one I signed up with got me a steady stream of interviews but no bites. However, before the sixty days were up, I located my own job--I believe it was through a want ad but don't remember--in a tiny startup. That only lasted two years but it was the most fun I've ever had in a job.

The second time was in 2008-2009. I was already semiretired, which made me an obvious candidate. I didn't feel too upset about it because (a) my employer's sales had just fallen by 70% so it was pretty understandable, and (b) I was old enough to claim Social Security. I went five months without getting a single interview, and what made me mad was that in that whole time there was only one single company that had the common courtesy to send me a rejection letter. I attended a number of jobseeking seminars and I can tell you that there was a lot of white hair in the room. The people I really felt sorry for were people who had gotten their first job at an entry level in their twenties, had proceeded to work for thirty years with one employers, no experience in jobseeking outside their own company... and whose skills were tied to the specifics of the internal procedures at that employer.

Just as I was reaching the end of my unemployment benefits, I filed for Social Security--and immediately after filing, I received an email from a former colleague at my former employee with the subject line "A job is looking for you," telling me about an opening at a startup. Turned out to be just fabulous--my first experience as an "independent contractor" and learning to file tax schedules C-EZ and Schedule SE.

I don't have any particular words of wisdom except:

--Getting laid off really sucks, and I mean it really sucks. Well-meaning friends may tell you "Oh, don't worry, you'll be able to find a new job quickly" but they aren't the ones who have to look for one. You can have the most supportive family in the world, you can be middle class with marketable skills and a good interview suit and a reliable car and it still sucks.

--Do read What Color Is Your Parachute? if you haven't already, everyone expects you to have read it.

--I have had six jobs, and I have gotten them in every way it is possible to get a job, including: placing a "Positions Wanted" ad (really!); through a headhunter; systematically sending out resumes and cover letters responding to job opening announcements; having a friend tip me off about an opening (classic "What Color Is Your Parachute"). Try everything.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

VirginiaBob
Posts: 94
Joined: Wed Nov 12, 2014 9:04 am

Re: Have you ever been let go?

Post by VirginiaBob » Tue Dec 09, 2014 8:19 am

Haven't been let go, but had a hard time getting my first real job. Job market was crappy and took me over a year. Now if I was let go, I don't even know if I would ever go back to work. I'd probably chalk it up as, "good thing I planned well so that I really don't need to work anyways".

Crow Hunter
Posts: 895
Joined: Wed Jun 27, 2012 12:05 pm

Re: Have you ever been let go?

Post by Crow Hunter » Tue Dec 09, 2014 8:33 am

I got "fired" from Electronics Boutique when I was in college.

They claimed that I "stole" $5 and asked me to resign. I didn't steal anything. I am dyslexic with numbers at times and I am pretty sure I entered something wrong on a return and gave someone back more money than I was supposed to but I am not sure. I was never told exactly what happened. I was one of 4 or 5 different associates that were fired for "stealing".

After 6 months or so I heard from a friend that the manager of the store was fired for embezzling/stealing. I assume was getting caught and associates for it.

Other than that I have never been fired/laid off, thankfully.

swong6
Posts: 16
Joined: Fri Nov 21, 2014 10:08 am

Re: Have you ever been let go?

Post by swong6 » Tue Dec 09, 2014 8:38 am

I was downsized out of a job after almost completing 37 years of service to this one copier corporation. Hired on with them in the early 70's right after leaving the service. Kind of hard finding re-employment having only worked for 1 corporation all my life exacerbated by the fact I was over 60 years of age when this occurred. This was in early 2011. Prior to my IRIF (involuntary retirement in force) this major copier corporation underwent multiple scandals with senior staff cooking the books along with misspent money on more acquisitions than you could shake a stick at. I was lucky having hired on in the early 70's when we were all blessed with a traditional pension plan. Haven't worked since 2011 and presently retired. Monthly pension after taxes "almost" covers all my annual living expenses. Haven't tapped into SS as yet since I like the part where the payout increases 6% risk free for each year I delay taking SS. I'm fortunate as some of my work associates weren't neither eligible for a company pension nor retiree health/dental insurance. This major copier corporation is still in business however has not made their revenue gates in over 10 years and constantly gets downgraded by all the financial analysts. Present CEO appears to be a carbon copy of all her predecessors....mean spirited, over compensated but more importantly uncaring.

User avatar
Rob5TCP
Posts: 3180
Joined: Tue Jun 05, 2007 7:34 pm
Location: New York, NY

Re: Have you ever been let go?

