Layoff Limbo

[Byrdman]

Man that sucks! Sorry for your situation. Can you do the same thing as a consultant or contract work?

I was in a similar situation in the finance industry. I told them to write me a severance check and I went in business for myself. Still doing the same job, working for myself and TBH, it was scary in the beginning but it doesnt take much to earn what I was making before plus I get the tax write-offs. Lots of peaks and valley's with income in the beginning, so plan accordingly if you decide to freelance/contract/SE work in the future.

BTW, keep in the back of your mind that although they say it going to be next March, they can come in any day and cut everyone. Big corporations suck and all they care about is the bottom line. If they do fire you, you can always get unemployment for a bit. You have been paying into it for years, use it if you need it.

 

[OrganicZed]

Did they mention if you were going to be receiving a severance package? That can make a difference as well. I know that there is a chance that I could be facing the same thing in about a year. However, I know that the place I work for hands out pretty decent severance packages. I have been there for a very long time, over 13 years at this point. I have wrestled with the decision of whether to start looking now or to wait and get that money then look. I make good money so I have decided to stay put and deal with it if it happens. I will decide where I want to live if it happens. The money should hold me over for a good number of months. I could sell my house and go somewhere more affordable. I would find out if they are going to give you something and factor that in. If they are not, I would start looking now.

Yes, they are offering a severance package that will cover pay and medical benefits for a few weeks after the appointed end date. I was provided a formal letter detailing what I am to expect based on my years of service. Receiving the benefits will require signing a document that has not been disclosed at this time, so hopefully the language in it won’t be too objectionable. Based on what I know currently, I will focus on finding a new job ASAP.

My skillset is highly specialized, I currently make a respectable salary, live in a relatively affordable community, and have a 3% fixed rate home mortgage. I will likely take a big pay cut if I find work outside of my area of expertise. I may have to move to maintain work in my field. If I have to move it will almost certainly require an effective pay cut because of the increased cost of housing and cost of living in the major metropolitan areas where my industry tends to be concentrated.

 

[OrganicZed]

Man that sucks! Sorry for your situation. Can you do the same thing as a consultant or contract work?

I was in a similar situation in the finance industry. I told them to write me a severance check and I went in business for myself. Still doing the same job, working for myself and TBH, it was scary in the beginning but it doesnt take much to earn what I was making before plus I get the tax write-offs. Lots of peaks and valley's with income in the beginning, so plan accordingly if you decide to freelance/contract/SE work in the future.

BTW, keep in the back of your mind that although they say it going to be next March, they can come in any day and cut everyone. Big corporations suck and all they care about is the bottom line. If they do fire you, you can always get unemployment for a bit. You have been paying into it for years, use it if you need it.

Becoming a consultant / independent contractor isn’t really possible in my line of work. The work I do requires an intimate understanding of the project history and most people support their project(s) for 2-4 years. University professors are sometimes brought on as consultants or collaborators, but that is also based on a long term commitment rather than a once in a while basis.

The startup cost to do my own business would be in the millions of dollars an I ain’t got pockets that deep nor do I have the connections to get that sort of funding.

 

[laxu]

Becoming a consultant / independent contractor isn’t really possible in my line of work. The work I do requires an intimate understanding of the project history and most people support their project(s) for 2-4 years.

I don't think that necessarily rules out consultant work. I've been a consultant for something like 14 years now and many of my projects have gone for several years. The typical reasons to discontinue the contract have been a) the project is considered finished and can be maintained by staff, b) the company starts cutting costs, so expensive consultants are the first to go.

Of course, if your field requires purchasing something much more than a laptop then it's a very different thing.

 

[Stone]

Sucks big time for sure, but you have time now to search and I'm sure something better will come up, you got this.