Free Career and Job Search Advice

Barclay · Newbie Joined: 19 Nov 2008 Posts: 2 Career Advice: +0/-0

I live here in London England. I work for Citi and I’m pretty certain I’m going to get laid off during one of the waves, but I’m not sure when its going to happen. I would be surprised of I were at the same job within six months. I want to start job hunting, but I also want to stick long enough with the job to get the severance package. Then I could start a new job with money left over. Any tips to do this?

liz_40 · Newbie Joined: 19 Nov 2008 Posts: 2 Career Advice: +0/-0

There is one big wild card in your scheme which is the layoff date. Since you don’t have a sense of what the date is, start looking now and get out while you have the time. My thoughts say you will be glad you did. Look at the scenarios:
1. The job could end tomorrow. You’d be in a rush job search with no money and bad timing.
2. You could start looking tomorrow, get laid off in 60 days, and still have to search with little or no money. Another bad situation.
3. Delay the job search until you are more certain of the layoff date, get laid off and still not have work lined up. Again, not good to live on.
4. Forget about timing and start looking for the exit now. Give yourself the best chance to get work before the axe drops on you or soon after so you have some cash on hand.

Pauloz · Posted: Thu Nov 20, 2008 12:41 am Post subject:

Barclay

This is tricky enough without the other considerations. The financial industry is going to be Ground Zero for a while.

The package is an unknown quantity, and I think you'll need to do some research before you move, anyway.

I agree with liz-40's advice about starting to look now, but I think you might also want to take another look, at where your industry is likely to be going.

You probably have quite a few transferable skills which will work in other, less unstable, industries.

It's a truly sticky situation for people in the finance and banking industries, and the best place to be is at arm's length. Bear in mind this may not be the end of it, and the sector could go through some other cost cutting upheavals before there's any career stability.

Possible alternative positions:

Finance officer in a corporate structure
Bank-related work, just not actually in a bank
Government jobs in a related field
Administration in a financial management job not investment related

Suggest nothing too exotic, or performance driven, when the markets are performing so badly.

Also suggest retain ties with Citi in some form, personal contacts, etc, the information would be valuable, and keep the door open when things get better.

patrick_99 · Newbie Joined: 20 Nov 2008 Posts: 2 Career Advice: +0/-0

Citigroup gave the world notice already! I would not only check about the severance package, but I’d be out there tomorrow morning finding my way out of the deep end you’re in.

lexa10881 · Posted: Fri Nov 21, 2008 5:46 am Post subject:

Is there any way to keep learning new skills so that they keep promoting you? Often, learning new skills can be to your advantage. If you can keep learning new things and make yourself indispensable, it will make it more difficult for them to lay you off, thus accomplishing your goal.

http://www.cvtips.com/unemployment/learning_gets_you_out_of_unemployment.html

erin · Newbie Joined: 21 Nov 2008 Posts: 2 Career Advice: +0/-0

Citigroup announced the layoffs in plenty of time for people to start looking before they got laid off. Their thinking is that with less people around when the severance package kicks in, the less people they need to pay. They would have offered a bonus to stick around otherwise.

patrick_99 · Newbie Joined: 20 Nov 2008 Posts: 2 Career Advice: +0/-0

Stay as long as it takes to get letters of recommendations from your boss, their boss, and anyone else who has a good enough title. They might be willing to help keep you around for awhile. You could also switch to another area of the company for more time until the severance packages come.

Barclay · Newbie Joined: 19 Nov 2008 Posts: 2 Career Advice: +0/-0

Sticking around looking for a transfer isn’t going to work. Once you are hired on for a position or a unit, you are stuck to that unit. I’m just hoping to find something along the same level that I’m at now.

erin · Newbie Joined: 21 Nov 2008 Posts: 2 Career Advice: +0/-0

I wouldn’t jump ship until you have job offers though. Keep the spot your in so you have money coming in.

liz_40 · Newbie Joined: 19 Nov 2008 Posts: 2 Career Advice: +0/-0

Make sure you start putting something away with each paycheck so you have a soft landing after the job ends. This isn’t a buyout like Wachovia.

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