Post by Rob5TCP » Tue Dec 09, 2014 8:49 am

Boy have I ever been let go. Virtually ever job I ever had (prior to starting my own company 25 years ago).

1. Project cancelled - let go
2. Fired the first day (Control data - I laughed when my supervisor said my light blue shirt was a bit loud - and my tie) == actually 2 hours into the job.
3. & 4. Two start-ups that didn't make it past 3 months.
5. Where the owner and I didn't get along from day 1; I quit after a week.
6. Stayed on the last job for 4 years -- he cheated me out of 10's of thousands in commissions; I left with all the clients.

Not having a family to help support helped = also having family in business I could work for and also put on my resume to account
for gaps in employment (can't list all the places fired from).

I probably am incapable of working for someone else; and I don't expect to ever have that need.
I was lucky, had my own business by the time I was 30.
Last edited by Rob5TCP on Tue Dec 09, 2014 12:17 pm, edited 1 time in total.

User avatar
Mrs.Feeley
Posts: 823
Joined: Sat Nov 12, 2011 2:52 am

Re: Have you ever been let go?

Post by Mrs.Feeley » Tue Dec 09, 2014 8:50 am

Someone fired Nisiprius?! :shock:

The first time I was, ahem, let go I was working for a publishing house. I was editing a manuscript in which the author advocated assassinating those who don't agree with you politically. I edited that out. In the angry letter from the company owner with which my employment was terminated it was also pointed out that I had questioned whether the author's exhortation to his readers to spray-paint their political views on public buildings because it was perfectly legal was in fact legal and this was further evidence of my not being sympathetic to the author.

I cried for two days. Until someone slapped me upside the head.

DoWahDaddy
Posts: 290
Joined: Sat Jul 02, 2011 9:32 am

Re: Have you ever been let go?

Post by DoWahDaddy » Tue Dec 09, 2014 8:51 am

Once in my 30s, and it took about six months to get another job. As a result, I maintain one year's worth of expenses in an emergency fund. I sleep well.

Once it happened, I decided that looking for a job was going to be my full-time job. I had no illusions that it would be an easy road back, or that I should take time off and a job will be waiting for me when I was ready. I wanted to know every job out there at all times. Take that tack, work the phones/email/internet all morning and afternoon, lean on a significant other for moral support if you are so lucky, and all will be fine. Once you land that job, it'll feel like time off, because having nothing and then having something is a wonderful feeling.

Good luck.
Me: 75/25 stocks/bonds | Son: 45/45/10 matchbox/hotwheels/thomas & friends

Gary Guss
Posts: 100
Joined: Sun Jan 05, 2014 11:44 am

Re: Have you ever been let go?

Post by Gary Guss » Tue Dec 09, 2014 9:02 am

Yup, twice ... It was nerve wracking but ultimately both times it turned into a good thing. I guess I don't play well with others or something. The first time, I changed careers from manufacturing supervision to sales and it was a little scary but apparently I'm a pretty good salesperson,. The second time I was downsized and got hired by a competitor which actually was a lot of fun and poetic revenge (had a boss at the first place who was an idiot and felt threatened by me). Really not all that bad as the industry I was in (magazine printing) was contracting at about 30% a year. Got rehired mostly by networking, although I have an active LinkedIn profile and regularly get calls from headhunters. Applying for jobs on-line was also sort of productive got 2 job offers at once although I didn't take either of them. I would recommend trying sales if you have the personality for it, great way to make a living and lots of personal freedom, I sold consumables so you get to call on the same people a lot, this is great because after a while you become friends with them and its an enjoyable way to spend your days. If you promptly take care of problems and try to actually help your customers, you will be fine. Don't know about selling stuff like aluminum siding or bathroom remodels, that's a lot tougher way to make a living.

vested1
Posts: 1610
Joined: Wed Jan 04, 2012 4:20 pm

Re: Have you ever been let go?

Post by vested1 » Tue Dec 09, 2014 9:07 am

I was laid off right before Christmas in 2011 at age 59.5 due to a minor spat with a manager's girlfriend who had been promoted because of skills not related to the job, and who enjoyed the role of resident harpy. Luckily I had already retired once from a mega-corp nearly 3 years earlier after 31 years of employment with them and had sufficient savings in an emergency fund and substantial retirement savings. The best decision I ever made was to follow through with a planned trip with my wife to Hawaii during my 6 month layoff, which put things in perspective and helped me realize what was more important in life. The near death of my brother due to a serious illness also contributed to my current attitude.

