Job loss

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TX_Man
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Job loss

Post by TX_Man » Sat May 20, 2017 5:56 am

Friday it was made pretty clear that I am likely to lose my job. I can't really go into the details. It is a rather difficult job to obtain.

My e-fund is $20000, additionally I was saving for a house and have $16000 there. I am single and live lean but have somewhat expensive rent. It feels like the world is falling apart even though it isn't. For individuals in this position what do you do?

Call_Me_Op
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Re: Job loss

Post by Call_Me_Op » Sat May 20, 2017 7:14 am

Sounds like you are young, so I would think the logical step is to start looking for another job that offers comparable income and benefits.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein

Bob-a-job
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Re: Job loss

Post by Bob-a-job » Sat May 20, 2017 7:26 am

Having lost a job when I was much younger (and with much less financial reserves) - only one thing to do, start looking!

gr7070
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Re: Job loss

Post by gr7070 » Sat May 20, 2017 7:38 am

Take solace in the fact that you have the most important aspect of personal finances, living frugally!

You also have a very nice emergency fund, and unemployment insurance, while not huge, really does help. Plus the economy is going well.

You'll be fine.

Lastly, you are still employed! It's quite odd to be warned about a layoff AIUI. If you truly think you're going to be laid off start looking now. Hard to know without being in your shoes, but you might want to ride it out.

Just about everyone losses a job in their life times. Good luck, everything will turn out OK.

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midareff
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Re: Job loss

Post by midareff » Sat May 20, 2017 7:44 am

I lost a job do to sale of a company when I was late 30's, married, baby, mortgage, almost no reserves. 1. You get some form of income flowing through any legal job.... phone sales, flippin' burgers, etc. #2. Treat it as an opportunity to do better. Get your resume together, and I suggest you do so with the help of a professional. The only purpose of a resume is to get interviews. Try and look at the entire job seeking situation as an opportunity to improve.

dcabler
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Re: Job loss

Post by dcabler » Sat May 20, 2017 7:57 am

Yep, I know what it's like. I'm in tech and have been for 33 years. And I'm about to experience the 4th one of these over that time as we've been notified that our office is closing in June.

1. Make sure you get all of the info regarding unemployment compensation. I'm guessing from your name that TX is for Texas and not Taxes. :D If so, then you're eligible for up to 26 weeks.
2. Make sure you get all of the info regarding COBRA from your employer. They have 45 days to give you the info after you're released and you have 60 days to enroll. In my case, unemployment compensation will just about cover the cost of COBRA.
3. Understand whatever severance package, etc. will be offered to you (typically N weeks per year of service + accrued vacation time + sometimes another fixed amount)
3. Understand what your expenses are and which are must have vs. discretionary.
4. Now, network and start the search process! LinkedIn, Glassdoor, ZipRecruiter, Monster, Indeed, Friends, co-workers, etc.....
5. Decide whether you want to relocate or not. In the past, what I did was to give myself X months of looking locally and only after that time had passed would I consider a relocation, but I also knew where I would/would not be willing to relocate. Your mileage will of course, vary.

Best of luck!

TX_Man
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Re: Job loss

Post by TX_Man » Sat May 20, 2017 7:59 am

Thanks for the comments everyone. Unfortunately I think some of the ideas offered may not be feasible because of the manner in which I may be dismissed. This is a potential firing, not a lay off.

MikeG62
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Re: Job loss

Post by MikeG62 » Sat May 20, 2017 8:24 am

TX_Man wrote:Thanks for the comments everyone. Unfortunately I think some of the ideas offered may not be feasible because of the manner in which I may be dismissed. This is a potential firing, not a lay off.
First, sorry to hear you are in this situation.

Any possible case for wrongful termination? Can you negotiate your severance/exit package? Are there things they need from you to ensure a smooth transition to whomever will be taking over your responsibilities? If so, you may have a little negotiating power.

