My company is in the process of being sold and all we know for sure is that there is a small segment of employees who will not continue into the new company and that there will be continual employee evaluations throughout the first year or so after the sale that could relieve more employees of their positions. Everyone who is severed will be entitled to a severance package, the details of which have not yet been disclosed. For those of us who may find ourselves in the "small segment" or later "relieved", what can we start doing now to help us lighten any financial burdens these layoffs may cause?
Is there anyone out there who has been in this position who can share their experiences (positive or negative, no need to sugar coat)? Or, anyone in management who can shed some light on the situation from a workforce/management perspective? Any advice is appreciated.
Thanks in advance for your responses and for taking the time to read my post.
@shychi24 wrote:My company is in the process of being sold and all we know for sure is that there is a small segment of employees who will not continue into the new company and that there will be continual employee evaluations throughout the first year or so after the sale that could relieve more employees of their positions. Everyone who is severed will be entitled to a severance package, the details of which have not yet been disclosed. For those of us who may find ourselves in the "small segment" or later "relieved", what can we start doing now to help us lighten any financial burdens these layoffs may cause?
Is there anyone out there who has been in this position who can share their experiences (positive or negative, no need to sugar coat)? Or, anyone in management who can shed some light on the situation from a workforce/management perspective? Any advice is appreciated.
Thanks in advance for your responses and for taking the time to read my post.
Been there...done that...
Hang onto your britches, and just do your job. IME, the rats jumped ship early, and the ones that stayed received larger severance. Don't forget, on top of the package, you'll be entitled to UE bennies too. Enjoy a week, or two off (worst case scenario), then "pound the pavement," as to speak.
As far as finances, what I did was pay off all my CC's immediately, just in case things didn't work out in my favor, and didn't find a new position immediately. I didn't want to owe a lot of creditors, had I run the well dry.
I was thinking along the same lines of dumping the unnecessary extras and paying off the cc's first. The house hunt is definitely put off until further notice 
. Timing is just unbelievable because I need to get out of the family home and into my own. But hey, what can you do? I'll just keep plugging away at work.
Thanks for you insights. Especially concerning the severance packs.
FlagDown and Empiror - Thanks so much for your thoughts and sharing your experiences/obersations. This idea did cross my mind. My only concern is that I know what crawling out of a hole is like and I am afraid to find myself there again. Perhaps there is middle ground though that can be taken should the need arise. Thanks again.
The first time it happened to me, I was completely blindsided. I'd been with the company for over 5 years, there were plenty of people under me, I had no negatives in my file. But, I was one of the first to be laid off. I was told I was selected at random by the computer. Ironically, everyone laid off was a woman in her 20's. But, I digress..
Layoffs are a funny animal. I've pretty much been a temp since 2008. I've seen entire departments laid off regardless of seniority and I've seen the last 20 hired laid off without concern for areas left shorthanded by an often lop-sided layoff.
Now I keep my cash. With cash, you can make minimum payments. If you pay most of your cards down and run out of money you end up in a missed payments scenario. Last time I was getting laid off, I did make the last two payments on my car and pay to cancel my cell phone. Probably not the worst idea to pay for 6 months of car insurance as well, though, I'd put that on a card..
If you are one of the ones who gets laid off, file for unemployment as soon as you get home. I'm in Florida, last time my husband had to file it was 12 weeks before he received his first unemployment check due to holdups on their end. Pay attention while filing. Here in the charming state of Florida, you MUST make contact for a job application to count. An online application does not count as jobseeking unless you can reach someone in personnel who can verify that you spoke to them and that they received your application. You need that person's name, position with the company and phone number so unemployment can check up on you. In Florida, you need 5 of those a week to receive unemployment and you are required to take any job offered even if the job pays minimum wage.
Hopefully, you don't live in Florida. The last time I had to go the unemployment route I was lucky enough to still be able to file with NY, a much better experience.
Pay close attention while filling it out. They do NOT want to give you unemployment. Florida has a test it requires you to take. Screen shot the results of that test or Florida unemployment will say you didn't take it and grant you a temporary ban from collecting unemployment.
I'm not trying to scare anyone. The only reason I share is that many people haven't been on unemployment since the good ole days of unemployment. Lot's of things have changed in the last decade or so.
Additionally, even if you LIKE the company you work for and really don't think you'll be laid off, now isn't a bad time to start prepping a resume. It's better to be in ahead of the crowd. Depending on your field, it may be limited finding another job in the same field and even more so if 20 of your coworkers are all applying to the same job.
A decent job > severance package because the severance package runs out.