After the usual rounds of job applications with no interviews in 6 months the company that laid me off called me back at a 25% reduction in pay, claiming financial problems, and promising that the pay rate was temporary. My vacation accrual reverted to 1 week, which is that of a new hire with no credit for my previous 2 years of employment with them. Fast forward 2.5 years with no raise and nearly constant promises of advancement with a substantial pay increase, and my faith in their integrity is non-existent. The praise that is heaped on me for the quality of my work rings hollow somehow.

Just last night I was told that a far less qualified engineer is getting the big promotion that the two of us had been up for. I'm sure it's pure coincidence that he is 20 years younger than me. When I retire next year they will get zero notice and a possible telling but honest review on Glass Door, and although I'm not the vindictive sort, I may make an exception in this case.

fh2000
Posts: 92
Joined: Thu Sep 02, 2010 7:18 pm

Re: Have you ever been let go?

Post by fh2000 » Tue Dec 09, 2014 9:56 am

DW and I worked the same number of years in IT: 27.

We both experienced 2 lay-offs and received severance and unemployment. We found new employment each time before our severance ran out. Now, we are planning on retirement. We both hope to be laid off again though that does not look like easy to get this time.

User avatar
cfs
Posts: 4154
Joined: Fri Feb 23, 2007 1:22 am
Location: ~ Mi Propio Camino ~

Re: Have you ever been let go?

Post by cfs » Tue Dec 09, 2014 10:02 am

Good question.

Thanks Shipmate Ahmadcpa for asking the good question. The answer is YES, in my early 20s from a dead-ended job, and it was the best thing that happened in my 20s--I joined the military for a successful career and the rest is history. You have a Merry Christmas.
~ Member of the Active Retired Force since 2014 ~

User avatar
zed
Posts: 336
Joined: Wed Jan 07, 2009 3:01 pm
Location: A river runs thru it

Re: Have you ever been let go?

Post by zed » Tue Dec 09, 2014 10:03 am

In the early 80s I was struggling to find my first "real" IT job. To support myself I took a job working at a Hudson gas station in south Phoenix. After a month I was fired for "stealing" because the day-end tallies keep coming up short. Too many drive offs and scammers who would argue that the pumps were wrong - for some odd reason the gas was metered in liters not gallons. I found out some time later that an attendant was stabbed in a robbery attempt.

I'm retired now post 30+ successful years in IT were I wore a lot of different hats. Believe me, getting canned sucks but it's not the worse thing that can happen to you.

Rattlesnake
Posts: 163
Joined: Mon Dec 22, 2008 4:43 pm
Location: Michigan

Re: Have you ever been let go?

Post by Rattlesnake » Tue Dec 09, 2014 10:05 am

I remember 1 time back in the day I got recruited to move to another company and when I went in to tell my boss I was leaving in 2 weeks and offered to work with someone to transition my work he got all red in the face and said I was done.... He ended up working for me a couple years later....
9th Infantry Division LRRP (Ranger) | 1968-69

User avatar
zed
Posts: 336
Joined: Wed Jan 07, 2009 3:01 pm
Location: A river runs thru it

Re: Have you ever been let go?

Post by zed » Tue Dec 09, 2014 10:35 am

After the gas station gig landed a job making delivers for a series of women's high fashion boutiques. Working the back room at the fashion shows, having half clad, ahem, frenzied older women screaming at you "Zed, where did you put my dress?". You get used to the pressure :) I loved that job.

Got canned when I returned the van one afternoon with a big scrape down the drivers side. I'm legally blind in my left eye. They didn't ask, I didn't tell.

I'm retired now post 30+ successful years in IT were I wore a lot of different hats. Believe me, getting canned from a position in your chosen vocation sucks but it's not the worse thing that can happen to you.

investingdad
Posts: 1439
Joined: Fri Mar 15, 2013 10:41 pm

Re: Have you ever been let go?

Post by investingdad » Tue Dec 09, 2014 10:58 am

Yes, about 8 years ago. I knew it was likely but hadn't prepared myself mentally for it. Our division was being prepped for sale after the parent company was bought by a rival. It did not feel good. However, I found another job before severance ran out.