Absent that, unemployment insurance and your savings should carry you until you get something else. Even if not exactly what you want, something which keeps income flowing until the right position arises is better than sitting at home depressed. As other have said, use as opportunity to think outside the box and try something new/different if finding a similar role proves difficult.

Good luck!
Real Knowledge Comes Only From Experience

TX_Man
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Re: Job loss

Post by TX_Man » Sat May 20, 2017 8:24 am

midareff wrote:I lost a job do to sale of a company when I was late 30's, married, baby, mortgage, almost no reserves. 1. You get some form of income flowing through any legal job.... phone sales, flippin' burgers, etc. #2. Treat it as an opportunity to do better. Get your resume together, and I suggest you do so with the help of a professional. The only purpose of a resume is to get interviews. Try and look at the entire job seeking situation as an opportunity to improve.
I applied for some night stocker positions at grocery stores. I worked with as a pizza delivery driver before and found that to be nice.

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KlingKlang
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Re: Job loss

Post by KlingKlang » Sat May 20, 2017 8:27 am

TX_Man wrote:Thanks for the comments everyone. Unfortunately I think many of the ideas offered may not be feasible because of the manner in which I may be dismissed. This is a potential firing, not a lay off.
In that case you should mentally prepare yourself and take the following actions:

Be cool. Do not have a meltdown, do not say anything that could possibly be considered a threat, in fact don't say much of anything without thinking about it twice. Resign yourself to the fact that once your employer has decided to terminate you there is nothing that you can say that will change their minds. If you have an exit interview do not say anything critical about the company, management, or coworkers - this is basically an 'anything that you say can be used against you' situation.

Preserve all information possible. This is especially important if everything concerning your job resides on your work computer and phone, you will lose access to these immediately. You will need names and contact information for your managers, coworkers, HR, and customers. Try to preserve any performance reviews, disciplinary memos, your benefits statement, and a copy of the company employee manual. Do NOT copy or take anything that could be considered confidential company property - project documentation, computer code, etc. Insist on being able to take any of your personal property with you. Ask about when company benefits such as health insurance terminate.

TX_Man
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Re: Job loss

Post by TX_Man » Sat May 20, 2017 8:42 am

KlingKlang wrote: In that case you should mentally prepare yourself and take the following actions:

Be cool. Do not have a meltdown, do not say anything that could possibly be considered a threat, in fact don't say much of anything without thinking about it twice. Resign yourself to the fact that once your employer has decided to terminate you there is nothing that you can say that will change their minds.

Preserve all information possible. This is especially important if everything concerning your job resides on your work computer and phone, you will lose access to these immediately. You will need names and contact information for your managers, coworkers, HR, and customers. Try to preserve any performance reviews, disciplinary memos, and a copy of the company employee manual. Do NOT copy or take anything that could be considered confidential company property - project documentation, computer code, etc. Insist on being able to take any of your personal property with you.
I've already accepted that I will likely be terminated next week. I'm trying to prepare a few statements in advance depending on what they decide. One is contingent on my termination where I apologize (I'm not trying to change their mind) and let them know how I appreciated them putting their trust in me for the position that I had and even though I disagree with their assessment that I respect their decision and will not bad-mouth the company as I do not view them in a negative light even in spite of the situation.

I don't even know how much of that I should include.

student
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Re: Job loss

Post by student » Sat May 20, 2017 8:53 am

TX_Man wrote:I've already accepted that I will likely be terminated next week. I'm trying to prepare a few statements in advance depending on what they decide. One is contingent on my termination where I apologize (I'm not trying to change their mind) and let them know how I appreciated them putting their trust in me for the position that I had and even though I disagree with their assessment that I respect their decision and will not bad-mouth the company as I do not view them in a negative light even in spite of the situation.

I don't even know how much of that I should include.
By statements, do you mean verbally or in writing? I would not recommend you put this in writing or promise anything even verbally. If you ever inadvertently comment on this that they perceive it as negative, they may use your statement against you.

