It happened to me: Unemployed

[red92s]

Welp, guess I can no longer claim to have been spared the worse of a down economy.

I was one of ~20 positions eliminated today, mostly on the engineering and manufacturing support side of our business. Fairly unexpected, but being the youngest and least-experienced engineer on staff probably didn't help my case (although I survived round one back in January).

Because of this site, I have most of my financial affairs in order. I'm essentially debt free and have roughly 6+ months of expenses in the bank. My employer will continue to pay my salary (less unemployment benefits) for up to two months; I hope to have work lined up before that expires and I need to start chipping into savings. I could move out of my apartment (no lease!) and head back home with my parents or brother to avoid paying rent, further limiting my need to draw down accounts.

Driving home, I (oddly) was not gripped by fear or paralyzed with debts and financial obligations looming over my head. In fact, I stopped on the way home and paid cash for a laptop, as I surrendered my only computer (a work laptop) on my way out the door. I figure I'd do best to have one if I want to become gainfully employed in the near future.

You'll never hear me say "I never thought it would happen to me", but I have a pretty solid track record of executing on a high quality and quantity of work. I was assured it was not a performance issue, and that references would be redily available if I called upon them.

[Ima saver]

I am so sorry. It is happening everywhere. Hope you find a new job soon.

[disneysteve]

Sorry you lost your job but congrats on having your finances in order and a great attitude. I'm sure you'll be back to work in no time. Keep us posted. In the meantime, enjoy your vacation. When I was last out of work, I loved every minute of it. It was like being retired at the age of 36.

[GREENBACK]

Love your attitude. Good luck!

[kork13]

Sorry to hear you got laid off, but definitely an outstanding attitude. That seems to be the benefit of being prepared for anything. Bravo, sir. Best of luck with the job search.

[red92s]

Thanks all for the positive words, it's nice to hear.

I was tentatively planning on seeking out a new position next spring, so I suppose this simply accelerates the process. The ONLY reason I live in this area (1,000 miles from my friends and family) was that I liked my job. My personal satisfaction outside of work was beginning to decline, so I already had my ear to the ground for options closer to where I consider "home". While I think my girlfriend is upset because she knows I'm bummed, I don't think she will lose too much sleep over the prospect of me returning to the area

[Vytautas]

Well done with your situation. It's great that you have the support necessary for situations like this and now you can live a normal life while finding another good, fitting position at a new company. Hopefully you can use this opportunity to get an even better job.

[Broken Arrow]

Glad to hear it, er, about being able to cushion from this fall.

[irmanator]

good luck...... well you don't need that since your prepared. I am sure you will find something soon as you seem to have a good head on you and a great attitude.

[investingnoob]

I really thought the economy was bouncing back, but it seems like it's still a ways away.
It's a shame you lost your job, but a blessing you have your finances in order.

[red92s]

Originally Posted by investingnoob

I really thought the economy was bouncing back, but it seems like it's still a ways away.
It's a shame you lost your job, but a blessing you have your finances in order.

My former employer (a Fortune 500 company) has seen it's stock value go from $5 in January when we had the first large round of layoffs to $15 today. However our particular business unit is very much tied to the housing and construction market. Our second quarter results were right in line with revised forecasts, but the third quarter brought more sales declines.

[snafu]

Wonderful, winning attitude! 1st thing to do is apply for unemployment benefits and find out entitlements. Are there any benefits that pay to move to another location for employment? That gov't agency is supposed to have the most up-to-date info on job openings. What do they have for engineers like yourself? What area [you would be willing to go to] is 1st on the track for recovery?

I was shocked to see you were only given 2 months severance...was that what others got? Does their HR dept. offer any assistance on job search?

[disneysteve]

Originally Posted by snafu

I was shocked to see you were only given 2 months severance...was that what others got?

Isn't severance usually based on time with the company, like 1 month severance for each year of employment, or something like that? It sounds like OP hadn't been there that long.

[red92s]

Originally Posted by disneysteve

Isn't severance usually based on time with the company, like 1 month severance for each year of employment, or something like that? It sounds like OP hadn't been there that long.