And I fully expect to be let go next month. I'm now in my 40s and even though I've prepared myself mentally, it's still going to be a massive shot to the self esteem. My current employer had a major management overhaul over the summer. A lot of people have been let go already (not sure how many, hundreds at least). Our group hasn't been hit yet because we're central to the organization, but the reality is that we're over-staffed. I started the interview process in earnest a couple of months ago. I've had a few nibbles of interest but nothing solid yet. If an offer comes along before I'm let go, it will be a tough decision to resign. One, because there's that chance I won't be affected and two, because I'd be giving up 4 months of severance. My wife was let go a couple of years ago and she had another job line up before her unemployment application stuff even went through. She got a huge double dip on severance and new employer salary. I'd love to pull that one off.

In the end, however, rather that roll the dice on lightning striking twice...if I get an offer before the pink slip comes my way, I'll probably take it. Unfortunately it probably won't be at my current salary. But my wife earns as much as I do so even if I had to take a 20% trim, combined we're still OK.

I'll keep you posted. :sharebeer

Mr. Digweed
Posts: 108
Joined: Fri Apr 04, 2014 11:22 am

Re: Have you ever been let go?

Post by Mr. Digweed » Tue Dec 09, 2014 11:05 am

"Been let go" from summer seasonal jobs.

It was to be expected, as I chose those summer jobs (with the National Park Service) in Alaska that were only for the summer months.

Then I'd work in ski resorts for the winter.

Being let go is hard, but particularly so with debt to pay. Fortunately for me I had no debt when going from season to season, job to job, from the Lower 48 to Alaska.

Like an itinerant migrant with only his satchel.

User avatar
Ged
Posts: 3632
Joined: Mon May 13, 2013 1:48 pm
Location: Roke

Re: Have you ever been let go?

Post by Ged » Tue Dec 09, 2014 11:19 am

Three times.

The first time was after 22 years in a job that would qualify as an Icelandic Saga. Basically the head of the company decided to get rid of everyone over or near age 50. He actually said this in a public statement. Fortunately I was fairly high up and it was a French company so I got a year's plus worth of severance. Thus it wasn't worth suing. I used the time to great effect, did some travel and built up my software development skills enough to get a software job. That was the worst because I'd had a lot of my personal self invested in that job, my kids were in college etc.

The second time the company I was working for imploded. This was a small operation in which the owners had a falling out and decided to sue each other. The company was taken into bankruptcy during this process.

The third time my employer got into financial trouble, was sued for patent infringement and could not meet payroll. 90% layoff. In a couple of months it was sold to a competitor and the remnants were eventually laid off as soon as the technology was transferred.

User avatar
SpringMan
Posts: 5369
Joined: Wed Mar 21, 2007 11:32 am
Location: Michigan

Re: Have you ever been let go?

Post by SpringMan » Tue Dec 09, 2014 11:45 am

Let go three times in my 36 year career. First was 1971 from Fisher Body Division of GM. It was less than a couple weeks and I was picked up by GM Styling (later called GM Design Staff). Second time was 1981, I was laid off from GM Design Staff while I was on loan to GM Fisher Body. I had an offer for a contractor job staying at the same Fisher Body job I was on loan to. Accepted the contract job but had a month off before I started back to work. After 3 months contract, I was hired back direct by Fisher body. My seniority was bridged but new job paid 10% less, job title changed from Sr. Systems Engineer to Sr. Analyst. Within a year or so my pay rate caught up again. In 1999, I accepted an early retirement option from EDS. GM had purchased EDS in 1984 and I found myself working for EDS starting in 1985. I was fortunate in 1999 to keep working at the same job I had at EDS but with a new company, Compuware Corp. That job lasted until 2004 at which time I was let go at age 57, collected unemployment for 6 months and then retired for good.
Last edited by SpringMan on Tue Dec 09, 2014 2:22 pm, edited 1 time in total.
Best Wishes, SpringMan

KyleAAA
Posts: 6799
Joined: Wed Jul 01, 2009 5:35 pm
Contact:

Re: Have you ever been let go?

Post by KyleAAA » Tue Dec 09, 2014 11:49 am

Was laid off in late 2008. Fortunately, I had another job at significantly higher pay within a few weeks. In retrospect, I should have taken a lot more time off but it seemed like the sky was falling for a while and I didn't want to take the risk of turning down a job offer.

User avatar
tennisplyr
Posts: 1889
Joined: Tue Jan 28, 2014 1:53 pm
Location: Sarasota, FL

Re: Have you ever been let go?

Post by tennisplyr » Tue Dec 09, 2014 11:51 am

Hasn't everyone. Been terminated at least 3 times that I can recall....once in my late fifties. I typically look on the bright side and moved on to bigger and better things once the initial shock wore off. Let go
of it and press on :D
Last edited by tennisplyr on Tue Dec 09, 2014 11:57 am, edited 1 time in total.
Those who move forward with a happy spirit will find that things always work out.

hicabob
Posts: 2720
Joined: Fri May 27, 2011 5:35 pm
Location: cruz

Re: Have you ever been let go?