TX_Man
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Re: Job loss

Post by TX_Man » Sat May 20, 2017 8:57 am

student wrote:
TX_Man wrote:I've already accepted that I will likely be terminated next week. I'm trying to prepare a few statements in advance depending on what they decide. One is contingent on my termination where I apologize (I'm not trying to change their mind) and let them know how I appreciated them putting their trust in me for the position that I had and even though I disagree with their assessment that I respect their decision and will not bad-mouth the company as I do not view them in a negative light even in spite of the situation.

I don't even know how much of that I should include.
By statements, do you mean verbally or in writing? I would not recommend you put this in writing or promise anything even verbally. If you ever inadvertently comment on this that they perceive it as negative, they may use your statement against you.
By statement I meant trying to type something up on my personal computer, solely for my practice, so I can have some idea of what to say verbally depending on the situation.

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KlingKlang
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Re: Job loss

Post by KlingKlang » Sat May 20, 2017 9:03 am

TX_Man wrote:I've already accepted that I will likely be terminated next week. I'm trying to prepare a few statements in advance depending on what they decide. One is contingent on my termination where I apologize (I'm not trying to change their mind) and let them know how I appreciated them putting their trust in me for the position that I had and even though I disagree with their assessment that I respect their decision and will not bad-mouth the company as I do not view them in a negative light even in spite of the situation.

I don't even know how much of that I should include.
You sound like a decent and fair person. At the risk of sounding harsh, that may not be the best policy at this time. I would recommend that you do not apologize for anything (other than a generic 'I'm sorry that we won't be working together anymore.') and do not discuss any of the circumstances that led to your termination. There is really no way that this can benefit you.

TX_Man
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Re: Job loss

Post by TX_Man » Sat May 20, 2017 9:05 am

KlingKlang wrote:
TX_Man wrote:I've already accepted that I will likely be terminated next week. I'm trying to prepare a few statements in advance depending on what they decide. One is contingent on my termination where I apologize (I'm not trying to change their mind) and let them know how I appreciated them putting their trust in me for the position that I had and even though I disagree with their assessment that I respect their decision and will not bad-mouth the company as I do not view them in a negative light even in spite of the situation.

I don't even know how much of that I should include.
You sound like a decent and fair person. At the risk of sounding harsh, that may not be the best policy at this time. I would recommend that you do not apologize for anything (other than a generic 'I'm sorry that we won't be working together anymore.') and do not discuss any of the circumstances that led to your termination. There is really no way that this can benefit you.
Okay, thank you. I won't have to beat myself up over coming up with something this weekend then.

Dollarsign16
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Re: Job loss

Post by Dollarsign16 » Sat May 20, 2017 9:38 am

Sorry to learn of your situation. I was let go (fired) from a management position in my mid 20's and while devastating in the moment, it probably turned out to be the best thing that ever happened to me. I used my contacts to get get a temp position in a completely different industry, which I quickly discovered suited me much better. I worked hard, got a full time position, and years later now run the department I originally temped for.

Your plans change and not every change is a bad thing. Your path may diverge but try and keep a positive attitude, don't get down on yourself and keep on keeping on.

Things have a tendency to work out. Good luck to you.
Too many people spend money they earned..to buy things they don’t want..to impress people they don’t like. –Will Rogers

gmc4h232
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Re: Job loss

Post by gmc4h232 » Sat May 20, 2017 9:47 am

Dollarsign16 wrote:while devastating in the moment, it probably turned out to be the best thing that ever happened
Too often we get comfortable in a position and just set the autopilot and mindlessly accept annual token raises and achieve no real professional growth, and before we know it, 30 yrs have passed.

Shakeups like this are sometimes the catalyst needed to effect change for the better in our lives.

