I work for a large bank and due to them always identifying ways to become more efficient, they reduced layers of mgmt, I got the cut.
27 years in, many mergers many conversations as a manager telling others the bad news, today it is me.
With COVID, our earnings were very poor and I could see this one coming since last month.
I will receive a years severance to be paid out thru pretty much 2021 including health benefits.
Oddly, I moved to Florida from Virginia and started my new role here, six months to the date, 10/27/14 and then was able to move up to this role in a different area in 3/2017.
I have been working from home since 4/13 so it is weird that when I left the office in Orlando that Friday, 4/10- I never imagined this would happen.
I live across the street from the ocean in Cocoa Beach so I'm very fortunate with that along with my severance.
BBI is my go to multiple times a day so thank you for allowing me to speak up.
To those who have lost their roles, or are in danger of, best to each of you.
I think I will take the afternoon off and play some golf and drink a few beers today.
And hit 'em long and straight.
What I'm getting at is, I'm WAY better off. Better job, more challenging. Working from home etc..
At my last job I was very comfortable, I was the big fish in a little pond. So I don't know when I would have left.
So take this as an opportunity to find the right job for you. You've got the time. Enjoy your golfing in the meantime :)
Best of luck.
It has been an absolutely horrid year on multiple issues
You are fortunate to have a lengthy severance.
My advice (not that you asked for it), decompress a little, reflect, and figure out what you want to do next.
stay positive
I held a director-level marketing position with a large national company and was downsized (along with a number of others) right before the company was sold.
My 18 years of service earned me 10 months of severace pay. I took that money and started my own business. I've been working that same business from a home office ever since.
The funny thing was that weeks before I had planned to give my notice in order to start my own business. But there was a rumor that a purge was coming, so I decided to wait to see if I was going to be included.
When the SVP of Marketing and Biz Development sat me down and gave me the news I had to bite my lower lip to keep from smiling at this "good news". However, I must admit it still felt bad to be fired, becuase the company thought that they would be better off without me.
I don't know whether you intend to stay on your current career path or if would consider starting your own business, but after the pain wears off a bit you may realize that this is an opportunity to reexamine your life and consider what you really want to do.
One final note, I found out later that one of my colleagues hired a lawyer to contest his settlement amount and ended up with more than I did. Perhaps that's something you might want to look into.
Best of luck!
Also, love cocoa beach. Great gem in Florida.
All the best!
I retired in 2018 so I'm not familiar with all the types of jobs out there other than what I hear. Engineers are in big demand.
I hope you can find something and it's good you have a nice severance to get you by until you can find another job. Good luck.
Best of luck!
nice thought, I doubt it works, these things are generally numbers based and board level approved (just based on my experience in prior companies when we had to have layoffs and I was in middle management).
Were you on the lending side of the business?
Certainty, yesterday and last night was sobering( at least as it relates to my job)but I'm slowly coming around.
I'm so fortunate to be in this situation given my resources. My family, friends and co-workers. I have made a bunch of contacts thru the years while speaking with a few yesterday.
I'm a middle manager in Operations within the Returns department. There are two US sites for this, Orlando ( which starts the process each day) and Tempe ( which closes out the day). We have off shore support from Hyderabad, India and given the conversation with my manager yesterday, she is involved in a project to syphon more work their way which will eventually deem only two sites need, Hyderabad and either Orlando/Tempe. Given that Tempe is double our size, the handwriting is on the wall for Orlando within the next 2/3 years.
My focus is simply to take it day by day with the emphasis on staying positive. I have the skill sets/education that enabled me to enter my last two manager without any experience within those areas only to learn the business and prosper.
Given the size of our company, Wells F, and the negative reputation/ prior decision making, that has made the roles of a manager steer away from what I enjoy ( developing people) towards managing accelerated risk controls/HR tasks, etc. Those are only going to get more demanding annually.
So, as I reach the end of my career, it simply begs for me to be absolutely honest with myself.
I'm not fucking moving away from Cocoa Beach. Period. I have worked in Charlotte/Atlanta/Richmond and now Orlando for this bank. Each move presented a better opportunity for me.
As I have been working from home since 4/13, and other stretches from time to time, I do have virtual leadership experience. But, to my previous point above, do I really want to continue managing when multiple organizations will be offering work from home, sole contributor role. Sure, i may make less money but given how efficient I am at home, as long as I have decent health insurance and a competitive 401k plan, I may just ride that out ( I'm 52) until 60/62.
Shall see. I am somewhat excited about this new challenge to push myself out of what was a demanding, but comfortable role. If I stay in finance, a growing area that would interest me in Fraud/ Financial Crimes.
Nonetheless, thank you all so much for the comments. Hopefully, after a month or two to relax and get thru 2020, I will have some good news in 2021.
Certainty, yesterday and last night was sobering( at least as it relates to my job)but I'm slowly coming around.
I'm so fortunate to be in this situation given my resources. My family, friends and co-workers. I have made a bunch of contacts thru the years while speaking with a few yesterday.
I'm a middle manager in Operations within the Returns department. There are two US sites for this, Orlando ( which starts the process each day) and Tempe ( which closes out the day). We have off shore support from Hyderabad, India and given the conversation with my manager yesterday, she is involved in a project to syphon more work their way which will eventually deem only two sites need, Hyderabad and either Orlando/Tempe. Given that Tempe is double our size, the handwriting is on the wall for Orlando within the next 2/3 years.
My focus is simply to take it day by day with the emphasis on staying positive. I have the skill sets/education that enabled me to enter my last two manager without any experience within those areas only to learn the business and prosper.
Given the size of our company, Wells F, and the negative reputation/ prior decision making, that has made the roles of a manager steer away from what I enjoy ( developing people) towards managing accelerated risk controls/HR tasks, etc. Those are only going to get more demanding annually.
So, as I reach the end of my career, it simply begs for me to be absolutely honest with myself.
I'm not fucking moving away from Cocoa Beach. Period. I have worked in Charlotte/Atlanta/Richmond and now Orlando for this bank. Each move presented a better opportunity for me.
As I have been working from home since 4/13, and other stretches from time to time, I do have virtual leadership experience. But, to my previous point above, do I really want to continue managing when multiple organizations will be offering work from home, sole contributor role. Sure, i may make less money but given how efficient I am at home, as long as I have decent health insurance and a competitive 401k plan, I may just ride that out ( I'm 52) until 60/62.
Shall see. I am somewhat excited about this new challenge to push myself out of what was a demanding, but comfortable role. If I stay in finance, a growing area that would interest me in Fraud/ Financial Crimes.
Nonetheless, thank you all so much for the comments. Hopefully, after a month or two to relax and get thru 2020, I will have some good news in 2021.
Excellent attitude and approach to this jc. I have no doubts you will be successful with this new challenge