Post by hicabob » Tue Dec 09, 2014 11:55 am

Just once when the place I was working for moved engineering off-shore. I had 6 months notice then a year of severance pay and was turning 50yo, which is an old man for a software engineer. Not wanting to go back to cubicle life in Silicon Valley I started a small biz directly competing with my old employer, worked harder than I ever had before and made way more $$$ than ever before then sold it for more than "enough". Financially it ended up being the best thing that ever happened to me.

Van
Posts: 576
Joined: Wed Oct 27, 2010 9:24 am

Re: Have you ever been let go?

Post by Van » Tue Dec 09, 2014 12:18 pm

Yep, from my very first job.

I got my first job the summer between my freshman and sophomore years in high school. It was sorting returned empty bottles at a Pepsi bottling company. Besides Pepsi, the company also bottled BubbleUP and various other soft drinks. As the various types of bottles used for each drink came back to the company all mixed together, some low level people had to sort them prior to washing and refilling.

The pay was excellent at $1.00/hour; we worked about 60 hours per week. So, the money was really big, I was happy, and the owner asked my to return for the next summer.

I returned, and after a few weeks I got fired. Out of sight of our supervisor, one of the kids in our work group of 6 or so yelled at the supervisor to "go ..... yourself". Although it was not me, the supervisor thought it was me.

I learned right then and there that life is not always fair.

maroon
Posts: 320
Joined: Tue Sep 08, 2009 11:59 pm

Re: Have you ever been let go?

Post by maroon » Tue Dec 09, 2014 12:25 pm

Once I quit a job and was hired back a few weeks later as a contractor. Later the company hired me back as a full-time employee - same job, just with better pay and an assistant. A while later I was let go because the assistant was taking over the job. I'm pretty sure they had hired me back just to train this person, but I didn't realize it at the time...!
Last edited by maroon on Tue Dec 09, 2014 5:04 pm, edited 1 time in total.

flyingaway
Posts: 1921
Joined: Fri Jan 17, 2014 10:19 am

Re: Have you ever been let go?

Post by flyingaway » Tue Dec 09, 2014 12:38 pm

I have never been let go, but left my previous job voluntarily to pursue a higher degree.

DVMResident
Posts: 1259
Joined: Mon Aug 01, 2011 8:15 pm

Re: Have you ever been let go?

Post by DVMResident » Tue Dec 09, 2014 12:59 pm

Was a grad student rotating (the grad school equivalent of a working interview) through in an academic labs. Asked to join the lab and PI liked me and agreed.
Next quarter, our big grant (R01) was unexpectedly cut 20%, falling below the department rules of funding:number of grad students. Last one hired, first one fired.
Only 'lost' a quarter, but it really was a moment of panic and uncertainty and ultimately changed the direction of my life. Luckily, it worked out really well joining a better lab focusing on 'in-demand' field and got several rapid publications that resulted in an accelerated graduation.

User avatar
FelixTheCat
Posts: 1488
Joined: Sat Sep 24, 2011 12:39 am

Re: Have you ever been let go?

Post by FelixTheCat » Tue Dec 09, 2014 1:12 pm

First time was in 1992 when the company was going under. They laid off 80% of the IT staff. I was back to work within six weeks. Second time was in 2013 due to company laid offs again. I was back to work within two+ weeks.

The best thing you can do is keep your skills current, contacts up-to-date on LinkedIn and have an emergency fund. Willingness to move to where the jobs are located is beneficial too.
Last edited by FelixTheCat on Tue Dec 09, 2014 1:25 pm, edited 1 time in total.
Felix is a wonderful, wonderful cat.

Ninegrams
Posts: 557
Joined: Sun Aug 17, 2014 6:12 pm

Re: Have you ever been let go?

Post by Ninegrams » Tue Dec 09, 2014 1:21 pm

I was laid off( 30ish ) three times( tech industry) in the space of one year ( recession of 1990-91 ) and going through a divorce as well, very tough times and probably the low point in my life to date. I had a little money saved but it was very worrying. I was fortunate in getting a job with a dynamic outfit and caught the wave that became the "Internet", but ten years later I was out on my butt again( a much more brutal job in 2001+), although this time in a vastly better position to ride it out. I eventually just chucked it and retired early. I don't think I would enjoy working in today's tech industry.

killjoy2012
Posts: 1057
Joined: Wed Sep 26, 2012 5:30 pm

Re: Have you ever been let go?