Definitely been there, and networking with real people is the only job hunting tool that works.

dcabler
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Re: Job loss

Post by dcabler » Sun May 21, 2017 5:40 am

TX_Man wrote:Thanks for the comments everyone. Unfortunately I think some of the ideas offered may not be feasible because of the manner in which I may be dismissed. This is a potential firing, not a lay off.
Actually, some of it may indeed be feasible. But you may have to negotiate to get it.

For example: unemployment benefits (Texas Workforce Commission)
"To be eligible for benefits based on your job separation, you must be either unemployed or working reduced hours through no fault of your own. Examples include layoff, reduction in hours or wages not related to misconduct, being fired for reasons other than misconduct, or quitting with good cause related to work."

As long as its not for misconduct, you're eligible. Even then, you can always discuss this with HR to try and come to an agreement regarding the nature of the termination and how they code it for separation benefits. Note that I said discuss with HR, not your (soon to be former) manager.

It's a similar situation with COBRA
From "insure.com"
"Yes, you can continue your health insurance coverage through COBRA, assuming you weren't fired for "gross misconduct.""

In both cases, you need to talk to the HR rep. It's potentially an easier path for them to not have you labeled as being fired for "gross misconduct". They've already paid into the unemployment system on your behalf and the cost of COBRA is on your shoulders, not theirs.

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yangtui
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Re: Job loss

Post by yangtui » Sun May 21, 2017 6:24 am

You are emotionally weak right now, do not let them use this against you. Your goal is to leave with as many goodies as possible. Make sure they are not firing you for gross misconduct. Wait for them to fire you, do not resign. If you resign you cannot collect unemployment. Sometimes companies play this trick by offering you money to resign that is far less than what you could get through unemployment. Any money you make flipping burgers might reduce the amount you can collect in unemployment so it might not make sense to get a menial job while you have unemployment. Clear all personal items out of your office and work computer in advance. Start thinking about current co-workers/managers that you could use as a reference. Figure out what your current employer will confirm in background checks. Just because you are being fired doesn't mean you cannot tell potential future employers that you were laid off or quit for a good reason. Once you are fired be sure to develop a daily routine that leaves little time for rumination. If you want to stay sane your daily routine should consist of working out, looking for a new job, and some sort of strenuous mental activity, e.g., learning a new skill, brushing up on an old one, etc. I worked for three failed companies during the great recession so I know how you feel right now. Remember, this is just a temporary experience that you have to fight through. Better things are coming.

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yangtui
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Re: Job loss

Post by yangtui » Sun May 21, 2017 6:28 am

dcabler wrote:In both cases, you need to talk to the HR rep. It's potentially an easier path for them to not have you labeled as being fired for "gross misconduct". They've already paid into the unemployment system on your behalf and the cost of COBRA is on your shoulders, not theirs.
They want you gone with as little drama as possible. Before you agree to anything you can confirm that they will not challenge your unemployment benefits. Even if they do code it as gross misconduct they need to prove it to the state. Some states make it harder than others to deny a former employee unemployment benefits.

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tennisplyr
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Re: Job loss

Post by tennisplyr » Sun May 21, 2017 6:43 am

Sorry for the loss. Retired in my mid sixties and have lost jobs in my past with significant responsibilities...family, mortgage, house bills, medical expenses, etc. Once even was unemployed in my late 50s and found a good job with a Fortune 500 company. My words of wisdom. Stay positive, don't panic something good will come of this even if you can't see it now. Above all, don't do anything negative with your company as it may jeopardize your future. 'This too shall pass'. Good luck.
Those who move forward with a happy spirit will find that things always work out.

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bottlecap
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Re: Job loss

Post by bottlecap » Sun May 21, 2017 6:46 am

It may not feel like it, but you are fortunate that this happened while you are still young. Changing jobs is almost always beneficial to the employee and its harder to do when you're middle-aged.

Get looking for another job. Get excited about it. If possible, see if your former employer keep you employed for a month or two while you look.