I've been with the same corporation since graduation in 2006. Above 4 years of service I believe the severance pay jumps up again, but I fell into the lowest bracket.

Originally Posted by snafu

Are there any benefits that pay to move to another location for employment? That gov't agency is supposed to have the most up-to-date info on job openings. What do they have for engineers like yourself? What area [you would be willing to go to] is 1st on the track for recovery?

I suspect there will be options, even within the same corporation (different company, different location, different industry, similar responsibilities). I'm somewhat cautious about jumping head-first into a position within the same corporate culture, but if it's a good fit I'd certainly consider it. I'd much, much rather take a position I really want, than take the first thing that pops up just to maintain cash flow.

[zetta]

I was shocked to see you were only given 2 months severance...was that what others got? Does their HR dept. offer any assistance on job search?

I was shocked to see he got so much severance! I'm in engineering, and the typical package I've seen over the last decade has been 2 weeks plus 1 week for every year you've been with the company. One company I worked for paid out a $5k or so bonus to everyone for bringing a project in on time, then turned around and did a big layoff a month later. They only gave the ones who were laid off 2 weeks pay, saying that the bonus made up for it.

It sounds like you're in a good position to weather this storm. Be sure and add all your former coworkers to LinkedIn. Getting a group of those who have been laid off together for a monthly or biweekly lunch is a good networking strategy as well. Put the word out to everyone you know that you're looking for work closer to your hometown. The best leads usually come through the grapevine. It also doesn't hurt to get your resume into the headhunters' databases -- I once had a plum job pop up 3 years later due to being in the database.

[MonkeyMama]

Yeah, in my industry there is no such thing as severance. The law is 2 weeks notice/pay. That's about it.

2 months sounds pretty darn nice to me!

OP - sorry to hear! It sounds like your attitude will serve you well, indeed. Good Luck!

[arthurb999]

Hit the ground running and hopefully you find a better job!

[Scanner]

As a small business owner, I don't personally get the idea behind severance.

I guess the self-employed just think differently. I do'nt work, I don't get paid. Plain and simple. No paid vacation. No healthcare (unless I buy it). No severance package. NO company car. No disability insurance.

Now. . .being given notice, a good amount, I get that. That's just courtesy. WHen I had to let an employee know I was discontinuing her position, I gave her 5 months notice and an opportunity to leave anytime before that.

But working for nothing? I personally don't get that. Apparently, the stock holders at GM didn't either.

PS: Good job on your finances and I am sorry for your loss. . .please ignore the opinionated nature of the above. I am glad you aren't too devastated.

[red92s]

Originally Posted by Scanner

As a small business owner, I don't personally get the idea behind severance.

PS: Good job on your finances and I am sorry for your loss. . .please ignore the opinionated nature of the above. I am glad you aren't too devastated.

No offense taken.

I guess it's not technically considered severance, as it only makes up the difference between unemployment insurance payments and my salary, ends immediately if I do not check in weekly to confirm I am willing to work and seeking work, and ends immediately if I find work.

I can't say I "get the idea" behind severance, but I'm glad it was offered. I've never assumed it would be part of a amicable split with my employer, but had hoped that my contributions and work ethic would at least bring it under consideration if it ever came up.

[Goldy1]

My dh got laid off from his computer cad cam job at a smaller company. He worked there dutifully for 9 years. His manager told him on Thursday to be out by FRiday(owner told manager to tell hime Friday) It was the 30th of the month and health insurance was to get cut off by the first of next(conveneint timing) I know business is business, but it was tough.
We were in the same boat as the OP and not at all financially devestated, but it was mentally taxing. WE had to find health and life insurance to get by util we found something else. IF you've never filled out a form for individual health insurance, I don't wish it on you my friend.
Getting our own life insurance without our jobs was something I did and didn't realize how needed it was.

I don't think health insurance should be tied to employment. Isn't it bad enough to lose your money that feeds your family and puts a roof on your head etc etc but to also lose your health insurance?

I have known of people unhappy in thier work having to stay b/c they need the insurance.