Post by killjoy2012 » Tue Dec 09, 2014 2:01 pm

Anyone notice the IT theme here? We should point all of the "my friend is thinking about getting a BS in CS degree" posts here!

I also work in IT and have been laid off once - Dec 2008. I was in my mid-30's if it matters.

I started with a Fortune 20 company right out of college and quickly built a solid reputation for expertise & delivering. I soon became a golden child (hi-pot) in the IT dept, promoted 3x in 4 years, excellent annual reviews every year, became a first line people manager at fairly young age and excelled at leading a technical team. Then came 2006, the business unit I was in was heavily invested in the mortgage industry, senior leadership of the parent company saw the mortgage bubble about ready to burst, and our business unit was sold to a NYC venture capital firm. Between the impending financial sector collapse in 2008, as well as the new owners thinking they could "trim the fat" of the old timers (they brought in their own new leaders, of course), about 50% of the IT staff was laid off in Dec 2008. It was pretty obvious looking at who got cut that they likely lined people up by salary (esp focusing on people with over 2 years seniority) and chopped the top 50%- regardless of performance, delivery, annual reviews, etc. Most of the people that survived were the quiet, make no waves, ask no questions, show no leadership types. I saw this as likely coming about a year in advance, but there was nothing I could do about it -- who was hiring in 2008?

Luckily I work in a hot area of IT and wasn't too worried about finding another job - it was more a question of whether I'd have to move cities vs. the local job prospects during a very down time for the US economy & locally. Upon being laid off, I immediately booked a 4 week vacation with a friend co-worker who was also let go.... spent 2 weeks in Egypt and 2 weeks in Spain. Money was not an issue between savings, EF and severance. In hindsight, I wish I would have have taken an 8 or 10 week trip vs. just the 4 weeks... as I'm now back in IT work-life balance hell. But that's also easy to say in hindsight.

I was off a total of 12 months, but I didn't even start looking for work until month 7. Month 7 & 8 were filled with a lot of job offers either making much less than I was, or required moving to the other side of the country. I kept shopping, month 10 I was contacted by current employer, very similar comp package, no moving required & I started work there 2 months later (big company processes) and have been here 5 years.

chaz
Posts: 13601
Joined: Tue Feb 27, 2007 2:44 pm

Re: Have you ever been let go?

Post by chaz » Tue Dec 09, 2014 2:11 pm

obgyn65 wrote:My answer to the OP's question is no.
Ditto.
Chaz | | “Money is better than poverty, if only for financial reasons." Woody Allen | | http://www.bogleheads.org/wiki/index.php/Main_Page

User avatar
DonCamillo
Posts: 1014
Joined: Tue Nov 26, 2013 10:27 pm
Location: Northern New Jersey

Re: Have you ever been let go?

Post by DonCamillo » Tue Dec 09, 2014 2:25 pm

I lost my job unexpectedly and suddenly on my wife's birthday in my forties. That sure put a damper on the party! Was unemployed for five weeks, got a job as a consultant, was hired by the megacorp I was consulting for a few months later. My sons remember the seven months I was a consultant as a kind of golden age. I was making more money than I had ever earned before, had more free time, and we did a lot of things together, like out of town triathlons where we stayed in a hotel.

I was in a church social group of about 30 couples where all of us had children in elementary school at the same time. We have continued to socialize with each other for the past 30 years. It was in an upper middle class community, with most of us employed by large corporations as managers or executives, mostly in finance or IT. In our late forties and fifties, nearly every man in our group and about one third of the women were laid off at least once, several twice and a few three times. Most of us had little trouble getting new jobs. We usually had good degrees from name colleges and solid professional work experience at major employers. Our group is now sorely diminished. A handful of the men have died. Most of the families moved away from New Jersey's outrageous taxes soon after retirement. I am the only one still working as I approach 70, and I plan to work a few more years.
Les vieillards aiment à donner de bons préceptes, pour se consoler de n'être plus en état de donner de mauvais exemples. | (François, duc de La Rochefoucauld, maxim 93)

wxz76
Posts: 78
Joined: Sat Jun 09, 2012 1:10 pm

Re: Have you ever been let go?

Post by wxz76 » Tue Dec 09, 2014 2:33 pm

Yes, also in IT and in my early 30's. I was on the bench for almost a year so I knew it was coming. After getting lay off went to Vegas the next day, had couple of offers right away but took a month off anyway.