But start now so you've got a jump on it.

Good luck,

JT

TX_Man
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Re: Job loss

Post by TX_Man » Sun May 21, 2017 7:02 am

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Last edited by TX_Man on Sun May 21, 2017 7:34 am, edited 1 time in total.

Carl53
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Re: Job loss

Post by Carl53 » Sun May 21, 2017 7:05 am

I was fired near the end of my full time career from my mid-level management position when I would not change design specifications from practical to nonfunctional on a new technology just so the development group could keep getting atta boys and upper management could keep telling stockholders that things were wonderful. I admit I was overly vociferous about it. Company assigned myself and most of those in my tech group to the development group in another state. No one initially relocated. I continued on in the new position with no cut in pay and the biggest bonus I ever had for two years. Eventually the fallacy of changing design specifications became understood after I retired and was overcome by a sharp physicist in the development group realizing what had been overlooked. I don't think it hurt that myself and an associate happened to get a chance to look at some of their test data and found anomalies that disproved what they were saying and shared that with a couple of nonmanagement folks in the development group. Unfortunately they were about four years late in delivering and the company went bankrupt. I guess they still thought enough of my input as a couple of groups invited me back for consulting work until shortly prior to bankruptcy.

My point is that you may end up in a different position if you have an otherwise good history.

investingdad
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Re: Job loss

Post by investingdad » Sun May 21, 2017 7:10 am

Is the firing for anything that may be considered illegal? That's a different ball of wax. In which case, posting may not be in your best interest.

If you told the manage to bugger off and got into an altercation, that's unfortunate but the occasional side effect of life.

stan1
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Re: Job loss

Post by stan1 » Sun May 21, 2017 8:18 am

Your boss probably told you this so you could consider resigning rather than being fired over the weekend. Your boss could have told you that as a personal favor thinking that you might prefer a resignation on your resume. Or, the company could be trying to get you to resign to lower their costs. I don't know how unemployment works in Texas but you need to learn fast!

I can understand why you don't want to post the reason but it is important for you to do some self reflection. Look at the situation from your position as well as your boss and co-workers. Was there potentially illegal discrimination (age, gender, race)? Sometimes its a matter of skills: did you have the right training? Were you able to do the job at the pace others could? Did you make errors that others did not? Everyone is good at something but not everyone is good at everything. Maybe this job wasn't the right fit for you. Was there a personality conflict? Were there arguments with the boss or co-workers? Do you wish you had said or done something differently? Do you have a health issue that's making it hard for you to do the job (I can't tell if you are 22, 40, or 70+). My mom unfortunately got fired from a number of low paying jobs in her 60s because she made a lot of mistakes and wanted to do things her way not the way her boss/employer wanted.

So, I'd do this:
1) Figure out whether its better for you to resign or get fired. Your boss has given you the option to resign which isn't always the case. You need to figure out which is better for your situation.
2) If there's a question of discrimination decide whether you want to fight it.
3) Assess your lessons learned. What was your perspective and what was the perspective of your boss and co-workers?
4) Taking those lessons learned into account find something that fits your strengths and personality.
5) Be positive and polite. These things happen in life sometimes. If you let it get to you and it starts to change your personality into one focused on negativity, paranoia, or fear you won't find happiness and enjoyment in life.

epictetus
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Re: Job loss

Post by epictetus » Sun May 21, 2017 8:46 am

what are your monthly expenses if you really trimmed them down to the bone?
you have $36,000 saved. how many months of lean living expenses does that buy you?

knowing you have on hand x months of living expenses, not including unemployment, etc., may help take the stress/panic out just a bit.
Focus on what you can control

TX_Man
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Re: Job loss

Post by TX_Man » Sun May 21, 2017 9:04 am

Thank you all for the comments and suggestions. I will not reply to any further posts.

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prudent
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Re: Job loss

Post by prudent » Sun May 21, 2017 1:47 pm

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