User avatar
simplesimon
Posts: 3198
Joined: Mon Feb 25, 2008 8:53 pm
Location: Boston, MA

Re: Have you ever been let go?

Post by simplesimon » Tue Dec 09, 2014 2:40 pm

29 years old, five weeks of true unemployment with an additional two weeks between signing the new offer and the official start date.

It felt very bad at the time, but I landed in a role that was essentially a promotion - better pay, better hours, better company, better people. I reached out to my network and got connected with someone within a couple weeks and had an interview a week after. I worked very hard to find another job, but I also consider myself very lucky.

FuzzyButtons
Posts: 24
Joined: Fri Dec 05, 2014 12:28 pm

Re: Have you ever been let go?

Post by FuzzyButtons » Tue Dec 09, 2014 2:50 pm

Laid off three times in two years from 2010-2011. Had 15 years at the first company when a new CEO did the first round of layoffs, from which I was spared. That was an eye-opener. I looked at my savings and figured I had enough to last about 45 minutes. I honestly did not realize I'd been living paycheck-to-paycheck until then. Fortunately I lasted through a year of continuing downsizing before I was finally let go, and I used that time to build up an emergency stash.

Both jobs after that lasted about six months. A startup that folded, and then a small company that got bought out. Each time it took about 3 months to find a new job, though I didn't look very hard for the first month or so. After all that I was then rehired at my original employer. Original CEO back in place, rehiring many of the experienced people who had been let go. A good work environment, more money, and a promotion. Lucky.

Interestingly enough, I did not bother to rollover my 401(k) when i was gone. So as a result, I am now back to contributing to the same one. Missed opportunity there. I wasn't paying good attention to my long term finances and just let it sit. Fortunately we have a fairly good plan with enough low cost options to assemble a Boglehead portfolio.

The whole experience is what led me to researching FI, which in turn led me here. I'm in my mid-40s now. Lots of my coworkers who were above 50 had a much more difficult time finding a new job in my technical field. I don't want to be in that position if a new round of layoffs happens to me at that age. So I'm currently working on a 10 year plan to reach FI by 55. I might continuing working at the same place even after I get there - but I want that option to be on my terms, not the company's terms.

Never count on any employer to look out for your interests.

User avatar
midareff
Posts: 5849
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Have you ever been let go?

Post by midareff » Tue Dec 09, 2014 2:58 pm

I was about 33 when I was let go from the company I had been with for just about 11 years. The company had been sold and all management was summarily dismissed and headquarters relocated. I had a mortgage, a wife and baby and very little savings. It was traumatic. I decided to find a similar job in local government since governments don't get sold or move away. As traumatic as it was then it was a blessing in disguise ... now 66 and retired with a solid pension.

placeholder
Posts: 3958
Joined: Tue Aug 06, 2013 12:43 pm

Re: Have you ever been let go?

Post by placeholder » Tue Dec 09, 2014 2:58 pm

I never have and I have only had one "adult" job working at the same company for 30+ years.

Nyc1967
Posts: 160
Joined: Thu Feb 20, 2014 8:11 am

Re: Have you ever been let go?

Post by Nyc1967 » Tue Dec 09, 2014 3:17 pm

My husband is currently unemployed :( well i should not say that -- he is doing contracting work - 1099 self employment since he was let go from his job of 22 years in May. I posted here then - he was actually fired because of 1 customer complaint - we are waiting for an arbitration date. Very scary position to be in - though i should be blessed that we have an emergency fund - received unemployment and my husband is pretty busy with work BUT i need security and a regular salary to feel secure. We have two kids 14 and 12 so its stressful for all...

Job hunting is pretty hard these days - as its all on the computer - my husband is in the telecommunications field/IT work

Any tips for job hunting i'd love to hear - very hard to be supportive when you are so afraid...

User avatar
FelixTheCat
Posts: 1488
Joined: Sat Sep 24, 2011 12:39 am

Re: Have you ever been let go?

Post by FelixTheCat » Tue Dec 09, 2014 3:50 pm

Nyc1967 wrote:My husband is currently unemployed :( well i should not say that -- he is doing contracting work - 1099 self employment since he was let go from his job of 22 years in May. I posted here then - he was actually fired because of 1 customer complaint - we are waiting for an arbitration date. Very scary position to be in - though i should be blessed that we have an emergency fund - received unemployment and my husband is pretty busy with work BUT i need security and a regular salary to feel secure. We have two kids 14 and 12 so its stressful for all...

Job hunting is pretty hard these days - as its all on the computer - my husband is in the telecommunications field/IT work

Any tips for job hunting i'd love to hear - very hard to be supportive when you are so afraid...
You can make a career it IT being a regular employee, consultant or have your own business. It appears he is doing fine. Are you employed with a regular salary? If not, maybe this will help you feel secure.

Tips for job hunting. 1) Attend user groups in your career. 2) Keep your contacts on LinkedIn. 3) Put your resume out there on Monster, Dice, etc. 4) Give your resume to head hunters.


What are you hoping for in arbitration?
Felix is a wonderful, wonderful cat.

jstrazzere
Posts: 260
Joined: Tue Feb 18, 2014 4:19 pm

Re: Have you ever been let go?

Post by jstrazzere » Tue Dec 09, 2014 3:55 pm

ahmadcpa wrote:Have you ever been let go from your job, either through termination or through mass layoffs? If yes, how long did it take to get back into the game and how hard was it relative to your age?
Yes. Laid off twice.

One time I had a job the next week. No big deal.
The other time took 10 weeks. That one was tough. I could have enjoyed a summer off if I wasn't working so hard to find a job.

That was a long time ago. Times have changed. Past results are no guarantee of future performance. Your mileage may vary. Do not fold, spindle or mutilate. Lather, rinse, repeat.
Last edited by jstrazzere on Tue Dec 09, 2014 3:56 pm, edited 1 time in total.

lululu
Posts: 1378
Joined: Thu Apr 10, 2014 4:23 pm

Re: Have you ever been let go?

Post by lululu » Tue Dec 09, 2014 3:55 pm

imgritz wrote:
Nyc1967 wrote:My husband is currently unemployed :( well i should not say that -- he is doing contracting work - 1099 self employment since he was let go from his job of 22 years in May. I posted here then - he was actually fired because of 1 customer complaint - we are waiting for an arbitration date. Very scary position to be in - though i should be blessed that we have an emergency fund - received unemployment and my husband is pretty busy with work BUT i need security and a regular salary to feel secure. We have two kids 14 and 12 so its stressful for all...

Job hunting is pretty hard these days - as its all on the computer - my husband is in the telecommunications field/IT work

Any tips for job hunting i'd love to hear - very hard to be supportive when you are so afraid...
You can make a career it IT being a regular employee, consultant or have your own business. It appears he is doing fine. Are you employed with a regular salary? If not, maybe this will help you feel secure.

Tips for job hunting. 1) Attend user groups in your career. 2) Keep your contacts on LinkedIn. 3) Put your resume out there on Monster, Dice, etc. 4) Give your resume to head hunters.


What are you hoping for in arbitration?
+1 to that, esp. finding a job yourself. The kids are old enough. Any steady money coming in will help psychologically also. Network like crazy for jobs for both yourself and your husband.

Easy Rhino
Posts: 3267
Joined: Sun Aug 05, 2007 11:13 am
Location: San Diego

Re: Have you ever been let go?

Post by Easy Rhino » Tue Dec 09, 2014 4:18 pm

the small company i was working for went of business when I was in my mid 20's. Was actually unemployed for over a year, fortunately I had cash savings and few responsibilities at the time.

Nyc1967
Posts: 160
Joined: Thu Feb 20, 2014 8:11 am

Re: Have you ever been let go?

Post by Nyc1967 » Tue Dec 09, 2014 5:27 pm

In arbitration we are hoping he gets his job back - even back pay - it makes sense but u never know what will happen.

I was working p/t 15 hours a week when this happened and was able to get 28 hours. I am also looking to become a paraprofessional in the school system so have been subbing 1x a week - and hoping to land a permanent position by next year. Lots of things just up in the air - I am the most routine person so this is hard for me to live day by day - but Thais is what we have to do.

And a huge factor is health insurance - we now have from the exchange - I am sure we r going to owe since we got such a big subsidy and made more that we thought... I am just stuck with thinking of all we lost -- great health insurance, 401 match - my husband had sick days vacation

Also had it planned to pay off our mortgage and put those payments away for kids college - just when I planned everything so well the rug gets pulled

User avatar
Duckie
Posts: 6061
Joined: Thu Mar 08, 2007 2:55 pm

Re: Have you ever been let go?

Post by Duckie » Tue Dec 09, 2014 5:36 pm

Yes, once. I was in sales and my boss's kid came home from college and got my job. It took about two months to get a new job (in another field). I was mid-20s and don't think my age affected anything.

Post Reply